Best “Cancel For Any Reason” Travel Insurance Options of August 2024 (2024)

These companies provide flexibility and peace of mind.

It’s a tough situation to be in: You spend weeks planning and preparing for your dream vacation, and leading up to your departure, a friend becomes very ill. You want to support them and be on hand to help their family, but you don’t want to lose all of the money you spent on reservations and accommodations. That’s where “cancel for any reason” coverage comes in.

The best cancel for any reason travel insurance policies provide additional coverage, reimbursing you under circ*mstances that traditional policies do not. To help you find the right coverage for your needs, we identified the leading cancel for any reason travel insurance providers based on their reimbursem*nt levels, availability and rates.

Best Cancel For Any Reason Travel Insurance Providers of 2024

Best Overall

Tin Leg

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Vault Verified

Annual Plan Trip Cancellation or Interruption Maximum

Does not offer annual plans

Reimbursem*nt Rate

Up to 75% of the prepaid trip cost

Deductibles

Not applicable

Why We Chose It

Tin Leg offers cancel for any reason endorsem*nts on its silver and gold plans. Depending on the level you choose, you can get 50% to 75% of your prepaid, nonrefundable expenses reimbursed. Tin Leg charges a lower-than-average premium for cancel for any reason add-ons. Unlike many companies, Tin Leg has policy options in all 50 states.

Pros

• Multiple cancel for any reason options
• Lower-than-average cost
• Available nationwide

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Cons

• Must be purchased within 15 days of initial deposit
• Limited customer reviews

Policy Highlights

• Multiple plans provide cancel for any reason insurance
• Must be purchased within 15 days of initial deposit

Best Rates

Faye

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Vault Verified

Annual Plan Trip Cancellation or Interruption Maximum

Does not offer annual plans

Reimbursem*nt Rate

Up to 75%

Deductibles

Not applicable

Why We Chose It

Cancel for any reason coverage can be expensive; for a week-long trip for one person, we found that a policy with cancel for any reason coverage was about $400. Faye’s policies were among the least expensive, and adding cancel for any reason coverage to a policy increased the premiums by just 35% — a smaller-than-usual increase.

Pros

• Lower-than-average rates
• Lower-than-usual premium for cancel for any reason add-ons
• Stellar customer reviews

Cons

• Lower medical expense limit
• Not available in all U.S. territories

Policy Highlights

• Cancel for any reason is an optional add-on
• Faye policies can cover pre-existing health conditions with an added endorsem*nt
• Policies include 150% coverage for trip interruptions

Best Comparison Site

Squaremouth

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Vault Verified

Annual Plan Trip Cancellation or Interruption Maximum

Varies by provider

Reimbursem*nt Rate

Varies by provider

Deductibles

Not applicable

Why We Chose It

Squaremouth simplifies shopping for travel insurance by allowing you to compare quotes from over 20 leading companies. Many of Squaremouth’s partners offer cancel for any reason coverage, so you can get up to 75% of your trip cost refunded, and you can find the best possible rates quickly.

Pros

• Compares multiple insurance providers
• Range of cancel for any reason policy options

Cons

• Doesn’t include all major insurers
• Some states have limited coverage options

Policy Highlights

• Includes quotes from over 20 insurers
• Depending on the policy, you must purchase within 14 to 21 days of initial payment

Best for Higher Reimbursem*nt Levels

Allianz

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Vault Verified

Annual Plan Trip Cancellation or Interruption Maximum

Up to $15,000

Reimbursem*nt Rate

Up to 80%

Deductibles

Not applicable

Why We Chose It

Companies that offer cancel for any reason coverage usually cap reimbursem*nt levels at 50% to 75% of your nonrefundable costs. However, Allianz offers a higher rate; it will reimburse up to 80% of your prepaid expenses — the highest reimbursem*nt rate of all the companies we evaluated — up to a maximum of $16,000 per traveler. And, you can cancel your plans as late as the day of your departure and qualify for reimbursem*nt.

Pros

• Higher reimbursem*nt rate
• Cancel for any reason coverage available on multiple plans
• Cancel as late as day of departure

Cons

• Rates tend to be more expensive
• Must be purchased within 14 days of initial trip payment

Policy Highlights

• Available as an upgrade on OneTrip Prime and OneTrip Premier plans
• Reimburses up to $16,000 per insured traveler

Best for Longer Purchase Windows

Nationwide

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Vault Verified

Annual Plan Trip Cancellation or Interruption Maximum

Doesn’t offer annual trip interruption or cancellation coverage; trip delay coverage is limited to $200 per person, per trip

Reimbursem*nt Rate

Up to 75%

Deductibles

Not applicable

Why We Chose It

With most travel insurance companies, you can only purchase coverage and add a cancel for any reason endorsem*nt if you purchase a policy within 14 days of your initial trip deposit date.

With Nationwide, you have a longer window: You can qualify for coverage within 21 days of your initial deposit date, giving you another week to shop around and secure coverage. Its policy also includes perks like accidental death insurance, emergency dental coverage and rental car and collision insurance.

Pros

• Longer purchase window
• Higher coverage maximums
• Prime policy includes rental car coverage

Cons

• Not available in all states
• Higher-than-usual premiums

Policy Highlights

• Prime plan provides up to $30,000 in reimbursem*nt due to trip cancellations
• Covers up to 200% of nonrefundable expenses due to trip interruptions
• Cancel for any reason coverage isn’t available in New York or Washington

Best for New York Residents

USI Affinity

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Vault Verified

Annual Plan Trip Cancellation or Interruption Maximum

Up to $5,000

Reimbursem*nt Rate

Up to 75%

Deductibles

$50 in some states

Why We Chose It

It might seem odd to call out a travel insurer for providing coverage to New York residents, but it’s a rarity. More than half of the companies we evaluated exclude New York residents due to statewide insurance regulations.

