Canceling For Any Reason Travel Insurance: 5 Best Tips for 2022

There are many reasons to buy travel insurance before taking an important trip, but the main one is to protect your money against life’s “what ifs.” A policy from one of the best travel insurance companies can protect you financially if your trip is canceled or disrupted for unknown reasons, or if your luggage is delayed or lost by the airline. Certain types of travel insurance coverage, such as emergency medical and dental coverage, can help you get the treatment you need if you’re injured or hurt far away from home.

There are many extras that come with most travel insurance, including some that you can add to your policy to add value. One such extension is called a “restriction for any reason” or CFAR. With cancellation for any reason, you can cancel your trip for any reason and receive a full refund (usually up to 50% to 75% of what you paid).

That said, not all companies offer this coverage, and CFAR coverage varies among travel insurance providers. Read on to learn about the best travel insurance companies that offer CFAR coverage and the key points you should know. Go to the FAQ for answers to common questions about CFAR travel insurance.

The 5 Best Ways to Avoid All Reasons for Travel Insurance in 2022

CFAR Reimbursement Level

CFAR Expiration Date

Recommended Plan Type

Financial Strength Rating is AM Best

Travelex Insurance Services

up to 50%

Within 15 days of initial booking

Travelex Travel Select plan

A++

Seven Corners

Up to 75%

Within 20 days of initial booking

RoundTrip Travel Protection

A

IMG Travel Insurance

Up to 75%

Within 20 days of initial booking

iTravelInsured Travel LX

A-

AXA USA support

Up to 75%

Within 14 days of initial booking

AXA Platinum Plan

A+

Squaremouth

It varies by system

It varies by system

Multiple plan types

It varies by company

Travelex Insurance Services

Advantages:

  • Can cancel a trip up to 48 hours before departure
  • Most travel plans also include information about COVID-19

Disadvantages:

  • It only refunds up to 50% of pre-paid travel expenses
  • CFAR scholarship is only available with select plans

Travelex is a highly recommended insurance company that allows you to add CFAR coverage to the Travel Select Plan to increase the value. This travel insurance policy comes with up to $50,000 in emergency coverage, and children 17 and under are only covered. Other protections offered in this plan include travel cancellation and interruption protection, travel protection, special protection against missed connections, property insurance and many more.

In the case of CFAR issued through Travelex, consumers must purchase this protection within 15 days of the first trip. From there, they have the right to cancel their trip for any reason up to 48 hours before departure. If they cancel, they will receive 50% of the pre-paid travel expenses (think: airfare, hotel accommodation, etc.) upon submission of a statement.

Seven Corners

Advantages:

  • They offer up to 75% refund on pre-paid travel expenses
  • Can be purchased within 20 days of initial payment

Disadvantages:

  • CFAR scholarship is not available with all plans

Seven Corners is another top travel insurance company to consider if you are planning a trip and need the option to cancel for any reason. The company offers CFAR coverage as an add-on to its Round-Trip Travel Protection plans, which include almost every type of travel insurance you would expect. For example, Round-Trip Travel Protection comes with travel protection for COVID-19, travel cancellation and disruption insurance, travel delay coverage and various types of cargo insurance. Customers also get medical protection and emergency care and up to $250,000 in support for medical evacuation and reimbursement, which may be necessary for international travel.

When it comes to CFAR coverage from Seven Corners, you have a full 20 days to purchase this coverage after making your first leg of the trip. Users can also get a 75% refund of their pre-paid travel with this protection, even if they have to cancel their trip at least two days before their departure date.

IMG Travel Insurance

Advantages:

  • You can purchase CFAR as an add-on with the iTravelInsured Travel LX plan
  • Get up to 75% of the total cost of prepaid expenses
  • You can purchase CFAR within 20 days of the initial session

Disadvantages:

  • CFAR coverage does not apply if the travel agent withdraws or refuses to provide service

IMG offers CFAR coverage as an add-on with its iTravelInsured Travel LX plan. This robust travel insurance plan includes trip cancellation and interruption coverage, travel delay insurance, $1 million in emergency evacuation and restitution coverage, and more.

Customers can add on CFAR coverage as an optional benefit, which can result in up to a 75% refund on premiums. However, this must be purchased within 20 days of the first trip, and the trip must be canceled at least two days before the departure date.

AXA USA support

Advantages:

  • Get up to 75% of prepaid fees back if you cancel for any reason
  • 10-day money back guarantee

Disadvantages:

  • CFAR coverage is not available with every plan
  • You must purchase a CFAR within 14 days of your first visit

AXA Assistance USA offers cancellation for any reason within the AXA Platinum plan. The system comes with benefits such as travel cancellation and interruption, travel delay, emergency connectivity, emergency medical care, and protection for emergency and non-hospital discharges. Property and personal effects coverage is also included.

Customers can add a car rental to this plan, in addition to CFAR coverage as long as it is purchased within 14 days of the first trip. This policy can provide a refund of up to 75% of the pre-paid trip if the trip needs to be canceled for reasons not explained in the trip cancellation and schedule disruption.

Squaremouth

Advantages:

  • Compare multiple plans with CFAR coverage in one location
  • The comparison tool makes it easy to shop

Disadvantages:

  • CFAR reimbursement and quality printing varies by company

Squaremouth is a comparison site that lets you see how travel insurance plans from multiple providers stack up. This means you get the chance to compare CFAR rules and requirements between different insurance companies at the same time, allowing you to shop around for the best deal.

Although using a comparison tool can be useful, the main disadvantage is that you have to read several articles and compare CFAR analysis methods for all the purposes you are considering. In doing so, you should make sure you know how much money you will receive if you cancel your trip. Also check how many days you have to purchase this after you book your trip, and how much time you have to cancel your trip before your departure date.

How does travel insurance cover for any reason?

Cancellation for any reason is offered as an optional extra within travel insurance plans. This means that you will not be purchasing CFAR alone, but that you will be purchasing it as part of a travel insurance policy instead.

Canceling for any additional reason is a time sensitive benefit. Most CFAR plans must be purchased within 14 to 20 days of your first trip, and you usually have the right to cancel within 48 hours or two days before your departure date. From there, customers who cancel their trip for any reason can have up to 50% to 75% of the amount they paid for the trip refunded to them.

Cancellation for any reason protection is provided for each person, meaning that it applies to each person named on the travel insurance policy. The refund itself is non-refundable, which means that you will receive a portion of the cost of your trip that will not be refunded at the CFAR rate.

If you have decided to purchase CFAR coverage for your next vacation, you should read the previous post. Doing so can help you find out if there are any rules that apply to your policy, such as rules about pre-existing conditions, travel penalties, and more.

How much does it cost to cancel for any reason?

The cost of CFAR coverage will depend on the travel insurance company you choose to go with, the total cost of planning your trip, how many family and non-family members you choose to insure, etc.

However, Squaremouth reports that adding CFAR coverage to travel insurance can increase premiums by 40% to 50%. This means that travel insurance that normally costs $200 can set you back $280 to $300 with CFAR added.

Can I cancel my trip for any reason?

CFAR coverage allows you to cancel your trip and get a partial refund for any reason, even if you decide to stay home.

Can I use cancellation for any reason to cancel my trip due to COVID-19?

If you are concerned about how COVID-19 may affect your travel plans, you can purchase travel insurance that includes coverage for COVID-19. That said, canceling for any reason coverage can also be a good investment, especially if you want to cancel based on last-minute dislikes due to the coronavirus pandemic.

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