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Personal Finance Insurance Travel Insurance
Written by Business Insider; reviewed by Evelyn He
2024-02-29T15:49:15Z
- Seven Corners Travel Insurance
- Travel Guard
- Travelex Travel Insurance
- Trawick International Travel Insurance
- AXA Assistance USA
- TravelSafe Insurance
- CFAR Travel Insurance Tips
- Why You Should Trust Us
Our experts answer readers' insurance questions and write unbiased product reviews (here's how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.
"Cancel for Any Reason" (CFAR) travel insurance provides the utmost flexibility, allowing you to cancel your trip for any reason that's not covered by standard travel insurance. It's the safety net for those 'just in case' moments, offering peace of mind for unforeseen circ*mstances. Let's dive into what sets CFAR cover apart from general-purpose best travel insurance policies.
Best Cancel for Any Reason Travel Insurance
- Seven Corners Travel Insurance: Best Overall
- Travel Guard: Best Value
- Travelex Travel Insurance: Best for Adventurers
- Trawick International Travel Insurance: Most Popular
- AXA Assistance USA: Best for Cruises and Tours
- TravelSafe Insurance: Best for Quick Protection
Compare the Top CFAR Insurance Offers
Seven Corners Travel Insurance
compare policies and rates with SquareMouth Travel Insurance
Insider’s Rating
4/5
Pros
- Diverse coverage options such as CFAR, optional sports equipment coverage, etc.
- Available in all 50 states
Cons
- Prices are higher than many competitors
- Reviews around claims processing are mixed
Seven Corners travel insurance review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Trip cancellation insurance of up to 100% of the trip cost
- Trip interruption insurance of up to 150% of the trip cost
- Cancel for any reason (CFAR) insurance available
Travel Guard
compare policies and rates with SquareMouth Travel Insurance
Insider’s Rating
3.83/5
Perks
Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost
AM Best Financial Strength Rating
A
Pros
- Trip cancellation coverage of up to 100% of the cost, for all three plan levels
- CFAR covers up to 75% of total trip costs (maximum of $112,500 on some plans)
- Medical coverage of up to $500,000 and evacuation of up to $1,000,000 per person
- Includes COVID coverage
- Above average baggage loss and delay benefits
- High medical evacuation coverage
Cons
- Premiums may run slightly higher than competitors
Insider’s Take
Travel Guard is a well-established and highly rated name in the travel insurance industry. It offers three main coverage options to choose from, and in general its policies have above-average coverage for baggage loss and baggage delays, plus high medical evaluation coverage limits.
Travel Guard review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Trip cancellation coverage for up to 100% of the trip cost
- Trip interruption coverage for up to 150% of the trip cost
- Preexisting medical conditions exclusions waiver must be purchased within 15 days of initial trip payment
- Annual travel insurance plan and Pack N' Go plan (for last-minute trips) available
Travelex Travel Insurance
compare policies and rates with SquareMouth Travel Insurance
Insider’s Rating
4.33/5
Perks
Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost
Pros
- Options to cover sports equipment
- Option to increase medical coverage
- Can cancel up to 48 hours before travel when CFAR option is purchased
- Affordable coverage for budget-conscious travelers
- Includes generous baggage delay, loss and trip delay coverage
- Optional "adventure sports" bundle available for riskier activities
Cons
- Only two insurance plans to choose from
- Medical coverage maximum is low at up to $50,000 per person
- Pricier than some competitors with lower coverage ceilings
- Some competitors offer higher medical emergency coverage
Insider’s Take
Travelex travel insurance is one of the largest travel insurance providers in the US providing domestic and international coverage options. It offers a basic, select, and America option. Read on to learn more.
