Best ‘cancel for any reason’ travel insurance of 2024
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 6:00 p.m. UTC Dec. 21, 2023
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Seven Corners and WorldTrips offer the best “cancel for any reason” (CFAR) travel insurance, according to our analysis of cost and coverage options.
Best “cancel for any reason” (CFAR) travel insurance
- Seven Corners
- WorldTrips
- AIG
- Aegis
- John Hancock Ins Agency
- Tin Leg
- Travel Insured
- Travelex
- USI Affinity
Why trust our insurance experts
Our team of experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 735 coverage details evaluated
- 105 rates reviewed
- 5 levels of fact-checking
Top-rated “cancel for any reason” travel insurance plans of 2024
Seven Corners
WorldTrips
AIG
Aegis
John Hancock Insurance Agency
Tin Leg
Travel Insured
Travelex
USI Affinity
Compare the best “cancel for any reason” travel insurance plans
Methodology
Our insurance experts analyzed cost and coverage data to determine the best travel insurance plans with “cancel for any reason” (CFAR) coverage. For this rating, we only scored travel insurance plans that offer a CFAR upgrade.
The benefits we scored out of a possible 100 points include:
Cost: 80 points. We scored the average cost of each CFAR travel insurance policy for a variety of international trips and traveler profiles.
CFAR reimbursement level of trip cost: 20 points. Policies providing 75% reimbursement were awarded 20 points. Travel insurance plans offering CFAR coverage of 50% got 10 points.
What is "cancel for any reason" (CFAR) insurance?
“Cancel for any reason” (CFAR) coverage picks up where basic trip cancellation benefits included with travel insurance leave off.
It typically reimburses you for up to 75% of your nonrefundable travel costs when you decide to cancel your trip for a reason not listed in your policy.
“While travel insurance will cover a wide array of travel situations, it won’t cover everything,” said Stan Sandberg, cofounder of TravelInsurance.com.
“For trip cancellation coverage, travel insurance plans will only cover you for very specific covered reasons listed in a plan’s description of coverage. If an event is not listed as a covered reason, it won’t be covered unless the consumer opts for a ‘cancel for any reason’ policy,” Sandberg added.
How does "cancel for any reason" coverage work?
“‘Cancel for any reason’ is typically sold as an upgrade to a regular travel insurance plan,” Sandberg said.
Depending on the insurance company, you’ll typically need to buy CFAR travel insurance within one to three weeks of making your first trip payment. You’re also usually required to insure the full value of your nonrefundable trip expenses.
How much does CFAR coverage typically cost?
Travel insurance with “cancel for any reason” coverage costs an average of $745 per trip, according to our analysis of travel insurance costs for plans with a CFAR upgrade. Our top-scoring CFAR travel insurance plans all have below-average rates.
CFAR coverage can increase the cost of your base travel insurance plan anywhere from 40% to 100%, depending on the company and the policy.
Average cost for travel insurance policies with CFAR
Average cost is based on travel insurance quotes for seven international trips taken by travelers of various ages. Plans have different levels of benefits, which can account for price differences.
Do you need “cancel for any reason” insurance?
If you want the flexibility to be able to cancel your trip for a reason the travel insurance plan doesn’t cover, you may want to spend the extra money to add CFAR coverage to your policy.
What to know about CFAR insurance
With “cancel for any reason” travel insurance, you typically need to cancel your trip at least 48 hours before your scheduled departure time.
“To take advantage of the CFAR benefit, travelers must cancel their trip in its entirety two to three days before their departure to receive reimbursement,” said James Clark, a spokesperson for Squaremouth, the company behind Tin Leg travel insurance.
In other words, if you get nervous about your trip and want to cancel the morning your plane departs, it’s too late to use your CFAR coverage.
What is “interruption for any reason” (IFAR) coverage?
Similar to CFAR travel insurance, an IFAR upgrade can reimburse up to 75% of your nonrefundable trip costs if you change your itinerary after departing for a reason your base policy doesn’t cover.
Also similar to CFAR coverage, IFAR coverage is optional and costs extra. Not all travel insurance companies offer it.
If you get sick with COVID-19 before or during your trip, many travel insurance plans will cover losses due to your illness, such as having to cancel or reschedule your trip, provided you are diagnosed by a doctor or a third-party testing service.
However, even with a comprehensive travel insurance policy, the base plan will not cover things like deciding you don’t want to travel because you’re worried about catching COVID. Purchasing optional CFAR coverage would allow you to cancel your trip for these reasons.
You’re unlikely to get “cancel for any reason” coverage through your credit card. If you charge a covered trip to your credit card, you may get some travel insurance benefits.
For example, some credit cards provide trip cancellation and interruption coverage, baggage delay insurance, lost luggage reimbursement, travel, and emergency assistance services, and trip delay reimbursement.
No, CFAR travel insurance will not give you a full refund if you cancel your trip. Most policies that offer an optional CFAR upgrade will refund 50% or 75% of your covered trip expenses, as long as you cancel within the required timeframe. You typically need to cancel at least 48 hours before you are scheduled to travel in order to file a CFAR claim.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
