Cancel for any reason travel insurance: Is it worth the extra cost?

Article excerpt

Cancel-for-any-reason travel insurance costs 40 to 50 percent more than standard coverage but reimburses travelers for prepaid trips even without covered reasons, a trade-off that appeals mainly to those with unpredictable schedules or expensive, non-refundable bookings. The policies typically cover 50 to 90 percent of trip costs if you cancel within a set window, usually 14 to 21 days of booking. Financial advisors suggest the add-on makes sense for international trips over $5,000 or when traveling during peak season, though standard policies often suffice for flexible bookings or shorter getaways. Travel agents note that coverage varies widely across insurers, requiring careful reading of terms and deadlines before purchasing.