Cancel for Any Reason insurance has been growing very quickly in its popularity among travelers, but some are starting to wonder whether or not it is appropriate for all occasions.
Though it is important to carry adequate insurance to protect yourself against certain unforeseen circumstances, there is such thing as having too much – paying for what you don’t actually need. The travel insurance comparison site, Squaremouth.com, has recently released data that showed that there can be times when travelers simply don’t need it.
Squaremouth marketing manager, Sara Byrne, said that if a traveler knows that their travel insurance coverage won’t protect them in the event that they must cancel, then an upgrade to a Cancel for Any Reason policy may be beneficial to them. That said, she added that “if someone doesn’t need it, they could end up paying up to 50 percent more for something they are already covered for.”
Many travelers assume that it is a good idea to buy Cancel for Any Reason insurance because they want to be able to have their money refunded if they need to cancel as a result of bad weather, injury, illness, or even terrorism. However, what they don’t realize is that the ability to cancel a trip for any number of reasons is already covered by many travel insurance policies.
Byrne explained that in the majority of cases, the reasons that would cause a person to have to cancel their trip are already covered by standard travel insurance. Therefore, they don’t require the additional protection provided by Cancel for Any Reason coverage, as they are already protected.
Cancel for Any Reason policies were developed to provide travelers with additional coverage against circumstances that are not covered by a regular travel insurance policy, such as if a travel visa doesn’t arrive in time for the trip.