Who Needs Trip Cancellation Insurance?
It is wise to get trip cancellation coverage for the following reasons:
- Expensive Trips: If you are going on an expensive trip, it is always a wise decision to insure yourself against the risk of losing money spent on buying plane tickets and other non-refundable expenses should you need to cancel the trip. This will help you protect yourself against the financial loss that you might face due to cancellation of the trip.
- Travel plans made in advance: If you have booked your travel tickets far in advance of your departure date, the chances of an unforeseen incident are high. In such a case, it is advisable to get trip cancellation coverage.
- Cruises: It is quite difficult and cumbersome to cancel a cruise booking and the cancellation process is quite complex. Trip cancellation coverage would give you the peace of mind that you are covered against unforeseen incidents.
- Traveling with kids: Kids can fall sick easily. If your child gets sick at the last minute and you are forced to cancel the trip, insuring yourself against last moment cancellation protects your investment in the trip.
Facts and Important Things to Know:
- Most of the plans are available for US or Canadian residents
- The insurance policy covers you for 30 days, beyond which an additional per-day fee is charged
- Pre-existing condition coverage is available if you buy trip coverage within a restricted time limit mentioned in the plan
- Basic trip coverage generally includes trip cancellation, trip delay, trip interruption, baggage loss/delay, emergency medical coverage
- The pricing and cost of a trip insurance policy depends on the trip cost and age of the traveler
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