Travelex Travel Insurance review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Optional CFAR insurance available with the Travel Select plan
- Trip delay insurance starting at $500 with the Travel Basic plan
- Emergency medical and dental coverage starting at $15,000
Trawick International Travel Insurance
compare policies and rates with SquareMouth Travel Insurance
Insider’s Rating
4.33/5
Perks
Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost
Pros
- Useful for adventurous travelers headed to higher-risk destinations
- Affordable plans with varying levels of coverage
- 10-day free look option
- Generous baggage loss replacement policy
- Trip delay coverage kicks in after just six hours
- Some policies allow a CFAR add-on
- Up to $1 million medical evacuation coverage limit
Cons
- Baggage and trip delay coverages don’t kick in until after the 12-hour mark
- International student policies available for temporary stints abroad
- Complaints about claims not being paid or involving an intermediary to resolve claims
Insider’s Take
Trawick International travel insurance offers plans customized to diverse travelers' needs. We look at coverage options, claims processing, pricing, and other important factors for savvy travelers.
Trawick International Travel Insurance review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Travel medical insurance
- Trip protection and cancellation
- International student insurance
- Visitor medical insurance (for traveling to the US)
AXA Assistance USA
compare policies and rates with SquareMouth Travel Insurance
Insider’s Rating
4.17/5
Perks
Trip cancellation coverage of up to 100% of the trip cost
Pros
- Generous medical evacuation coverage
- Up to $1,500 per person coverage for missed connections on cruises and tours
- Covers loss of ski, sports and golf equipment
- Generous baggage delay, loss and trip delay coverage ceilings per person
Cons
- Cancel for any reason (CFAR) coverage only available for most expensive Platinum plan
- CFAR coverage ceiling only reaches $50,000 maximum despite going up to 75%
Insider’s Take
AXA Assistance USA keeps travel insurance simple with gold, silver, and platinum plans. Emergency medical and CFAR are a couple of the options you can expect. Read on to learn more about AXA.
AXA Assistance USA review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Silver, Gold, and Platinum plans available
- Trip cancellation coverage of up to 100% of the trip cost
- Trip interruption coverage of up to 150% of the trip cost
- Emergency medical coverage of up to $250,000
TravelSafe Insurance
compare policies and rates with SquareMouth Travel Insurance
Insider’s Rating
3.67/5
AM Best Financial Strength Rating
A
Pros
- Up to 120 days' coverage available for travelers ages 79 and under (30 days for 80+)
- Up to $2,500 per person for missed connections over three hours or more
- Trip delay coverage of up to $150 per person per day kicks in after six hours or more
- Policy can be purchased by U.S. citizens living abroad
Cons
- Medical coverage ceiling of $100,000 may be low for some travelers' needs.
- Claims reviews from customers say performance is not always the best
TravelSafe Insurance review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- A well-rounded insurance plan for travelers who are concerned about missing connections for cruise-related travel
- Classic and Basic travel insurance plans
- GolfSafe travel insurance plans provide coverage for you and your equipment
- Travel medical insurance through partner Trawick International
Best Cancel for Any Reason Insurance Reviews
Best Overall CFAR Insurance: Seven Corners Travel Insurance
Seven Corners Travel Insurance is a well-known carrier that has served thousands of travelers. The RoundTrip Choice plan offers a cancel for any reason travel insurance add-on that covers up to 75% of total trip costs, with a maximum of up to $75,000 in reimbursem*nt. Medical coverage is also generous, with up to $500,000 per person for eligible medical expenses and evacuation/repatriation limits of up to $1 million per person.
Seven Corners also offers generous benefits on lost baggage and delayed travel or baggage expenses. Baggage delay benefits kick in after just six hours and go up to $500 per person.
The Choice plan does not insure travel canceled by tour operators that are or have gone out of business, so this policy may not be the best fit for travelers who plan to visit destinations with tenuous
Seven Corners Travel Insurance Review
Best Value CFAR Travel Insurance: AIG Travel Guard Travel Insurance
Travel Guardis one of the best-known names in the travel insurance industry, with several plans available for traveler needs in every direction. AIG also provided the lowest quote for our hypothetical Europe travelers despite offering the highest ceiling on CFAR reimbursem*nt.
