Cancel for Any Reason Travel Insurance – CFAR Comparison (2024)

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Purchasing travel insurance with cancel for any reason should be one of your main considerations if you’re planning a trip right now. While most travel insurance will only reimburse you if you cancel a trip for a reason listed in the policy, cancel for any reason travel insurance allows you to cancel your trip for any reason whatsoever, even if it’s not listed in your policy, and still get reimbursed.

It’s especially crucial to have travel insurance cancel for any reason, plus great COVID-19 travel insurance, during the ongoing COVID-19 pandemic because there is still so much uncertainty involved with travel. Cancel any reason travel insurance is also useful for any travel situation where you’re uncertain if you’ll end up traveling or if you want to have protection if anything unexpected comes up.

I will say that when we travel, we don’t usually pay extra for cancel for any reason travel insurance because Heymondo’s standard trip cancellation insurance covers everything we need, including death, illness, accidents, COVID-19, and work reasons.

Still, if you want to have the option of canceling because you’re afraid of falling ill while traveling or if you just don’t want to travel anymore, travel insurance with cancel for any reason is exactly what you need.

As you’ll see, the best cancel for any reason travel insurance is IMG, because it offers not only a substantial amount of CFAR insurance coverage but also a high amount of emergency medical coverage.

Ready to learn all about travel insurance with cancel for any reason? Let’s get into it!

What is Cancel For Any Reason Travel Insurance?

Travel insurance with cancel for any reason is not the same as general travel insurance. CFAR travel insurance can’t be purchased on its own, since it’s an optional upgrade you can buy at the same time that you purchase a travel insurance plan.

Cancel for any reason travel insurance is also the only type of travel insurance that lets you cancel your trip for absolutely any reason and still get reimbursed for most of the cost of your trip. This is not a feature of general travel insurance, which restricts cancellation reimbursem*nt to reasons that are covered in their policies, such as illness, death, or natural disaster.

Moreover, not all travel insurance plans offer a cancel for any reason coverage upgrade, but the best travel insurance companies do offer CFAR trip insurance.

There are several factors that you need to consider when you are buying travel insurance with cancel for any reason. First, you must purchase cancel for any reason coverage at the same time that you purchase your travel insurance. You will not be able to buy travel insurance cancel for any reason cover after you have bought your general insurance plan.

Second, travel insurance including cancel for any reason is usually only available if it has been 10 to 21 days since you made your initial trip payment, but be sure to check your policy.

Third, in order to be eligible for travel insurance cancel for any reason coverage, you generally have to cancel your trip within 48 to 72 hours of your planned departure date. This means that you won’t be able to cancel your trip if it has already started or if it is the day before you leave.

Finally, make sure you check your CFAR insurance policy. Most plans only reimburse 50% to 75% of the insured trip cost, so even though you can cancel for any reason, you won’t get back all the money you spent. Standard trip cancellation insurance cancellation policies, like the one Heymondo offers, reimburse you for 100% of the insured trip cost (up to a certain limit), but you will only get reimbursed if your reason is covered by the insurance policy.

What does cancel for any reason travel insurance cover?

As I’ve already mentioned, travel insurance with cancel for any reason covers different cancellation reasons than general travel insurance does.

General travel insurance only covers cancellation reasons that are included in the insurance policy, such as serious illness, the sudden death of a family member, or natural disasters. Some general travel insurance policies also cover cancellation due to work reasons, although not all do.

However, general travel insurance will not cover cancellation if, for example, you decide not to take your trip because you’re afraid of getting sick or because you simply don’t want to travel. CFAR travel insurance is very helpful because it means you can cancel your trip for these reasons or any other reason and still get reimbursed, even if the reason you cancel is not included in your policy.

Below is a chart that compares travel insurance cancellation coverage to travel insurance with cancel for any reason coverage, which shows the clear differences between the two.

Travel Insurance Cancel for Any Reason Cost

Since cancel for any reason travel insurance is an optional upgrade for your general travel insurance plan, your CFAR travel insurance cost will be the initial price of the general travel insurance plan plus the CFAR insurance upgrade.

The cost of general travel insurance is determined by factors such as your age, your home country, your destination, the length of your trip, and the cost of your trip.

Generally, the older you are, the more expensive your travel insurance will be, just as the longer your trip is, the more expensive travel insurance will be. Additionally, the higher the cost of the trip that you are insuring, the more expensive your travel insurance will be to cover that higher cost.

The specific cancel for any reason travel insurance price will depend on what the cancel for any reason travel insurance providers charge for the upgrade. Some companies have a fixed price for their cancel any reason travel insurance, while others adjust the price based on coverage options or other factors.

Compare Travel Insurance Cancel for Any Reason

In order to compare travel insurance cancel for any reason, I am using the example of a 30-year-old male American citizen who lives in Pennsylvania and is traveling to Mexico for two weeks, with a trip cost of $2,500.

As you can see on the chart, the total cancel for any reason travel insurance price is broken down into the cost of general travel insurance plus the CFAR travel insurance cost.

*Price used for example.

**World Trips allows you to choose 50% or 75% of total trip cost CFAR coverage.

Best Travel Insurance with Cancel for Any Reason

As you can see from the comparison chart above, the best travel insurance with cancel for any reason is IMG. Their plan offers the highest amount of emergency medical coverage and a high amount of travel insurance cancel for any reason coverage, plus all of their other travel insurance coverage matches or exceeds that of other providers.

Of course, all of these cancel for any reason travel insurance providers have their merits, so keep reading to find out more about each insurance company and their cancel for any reason travel insurance plans.

