For large traveling expenses, travel insurance is often recommended – and for good reason. When things go wrong while you’re in an unfamiliar place, you don’t have the same network of family, friends and other contacts nearby to help get you out of a bind. Usually, you’ll have to pay substantial out of pocket expenses for things like replacing lost luggage, car rentals and even some medical emergencies. Travel insurance helps to hedge the burden of such unexpected problems.
But what if you must cancel your trip before you leave, or cut your trip short? Most travel insurance packages contain some sort of trip cancellation policy, but they are usually conditional. To find travel insurance with “cancel for any reason” policies, you must be extremely careful to read the fine print.
Trip cancellation coverage usually applies when a flight or cruise has been canceled, delayed or diverted. Most also take into account a set of defined unforeseen circumstances such as medical emergencies, jury duty or family tragedies such as death, burglary or major property damage. If your reason for canceling the trip is not on this list, however, then you will not be able to take advantage of the coverage. That is, unless you have a travel insurance policy with coverage that specifically states that you may cancel for any reason. There are a number of insurers who do not offer this coverage at all, but many do offer it as an add-on option to an existing policy. This may come in the form of a flat rate per policy or a flat rate per travel day. If you can think of a legitimate reason why you may need to cash in on such a policy, be absolutely certain of the trip cancellation details before you purchase and continue to shop around if the insurers you’re considering do not offer cancellation for any reason.
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