| Company | Low Premium | High Premium | Average Premium |
|---|---|---|---|
| Travel Guard by AIG | $207 | $304 | $255 |
| USI Affinity | $121 | $200 | $161 |
| Tin Leg | $146 | $200 | $173 |
| World Trips | $176 | $215 | $196 |
| Trawick International | $143 | $303 | $223 |
| Seven Corners | $146 | $217 | $182 |
| Allianz Travel Insurance | $261 | $315 | $288 |
| HTH Travel Insurance | $302 | $302 | $302 |
Though some companies are more expensive than others, be aware that coverage limits and benefits are not the same across companies. Aim to find the best value for the coverage you need, not the cheapest overall policy. Furthermore, since premiums can vary by age and trip cost, getting a few individual quotes from top companies can help you find a competitive rate.
Best Travel Insurance Companies for April 2024
Factors Influencing Cost
The cost of cancel for any reason trip insurance varies widely from one trip to the next. However, there are only a few factors that influence your premiums, and your trip destination isn’t one of them. Here’s how travel insurance companies determine your rates.
Age of Travelers
As you grow older, your risk of serious health problems increases, which makes you a greater risk to insure. Young people tend to pay lower rates for trip cancellation insurance than older folks. However, seniors can still find affordable travel insurance. Every company weighs your age a little differently, so you’ll want to compare quotes.
Trip Cost
The total cost of your trip affects the amount insurance companies will have to pay if you file a claim. So, a $25,000 luxury vacation will cost significantly more to insure than a $2,500 budget trip. Unlike traditional trip cancellation coverage, though, cancel for any reason insurance typically covers only a percentage of the entire trip cost.
Coverage Choices
Many insurance companies offer multiple plans that come with different coverage limits and benefits. If your trip is risky or your destination is remote, you may want to opt for higher limits, especially for emergency medical evacuation. Also consider whether you want travel delay coverage, baggage loss coverage, rental property damage coverage, or other types of protection. Some policies may include these benefits; others may not.
Top Insurance Companies for Cancel for Any Reason Travel Insurance
Travel Guard by AIG
Travel Guard offers up to $100,000 in medical coverage, $2,500 in baggage loss and damage coverage, and a maximum of $1 million in medical evacuation coverage. The company includes kids in the coverage at no charge and offers coverage for adventure sports and pet medical as well. AIG has an A (Excellent) financial strength rating from AM Best. However, when you add cancel for any reason coverage, your trip is only reimbursed up to 50%, and premiums are higher than other companies.
USI Affinity
USI Affinity offers up to 75% reimbursem*nt when you opt to cancel coverage for any reason, with up to $250,000 in medical coverage, $2,500 for lost or damaged baggage, and up to $1 million in medical evacuation coverage. Coverage is primary, and the company offers some of the lowest premiums of the providers we reviewed. USI Affinity has an A (Excellent) financial strength rating with AM Best.
Tin Leg
Tin Leg offers great value with relatively low premiums and high coverage limits. The most comprehensive policy includes $500,000 in medical coverage, $2,500 in baggage coverage, and $1 million in medical evacuation coverage. The company offers adventure sports coverage as well. The maximum reimbursem*nt for cancel for any reason coverage is 75%. Tin Leg travel insurance is underwritten by financially strong companies with at least an A- (Excellent) AM Best rating.
World Trips
World Trips offers relatively low premiums, but you can only get up to $150,000 in medical coverage and $2,000 in baggage loss or damage coverage. The most comprehensive policy offers $1 million in medical evacuation coverage. World Trips also includes kids in the coverage at no charge and reimburses 75% of your trip cost when you cancel for any reason. The company has an A (Excellent) financial strength rating with AM Best.
Trawick International
Trawick offers up to $3,000 in travel delay coverage, more than most companies, and up to 75% reimbursem*nt when you cancel for any reason. Policies cover up to $250,000 in medical insurance, $2,500 in baggage coverage, and $1 million in medical evacuation. The company’s underwriters are highly rated for financial strength by AM Best, with at least an A (Excellent) financial strength grade.