Both AIG's Preferred and Deluxe insurance plans offer CFAR coverage as an add-on to the policy, and some policies cover up to 75% of total trip costs going all the way up to a maximum reimbursem*nt of $112,500.
Many AIG policies also include COVID coverage even without CFAR protection, as well as some ancillary benefits such as rental car protection and even pet travel insurance.
AIG Travel Guard Insurance
Best CFAR Insurance for Adventurers: Travelex Travel Insurance
Travelex Travel Insurance is a great cancel for any reason option for travelers who plan to participate in strenuous or adventurous activities during their trip. While the CFAR coverage add-on only reimburses up to 75% of nonrefundable trip expenses, it still provides a certain modicum of peace of mind in case of emergencies, with cancellation available as an option up to 48 hours before travel begins.
Travelex offers low medical coverage compared with its competitors, with a maximum of up to $50,000 per person. Travelers participating in adventure sports can purchase an optional add-on bundle for additional coverage. In case of emergency, Travelex policy holders might do well to consider the travel insurance benefits on their credit cards to supplement any potential medical expenses.
Travelex Insurance Review
Most Popular Cancel for any Reason Travel Insurance: Trawick Travel Insurance
Trawick International Travel Insurance had one of the priciest plans with CFAR coverage in our comparison, but the carrier's popularity amongst travelers is undeniable, for many reasons. The Safe Travels Explorer is particularly beneficial for pet owners who may incur medical expenses for their animals, as the plan includes up to $250 toward unexpected costs for cats and that who accompany their owners in their travels.
While Trawick's CFAR coverage was one of the most expensive add-ons we evaluated as well, the carrier offers generous compensation margins for travelers who need it, with up to 75% reimbursem*nt for nonrefundable trip costs.
Trawick Travel Insurance Review
Best CFAR Coverage for Cruises: AXA Assistance USA Travel Insurance
AXA Assistance USAis a great option for our hypothetical Europe cruise travelers, with its coverage of up to $1,500 per person for missed cruises and tours. This insurer also covers lost and delayed ski, sports and golf equipment – items that aren't always included in lost or delayed baggage coverage under other carriers. The rest of your belongings are safe too with AXA, as lost baggage claim ceilings are up to $3,000 per person - more than double some of its other competitors.
Unfortunately, AXA may not be the best fit for travelers who need high-ticket travel protection, as the upper limit for CFAR reimbursem*nt only goes up to a maximum of $50,000 despite covering up to 75% of total nonrefundable expenses, which is lower than the ceilings from other competitors such as AIG and Seven Corners. Furthermore, CFAR insurance coverage can only be added on to AXA's top-tier Platinum plan.
AXA Assistance USA Travel Insurance Review
Best CFAR Coverage for Convenience: TravelSafe Travel Insurance
Travel insurance is a great option to consider if you have a lot of stops or transits on your trip, or if you are an expat living abroad. This insurer offers flexible coverage terms for longer travel durations. If you are 79 years old or younger, you can purchase a single-trip travel insurance plan that can cover your adventures for up to 120 days. Furthermore, reimbursem*nt for baggage delays and losses, trip delays and missed connections kick in far more quickly than most competitors, with up to $2,500 per person for eligible missed travel connections available at the three-hour mark.
While TravelSafe's medical coverage of up to $100,000 may be on the lower side for travelers who anticipate potential medical expenses, those with the right credit cards may be able to supplement their emergency costs through a claim with their card issuer.
TravelSafe Insurance Review
Understanding 'Cancel for Any Reason' Coverage
Key Features
CFAR policies are unique; they allow cancellation for reasons beyond the usual covered reasons of travel insurance policies. This includes fear of traveling due to a pandemic or a sudden change of mind. However, it's essential to understand the specifics, such as the percentage of the trip cost reimbursed and the time frame for cancellation.
