Source: The Points Guy
Summary
Travel insurance can provide financial protection in case of unexpected events, but standard policies may not cover all scenarios. “Cancel for any reason” (CFAR) protection is an add-on that allows travelers to cancel their trip for any reason, as long as they follow the policy’s terms. CFAR coverage can be purchased at the time of buying a comprehensive travel insurance policy, and the fee is usually calculated as a percentage of the standard policy cost. The coverage can reimburse up to 75% of the total insured, prepaid, nonrefundable trip cost.
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Travelers can purchase CFAR protection to cancel their trip for any reason, including fear of travel or pandemic-related risks. The coverage can provide financial protection, but it’s essential to read the policy terms carefully and understand the exclusions. Credit cards may not offer CFAR travel insurance, but some may provide other travel insurance policies that can act as an added layer of security. CFAR coverage can be a good option for expensive trips or for travelers who want flexibility in case of uncertainties.
Travel insurance is like having a backup plan for your backup plan.
Author: Evan Null
