People who are planning a vacation in the near future may want to purchase a “cancel for any reason” travel insurance policy. Not all insurance policies are created equal and having the right one could mean the difference between getting your money back or not. Even cancel for any reason policies have some stipulations that travelers must follow in order to guarantee that they are refunded.
Cancel for any reason policies do cost more, and there are other considerations to should keep in mind such as making sure that the entire trip is insured, including all pre-paid, non-refundable trip expenses, and provide an accurate trip cost.
Those purchasing this type of insurance should not expect to receive a full refund when filing a claim—usually, refunds are between 50 and 75 percent of the total cost, and travelers will need to file a claim.