How It Differs from Standard Policies
Unlike standard travel insurance policies that cover specific reasons like illness or weather-related issues, CFAR offers a broader spectrum of coverage. It's the premium choice for travelers seeking full control over their plans.
How to Pick The Best CFAR Travel Insurance Plan for You
There is no one-size-fits-all "best" insurance plan, especially for CFAR coverage. Even for the same person, the right policy will vary from trip to trip, depending on your activities.
If you're primarily concerned about getting your money back if your schedule changes, you may be able to get away with a basic plan that allows you to add CFAR coverage. If you're undertaking a grueling hike through some challenging mountain ranges, you may want to select a policy that includes generous medical and evacuation protection, plus flexibility to reschedule or re-book your trip in case of injury. And if you plan to visit a number of destinations within a short amount of time, trip delay or baggage loss protection may need to be one of your top priorities.
Steps to Choosing CFAR Coverage
- Evaluating Your Travel Needs Consider the nature of your trip, destinations, and what uncertainties you might face. This will help determine the level of travel insurance coverage you need.
- Comparing Prices and Benefits Analyze different policies in terms of cost, coverage percentage, and additional benefits. Look for the best value for your specific needs.
- Reading the Fine Print Understanding the terms and conditions, including the cancellation window and reimbursem*nt process, is crucial to avoid any surprises.
- Making the Most of Your Policy Once you've chosen a policy, it's important to know how to use it effectively.
- Understanding Your Policy Familiarize yourself with the details of your policy, including how and when to file a claim.
- Tips for Filing a Claim Be timely and thorough when filing a claim. Keep all relevant documents handy and follow the provider's process closely to ensure a smooth experience.
CFAR Travel Insurance Tips
Is 'Cancel for Any Reason' travel insurance more expensive than standard policies?
Yes, CFAR policies are generally pricier because they offer a broader range of coverage and more flexibility than a standard travel insurance policy.
Can I purchase CFAR insurance after booking my trip?
Most insurance carriers will require that you purchase cancel for any reason protection within two to three weeks of your initial travel date. After that point, you won't be able to add CFAR coverage to your policy.
What percentage of my trip cost will CFAR insurance reimburse?
This varies by provider, but typically, CFAR policies reimburse between 50% and 75% of the pre-paid, non-refundable trip cost.
Is cancel for any reason travel insurance worth it?
Yes, cancel for any reason travel insurance is worth it if there's a chance you need to change your travel plans. Standard travel insurance doesn't offer as much flexibility for canceling your trip, so CFAR insurance provides extra coverage and peace of mind.
What is the difference between trip cancellation and cancel for any reason?
Trip cancellation coverage is a benefit of standard travel insurance plans, offering reimbursem*nt if your trip needs to be canceled for specific covered reasons, such as a death in the family or illness. With cancel for any reason insurance, on the other hand, you'll receive reimbursem*nt when you cancel your trip for any reason, so there are fewer restrictions.
Why You Should Trust Us: How We Chose the Best CFAR Travel Insurance
At Business Insider, we've reviewed numerous insurance products looking for the best options. Especially when it come to travel insurance, each traveler has a distinct experience and plan. So we looked for companies offering the optimal coverage packages for certain groups.
All our reviews are independently done, meaning travel insurance companies don't get to review or approve our reviews. Similarly, our top guide spots are not for sale. All placements are earned through strong coverage, efficient claims handling, and strong customer service.
To accurately compare the cost of CFAR coverage from the insurance carriers we recommend, we collected quotes for a hypothetical two-week trip to three countries in Europe for two travelers ages 38 and 45 that includes a river cruise, renting a vacation home and taking several flights. The total cost of travel comes out to $14,000 between two people.
The main factors we evaluated when picking our top CFAR travel insurance options were: policy cost, level of protection, claims experience, and policy types.
Read our insurance rating methodology for more details.
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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