Seven Corners
Seven Corners offers relatively low premiums for up to $500,000 in medical coverage. The most comprehensive policy also offers $2,500 in baggage coverage and $1 million in medical evacuation coverage. You can get up to $2,000 for travel delay and up to 75% reimbursem*nt if you cancel for any reason. Seven Corners has an A (Excellent) financial strength rating with AM Best. However, the company does not offer adventure sports coverage.
Allianz Travel Insurance
Allianz offers an epidemic endorsem*nt and provides an 80% reimbursem*nt when you cancel for any reason, which is significantly high compared to other insurers in our review. Kids are included at no cost. However, the company only offers up to $75,000 in medical coverage, $1,600 in travel delay coverage, and $2,000 in baggage coverage, and premiums are relatively high. The most comprehensive policy offers $1 million in medical evacuation coverage. Allianz is underwritten by financially strong companies with at least an A (Excellent) AM Best rating.
HTH Travel Insurance
HTH offers up to $500,000 in medical coverage and will reimburse 75% of your trip cost if you cancel for any reason, but the company only offers one plan, and it’s not ideal for budget travelers due to the high premium. The company also may not be adequate for high-priced luxury vacations since the maximum reimbursem*nt amount is $50,000. Coverage is secondary. Adventure sports coverage is available, and the plan provides up to $1 million in medical evacuation coverage, $2,000 for trip delays, and $2,000 for lost or damaged baggage. HTH boasts an A+ (Superior) financial strength rating with AM Best.
How to Save Money on Cancel for Any Reason Travel Insurance
You may want to just consider not buying the cancel for any reason add-on, especially if your overall trip costs are low. But if you have concerns that may require you to cancel your trip for uncovered reasons, there are still a few ways you can save.
- Compare quotes: Cancel for any reason trip insurance premiums vary by provider, so compare quotes to find the coverage you need at a low cost. It’s easy to collect quotes directly from each insurance company’s website.
- Only buy the coverage you need: Avoid adding unnecessary endorsem*nts, and choose a plan that offers the coverage you need and nothing extra.
- Buy a multi-trip plan: Some companies offer multi-trip plans or annual plans, so if you’ll be taking multiple trips within a year, consider these options. You may be able to save money on the cost per trip.
What Is Cancel for Any Reason Travel Insurance?
Cancel for any reason (CFAR) travel insurance allows you to receive partial reimbursem*nt (or full, in rare cases) if you cancel a trip for any reason not specifically covered under the policy a few days before departure. While most trip insurance plans cover events like unforeseen illness or natural disasters, they won’t cover certain scenarios, such as if you have work obligations or you change your mind about wanting to travel because of a fear of flying. Cancel for any reason trip insurance provides coverage in those situations.
What Does Cancel for Any Reason Travel Insurance Cover?
As the name implies, cancel for any reason (CFAR) travel insurance covers trip cancellation for any reason, but it has some limits. You’ll typically need to cover the entire trip cost within 10 to 21 days of the initial payment, and you must cancel 48 to 72 hours before departure to receive reimbursem*nt, depending on the plan. Most CFAR travel insurance policies will only reimburse you for 50% to 75% of your trip cost when you cancel for an uncovered reason.
Do I Need Cancel for Any Reason Travel Insurance?
Cancel for any reason trip insurance isn’t necessary, but you may want to purchase the coverage if you’re worried about:
- Potentially unsafe conditions at your destination, like a rise in COVID cases or civil unrest
- A work or family obligation that would prevent you from taking your trip
- A pre-existing condition that might prevent you from traveling
- Your passport arriving too late
Is Cancel for Any Reason Travel Insurance Worth It?
While it’s a personal decision to add cancel for any reason coverage, you should be aware that adding CFAR insurance will increase your travel insurance premium. Furthermore, if you choose to cancel for an uncovered reason, you’ll only receive partial reimbursem*nt for your trip. If there’s a high risk that you may need to cancel for uncovered reasons, the coverage may be worth it, especially for expensive vacations.
The Bottom Line
Cancel for any reason (CFAR) travel insurance is an add-on to a travel insurance policy that protects you in case you have to cancel your trip for reasons not covered in your standard policy. The cost can vary based on age, the number of people being covered, and the trip cost. However, the average across eight companies, as determined by Investopedia, is $223.