1. IMG, the best travel insurance with cancel for any reason

IMG is by far the best travel insurance with cancel for any reason. Not only does it have the highest limit for travel insurance with cancel for any reason coverage, since it covers trips that cost up to $1,000,000, but it also has the highest amount of emergency medical coverage, so you can rest assured that you’ll be covered if you do end up traveling.

Even better, IMG’s iTravelInsured Travel LX plan already includes Cancel for Work Reasons coverage, so if that’s all the coverage you need, you won’t even need to bother with CFAR trip insurance.

IMG’s cancel for any reason travel insurance must be purchased along with their iTravelInsured Travel LX plan. Travel insurance cancel for any reason cover is provided for trips that are canceled within 48 hours of the planned departure date and can be purchased within 20 days of the initial trip payment. If you do end up canceling your trip, you’ll be able to recover up to 75% of your insured trip cost.

2. World Trips, comprehensive trip insurance cancel for any reason

World Trips is an ideal choice if you want flexibility from your trip insurance cancel for any reason.

Cancel for any reason travel insurance can be purchased with two World Trips plans: Atlas Journey Preferred and Atlas Journey Premier. Regardless of the plan you buy with your CFAR insurance, you will have the option of choosing either 50% or 75% reimbursem*nt of your trip cost, allowing you to either save money or get a higher amount of coverage.

You can purchase World Trips travel insurance with cancel for any reason within 21 days of your initial trip payment, and coverage is available for trips that cost up to $150,000. You will be able to cancel your trip up to 48 hours before your planned departure date in order to recover 50% or 75% of your trip expenses.

3. Trawick International, a CFAR travel insurance with high coverage

If you’re looking for travel insurance with cancel for any reason that has a high amount of coverage, Trawick International’s CFAR trip insurance could just be the best option for you.

Their travel insurance with cancel for any reason coverage can be purchased along with either Trawick’s Safe Travels First Class plan or their Safe Travels Voyager plan, giving you plenty of options for coverage and price.

With both plans, cancel for any reason travel insurance can cover up to 75% of the insured trip cost as long as the trip is canceled within 48 hours of your planned departure date. CFAR travel insurance can be purchased within 21 days of your initial trip payment if you purchase it along with the Safe Travels Voyager plan.

However, there are some limitations to travel insurance with cancel for any reason cover if you purchase it with the Safe Travels First Class plan. Coverage is not available for residents of certain states, while for residents of other states, CFAR insurance coverage is more expensive. Moreover, with Safe Travels First Class, cancel any reason travel insurance must be purchased within 10 days of your initial trip payment.

If you choose to purchase travel insurance with cancel for any reason from Trawick, stick to purchasing it with the Safe Travels Voyager plan, although you can still get similar coverage for a more affordable price from IMG.

4. AIG, a reliable cancel for any reason travel insurance

If you want a cancel for any reason travel insurance that you know you can depend on, AIG Travel Guard is a great choice.

AIG’s CFAR insurance upgrade is available with two of their plans: Travel Guard Preferred and Travel Guard Deluxe. Both of these plans already include Cancel for Work Reasons coverage and termination of employment coverage without the CFAR trip insurance upgrade, so you get an excellent amount of cancellation coverage without necessarily having to buy travel insurance with cancel for any reason.

For trips of up to $75,000, you’ll be able to recover 50% of the trip cost with travel insurance cancel for any reason cover, while with trips of up $112,500, you can recover up to 75% of the trip cost, if you are given that option when purchasing CFAR travel insurance. You will be able to cancel your trip up to 48 hours before your planned departure date.

However, you can get much higher cancel for any reason travel insurance coverage and emergency medical expense coverage for a lower price with IMG.

5. Travelex, an affordable travel insurance cancel for any reason

Travelex offers the most affordable travel insurance with a cancel for any reason option, so it’s the perfect choice if you want CFAR insurance benefits without having to spend a ton of money.

Travelex’s trip insurance cancel for any reason must be purchased at the same time as the Travel Select plan and within 15 days of your initial trip payment. Travel insurance cancel for any reason coverage applies for trips that cost up to $10,000, and you can be reimbursed for up to 50% of the insured trip cost as long as the planned trip length is 30 days or less.

With Travelex, you’ll be able to cancel your trip up to 48 hours before your planned departure date and still recover up to half of the trip cost. However, their emergency medical expense coverage is quite low, so it’s worth paying a bit more for a plan like IMG to have higher medical coverage.

Is Cancel for Any Reason Travel Insurance Worth It?

You may still be wondering, is cancel for any reason travel insurance worth it?

For me, the answer is “no,” because I usually cancel a trip for one of the following reasons:

• I have fallen ill or had an accident, or someone in my family gets sick, has an accident, or dies.

• I have decided to follow the advice of my country’s Foreign Affairs Department against traveling to my destination.

• My home has been seriously damaged or has become unlivable due to flooding, mold, fire, or other reasons.

• I must participate in a judicial proceeding.

• I have been fired from my job.

• I have experienced a robbery at my home.

All of these cancellation reasons are already covered by Heymondo’s general trip cancellation insurance, which is much cheaper than cancel for any reason travel insurance.

Below is a chart comparing Heymondo travel insurance to IMG’s travel insurance with cancel for any reason coverage for a trip that costs $7,000 USD. As you can see, Heymondo travel insurance is much cheaper, but IMG’s CFAR insurance offers more cancellation coverage reasons.

Ultimately, if you think you might change your mind at some point and decide not to travel, then it’s best to buy travel insurance with cancel for any reason, and in that case, IMG is the best option.

If you think you are going to travel unless something very important comes up, then Heymondo is the go-to option, and you can enjoy a 5% discount just for being our reader.

Do you still have any questions about travel insurance with cancel for any reason? Leave a comment and I’ll be happy to help!