Trip Cancellation InsuranceTrip Protection plans, frequently called Trip Cancellation Insurance, typically reimburse your non-refundable travel expenses if an unexpected crises (e.g., death, sickness, airline strike, travel company bankruptcy, among other crises) occurs before or during your trip causing it to be cancelled, interrupted or delayed.
Plans often provide reimbursement for:
Although the maximum benefit limits for medical expenses are not as high as in Travel Medical Insurance, there is usually no deductible or co-pay. Most plans exclude Pre-existing Conditions but will waive the exclusion if the insurance is purchased within a certain amount of time (7 - 21 days depending on plan) after payment of the initial trip deposit.
The cost of insurance or "premium" for Trip Protection plans is based on a percentage of Trip Cost, which is the amount of money that a traveler has pre-paid or is otherwise obligated to pay to a travel supplier (e.g., airline, travel agent, tour operator, hotel, cruiseline, Internet booking service) that might not be refunded if a trip is cancelled, according to the given circumstances and wording of the cancellation terms and conditions indicated in the travel purchase agreement between a traveler and travel supplier. Rental car insurance, also known as collision damage waiver (CDW), may be included, or purchased as an upgrade, or purchased separately as a stand-alone plan.
As usual, the policy coverage and cost varies a lot from company to company. Therefore, the smart thing to do is to search out as many different offerings as you can, and look for the policy that provides the coverage that best fits the reason you are buying the policy. Once you narrow it down to the policies that offer the coverage you want/need, then compare the prices and restrictions. Then you will be ready to make your purchase.
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