Travel cancellation insurance is a good thing to have. A relatively inexpensive premium buys you a lot of benefits you might need – full cancellation costs or charges for rebooking your trip and generally the processing fees as well (up to the contractually agreed maximum).
Buying annual insurance to cover travel cancellation costs (also known as cancellation insurance or trip cancellation insurance depending on the provider) is a good idea – and not just for people who travel a lot. If you take just a couple of vacations and weekend trips a year, the premium costs a whole lot less than paying for individual travel cancellation insurance for each trip, which is usually only valid up until you begin your travels. And an annual policy means you don’t have to worry if you suddenly decide to book and take a trip.
Before you buy travel cancellation insurance, you should compare the offers available from different carriers. Pay particular attention to the scope of coverage and any exclusions. You should ask yourself the following questions:
A serious travel cancellation policy will generally assume – up to the contractually agreed minimum – the full costs of rebooking or canceling due to the following reasons:
But most travel cancellation insurances include the following exclusions:
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