There are numerous reasons to purchase travel insurance before an important trip, but the biggest one is protecting your investment against life's "what ifs." A policy from one of the best travel insurance companies can protect you financially if your trip is canceled or interrupted for a covered reason, or if your baggage is delayed or lost by your airline carrier. Other travel insurance protections, such as medical and dental emergency coverage, can even help you get needed care if you are hurt or injured far away from home.
There are plenty of other coverages that come with most travel insurance policies as well, including some you can tack on to your policy for an added cost. One such add-on is called "cancel for any reason" coverage or CFAR. With a cancel for any reason policy, you can cancel your trip for any reason at all and still get a percentage of your prepaid travel expenses back (typically up to 50% to 75% of what you've already paid).
That said, not all companies offer this coverage, and the terms and conditions of CFAR protection vary widely across travel insurance providers. Read on to learn about the best travel insurance companies that offer CFAR coverage and the main policy details you should know about. Jump to the FAQ for answers to common questions about CFAR travel insurance.
CFAR Reimbursement Level
CFAR Purchase Deadline
Recommended Plan Type
Travelex Insurance Services
Up to 50%
Within 15 days of initial deposit
Travelex Travel Select plan
A++
Seven Corners
Up to 75%
Within 20 days of initial deposit
RoundTrip Travel Protection
A
IMG Travel Insurance
Up to 75%
Within 20 days of initial deposit
iTravelInsured Travel LX
A-
AXA Assistance USA
Up to 75%
Within 14 days of initial deposit
AXA Platinum Plan
A+
Squaremouth
Varies by plan
Varies by plan
Multiple plan types
Varies by company
Travelex is a highly rated travel insurance company that lets you add CFAR coverage to the Travel Select Plan for an additional cost. This travel insurance plan comes with up to $50,000 in coverage for emergency medical expenses, and children age 17 and younger are automatically covered. Other protections afforded in this plan include trip cancellation and interruption coverage, trip delay coverage, specialized protection for missed connections, baggage insurance and more.
In terms of the CFAR coverage offered through Travelex, consumers are required to purchase this protection within 15 days of the initial trip deposit. From there, they have the right to cancel their trip for any reason at all up to 48 hours before departure. If they do cancel, they'll get 50% of their prepaid travel expenses (think: airfare costs, hotel stays, etc.) back after filing a claim.
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Seven Corners is another top travel insurance company to consider if you're planning a trip and you want the opportunity to cancel for any reason. This company offers CFAR coverage as an add-on for its Round-Trip Travel Protection plans, which include nearly all types of travel insurance coverage you would expect. For example, Round-Trip Travel Protection comes with COVID-19 travel protection, trip cancellation and interruption insurance, coverage for travel delays and various kinds of baggage insurance. Customers also get protection for emergency medical and dental care and up to $250,000 in coverage for medical evacuation and repatriation of remains, which can be crucial for international trips.
When it comes to CFAR coverage from Seven Corners, you have a full 20 days to buy this protection after making your initial trip deposit. Consumers can also get up to 75% of prepaid travel expenses back with this protection, although they do have to cancel their trip no later than two days before their scheduled departure date.
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IMG offers CFAR coverage as an add-on with its iTravelInsured Travel LX plan. This robust travel insurance plan includes trip cancellation and interruption coverage, trip delay insurance, up to $1 million in coverage for emergency medical evacuation and repatriation of remains and more.
Customers can add on CFAR coverage as an optional benefit, which can lead to up to 75% of reimbursement of prepaid travel expenses. However, this coverage must be purchased within 20 days of the initial trip deposit, and the trip must be canceled at least two days before the departure date.
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AXA Assistance USA offers cancel for any reason coverage within the AXA Platinum plan. This plan automatically comes with benefits like trip cancellation and interruption coverage, travel delay coverage, missed connection coverage, emergency medical coverage, and protection for emergency medical and nonmedical evacuations. Coverage for baggage and personal effects is also included.
Consumers can add on optional rental car coverage to this plan, in addition to CFAR coverage as long as it is purchased within 14 days of the initial trip deposit. This protection can provide reimbursement for up to 75% of prepaid travel expenses if a trip needs to be canceled for a reason not covered within the trip cancellation and interruption benefit of this plan.
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Squaremouth is a comparison site that lets you see how travel insurance plans from multiple providers stack up. This means you get the chance to compare policies and CFAR coverage requirements among several different travel insurance companies at once, which allows you to shop around for the best deal.
While using a comparison tool can be convenient, the main downside is that you'll have to read through several policies and compare individual CFAR coverage options across all the plans you're considering. When you do so, you should make sure you know the level of reimbursement you'll receive if you have to cancel your trip. Also note how many days you have to purchase this coverage after your initial trip deposit, and how much time you have to cancel your travel arrangements before your departure date.
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Cancel for any reason coverage is typically offered as an optional add-on within comprehensive travel insurance plans. This means you will not purchase CFAR coverage on its own, but that you will buy it as part of a traditional travel insurance plan instead.
The cancel for any reason add-on is a time-sensitive benefit. Most CFAR plans must be purchased within 14 to 20 days of your initial trip deposit for your travel arrangements, and you usually have the right to cancel within 48 hours or up to two days before your trip departure date. From there, consumers who cancel their trip for any reason can get up to 50% to 75% of their prepaid travel expenses refunded to them.
Cancel for any reason protection is typically offered on a per-person basis, meaning it applies to every individual listed on a travel insurance policy. The coverage itself is also nonrefundable, which means while you will get a percentage of your trip cost back you will not get reimbursed for the cost of CFAR coverage.
If you decide to purchase CFAR protection for your next vacation, you should read over the fine print of the plan you're considering upfront. Doing so can help you determine if there are any other rules that apply to your policy, such as rules regarding preexisting conditions, trip penalties, and more.
The cost of CFAR coverage will depend on the travel insurance company you choose to go with, the full cost of your trip arrangements, how many family members and non-family members you choose to insure and other factors.
However, Squaremouth reports that adding CFAR coverage to a travel insurance plan can increase a policy's premium by 40% to 50%. This means that a travel insurance policy that would normally cost $200 could set you back $280 to $300 with CFAR coverage added.
CFAR coverage lets you cancel your trip and get partial reimbursement for any reason at all, even if you just decide to stay home.
If you're worried how COVID-19 might affect your travel plans, you can purchase travel insurance that includes COVID-19 coverage. That said, cancel for any reason protection can also be a good investment, particularly if you want the option to cancel based on last-minute disinclination to travel due to the coronavirus pandemic.
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