USI Affinity serves customers nationwide, and it has plans specifically for travelers living in New York. Residents of the Empire State have up to 30 days from their initial trip deposit date to buy coverage, and they only need to insure 90% of the cost (rather than 100% typically required).

Pros

• Coverage available nationwide
• Up to $180,000 of trip interruption coverage

Cons

• Higher-than-average rates
• Limited reviews

Policy Highlights

• New York residents must purchase within 30 days of initial trip deposit, and they must insure at least 90% of their trip cost
• Plans must be canceled at least 48 hours prior to departure

Is Getting Cancel For Any Reason Travel Insurance Worth It?

Cancel for any reason coverage will increase the cost of travel insurance by about 50%; we found that policies for a single person for a week-long trip were about $400 with cancel for any reason coverage.

It may be worth the cost if you’re worried about needing to cancel due to reasons commonly excluded by traditional policies. For example, traditional travel insurance won’t cover worries about potential, known diseases; bad weather (besides major named storms); a pet’s illness; or a breakup with your partner. Cancel for any reason insurance can help you get 50% to 75% of your costs refunded to you, so you’re not out thousands of dollars.

Pros and Cons of CFAR Travel Insurance Plans:

Pros

• Provide more flexibility: If you’re worried about an unexpected crisis derailing your trip, cancel for any reason insurance provides added peace of mind and flexibility.
• Cover issues excluded by a traditional policy: While traditional travel insurance policies won’t cover things like rainy days or sick pets, cancel for any reason coverage does.
• Give you funds to book another trip: With this form of coverage, you can get partial reimbursem*nt and rebook your travel.

Cons

• Must be purchased well in advance: Cancel for any reason coverage—and travel insurance in general—needs to be purchased within a few days or weeks of your initial trip deposit.
• Usually require cancellation at least 48 hours ahead of departure: Most insurers require you to cancel your plans at least 48 hours ahead of your departure to qualify for reimbursem*nt. Last-minute changes that pop up the day of your departure won’t be covered under the terms of most policies.
• Can be expensive: Adding cancel for any reason endorsem*nts to your policy can increase your premiums by 50% or more.

How Does Cancel for Any Reason Travel Insurance Compare to Standard Travel Insurance?

Typical travel insurance policies offer trip cancellation insurance, but these coverages only apply to certain reasons for the cancellation. For example, trip cancellation insurance, a type of insurance common among some of the best travel credit cards, will usually cover cancellations due to a serious illness affecting you or your traveling companion, a death in the family or hurricanes. Other reasons aren’t eligible for reimbursem*nt.

Cancel for any reason insurance, as the name implies, gives you more flexibility. Whether you need to cancel because your passport didn’t arrive in time or because your dog needs emergency surgery, cancel for any reason insurance allows you to get partial reimbursem*nt for expenses you have already paid and cannot get refunded.

Unlike traditional travel insurance policies, cancel for any reason coverage can’t be purchased as a standalone policy; it’s only available as an endorsem*nt or rider to a full travel insurance plan.

Am I Really Allowed To Cancel for Any Reason—What’s the Catch?

Cancel for any reason coverage really does allow you to cancel for just about any reason you can think of, but there are some things to keep in mind:

• Partial reimbursem*nt: Unlike a trip cancellation policy, which usually covers up to 100% of your nonrefundable expenses, cancel for any reason coverage only reimburses you for a portion of your expenses. Depending on your policy, you may only get 50% of your costs refunded.
• Cancellation timeframes: Most insurers require you to cancel your plans at least 48 hours prior to your planned departure. If you have a last-minute emergency, such as a family member going into labor the day you’re supposed to leave, you aren’t covered.

Why Would You Need Cancel For Any Reason Travel Insurance?

Cancel for any reason insurance can be expensive, but may be a good idea if you fit into any of the following scenarios:

• You’re waiting on a new passport and are worried it won’t arrive in time.
• Your vacation’s success is dependent on sunny, clear weather or calm seas, and the weather report for your trip is poor.
• You have a major project at work after a coworker resigns, and can no longer take that time off.
• Your traveling companion can no longer go with you, so you need to reschedule.
• Your home needs substantial, expensive repairs, and you need the money you planned for the trip to cover the cost.
• You have a pet prone to accidents or illnesses.

How To Choose the Best CFAR Travel Insurance Option For You

Several companies allow you to add cancel for any reason coverage to your travel insurance policy at the time of your purchase. When deciding which insurer and plan is best for you, consider the following factors:

Reimbursem*nt Level

Most insurers that offer cancel for any reason coverage will cover 50% to 75% of your non-refundable expenses. However, there are some companies that have higher reimbursem*nt levels. For example, Allianz will cover up to 80% of your expenses, up to a maximum of $16,000.

Cost

Adding cancel for any reason insurance to your travel insurance policy will increase the cost by about 50%. However, rates can vary significantly between providers. Companies like Faye and Allianz had lower-than-usual premiums, for example, so it pays to shop around.

Cancellation Timeframe

Cancel for any reason coverage requires you to cancel in advance of your departure date. Depending on the company, you typically must cancel your plans 48 to 72 hours before your planned departure, though Allianz will allow cancellations on the departure day.

Availability

Not all travel insurance companies sell cancel for any reason endorsem*nts, and those that do don’t always offer it in all states. For example, New York residents may struggle to find an insurer; more than half of the companies we researched excluded New York travelers due to state insurance laws.