No one likes to think of travel plans going awry when they’re dreaming of adventure and relaxation. However, being prepared and planning ahead can save you money in the long run, ensuring a bump in the road doesn’t ruin your entire vacation.
Trip cancellation insurance is a great way to protect yourself and your finances. But exactly what does this type of insurance do for you? Let’s take a look.
Exploring Trip Cancellation Insurance
What is trip cancellation insurance?
Unfortunately, we can’t see into the future when we’re booking our vacations. This means that, despite best efforts, issues can arise, whether due to our own fault or to uncontrollable circumstances. That’s where trip cancellation insurance comes in.
Trip cancellation insurance protects your trip before departure. This means it reimburses you for non-refundable and/or non-transferable deposits on prepaid travel arrangements and cancellation penalties that a hotel, airline, transportation provider, or tour operator may charge.
This means you can be sure that you’re not losing money on extra fees that are designed to make cancelling a hassle.
Does trip cancellation insurance cover expenses during your trip?
Trip cancellation insurance only covers you before you leave. That’s why it’s often bundled with trip interruption insurance, which protects you after departure.
Trip interruption insurance covers extra costs if you need to return home earlier or later than you had planned and reimburses you for non-refundable and/or non-transferable portions of used, prepaid travel arrangements.
Cutting your trip short is already stressful enough; don’t worry about adding additional cancellation fees to your plate as well.
How much does trip cancellation insurance cost?
The cost of trip cancellation insurance is largely dependent on the price of your vacation. When purchasing travel insurance in Calgary as a package, which includes trip cancellation, trip interruption, and medical insurance, you can expect to pay between 4% and 10% of your trip costs. This means that you might pay between $40 and $100 for a $1000 trip.
If you are hoping to simply purchase trip cancellation insurance, rather than the entire bundle, then it will naturally cost less. For a more definite quote, it’s recommended that you contact a trusted travel broker.
Trip cancellation insurance allows you to take some of the uncertainty away that can come with planning in the future. If you are wondering if it makes sense for you, don’t hesitate to reach out to a professional and ask for advice.
Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected].