You planned a trip, made reservations, and purchased tickets. You even bought trip insurance. Something comes up and you decide not to travel. It could be a wedding that gets canceled. Perhaps there is unrest in the region you a planning on visiting and you’re not comfortable traveling. Maybe the weather isn’t going to cooperate with your plans – no snow for skiing or constant rain for the beach. You find out you’re not covered because you didn’t read the covered reasons for trip cancelation, so you lose all of your nonrefundable deposits. You could have avoided this by purchasing a policy with cancel for any reason coverage.
Cancel for any reason coverage allows you to change your mind for absolutely any reason. While these policies are costlier than other policies, they allow you to recoup between 50 – 100% of your nonrefundable trip costs. You don’t have to provide any documentation or even give the reasons you aren’t traveling.
In order to have cancel for any reason coverage, you have to follow a few guidelines while purchasing. Make sure you purchase your policy within 14 days of your initial trip deposit. Insure 100% of your pre-paid trip costs. If you do choose to cancel your trip, you must do so within a specific time period, usually at least 2 days before you travel. Keep in mind that if you cancel your trip for a “covered” reason, your reimbursement levels are generally higher.