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Forbes Advisor: Top cancel for any reason travel plans for 2022

Travelex Insurance Services

Forbes Advisor rating: 4/5

Average cost with CFAR: $210

Average cost without CFAR: $294

Increase with CFAR: 40%

Cost examples are from a Travelex Insurance Travel Select plan

(Credit: Rommel Canlas/Adobe Stock)

Tin Leg

Forbes Advisor rating: 4/5

Average cost with CFAR: $184

Average cost without CFAR: $276

Increase with CFAR: fifty%

Cost examples are from a Tin Leg Gold plan

(Credit: Andrii IURLOV/stock.adobe.com)

GoReady

Forbes Advisor rating: 4/5

Average cost with CFAR: $174

Average cost without CFAR: $261

Increase with CFAR: fifty%

Cost examples are from a GoReady Pandemic Plus plan

(Credit: flowertiare/stock.adobe.com)

Cat 70

Forbes Advisor rating: 4/5

Average cost with CFAR: $184

Average cost without CFAR: $276

Increase with CFAR: fifty%

Cost examples are from a Cat 70 Travel plan

(Credit: Eddie-Hernandez.com/Adobe Stock)

HTH Travel Insurance

Forbes Advisor rating: 4.5/5

Average cost with CFAR: $204

Average cost without CFAR: $378

Increase with CFAR: 85%

Cost examples are from a HTH Travel Trip Protector plan

(Credit: Engel Ching/Shutterstock.com)

Seven Corners

Forbes Advisor rating: 5/5

Average cost with CFAR: $246

Average cost without CFAR: $349.32

Increase with CFAR: 42%

Cost examples are from a Seven Corners RoundTrip Choice plan

(Credit: littlenySTOCK/Shutterstock.com)

Nationwide Mutual Insurance Co.

Forbes Advisor rating: 5/5

Average cost with CFAR: $192.42

Average cost without CFAR: $290.42

Increase with CFAR: 51%

Cost examples are from a Nationwide Prime plan

(Credit: Peera/Adobe Stock)

John Hancock Insurance Agency

Forbes Advisor rating: 5/5

Average cost with CFAR: $282

Average cost without CFAR: $423

Increase with CFAR: fifty%

Cost examples are from a John Hancock Insurance Gold plan

(Credit: Shutterstock)

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Forbes Advisor rating: 5/5

Average cost with CFAR: N/A

Average cost without CFAR: $784

Increase with CFAR: N/A

Cost examples are from an IMG iTraveledInsured LX plan

(Credit: Dennis Pepin/Shutterstock.com)

AXA Assistance USA

Forbes Advisor rating: 5/5

Average cost with CFAR: $216

Average cost without CFAR: $324

Increase with CFAR: fifty%

Cost examples are from an AXA Assistance USA Platinum plan

(Credit: Raychel Lean/ALM)

This past January travel insurance sales saw a big jump, with Squaremouth reporting a 181% increase compared with 2019 levels, as concerns about COVID-19 and its variants continued to drive consumers’ desires to protect their trips.

Further, around 40% of travel insurance policyholders reported buying coverage because they specifically needed it because of the pandemic, according to Squaremouth.

“Many countries are relaxing COVID-19 requirements and restrictions. However, the most popular spring break destinations are on the Centers for Disease Control (CDC) Level 4 Travel Health Notice (THN) list,” Meghan Walch, InsureMyTrip product manager, said in a release. “For this reason, I would recommend spring breakers purchase a travel insurance policy with the added cancel for any reason (CFAR) benefit.”

InsureMyTrip policies sold for trips scheduled for departure between March 13-March 27, 2022. (Credit: InsureMyTrip) InsureMyTrip policies sold for trips scheduled for departure between March 13-March 27, 2022. (Credit: InsureMyTrip)

CFAR policies can cover up to 75% of pre-paid, nonrefundable trip costs if the trip is canceled at least two days prior to departure, according to Walch. However, CFAR plans are time-sensitive and have other requirements, according to InsureMyTrip.

This benefit is time-sensitive and there are some eligibility requirements, but if those are met, reimbursement can be up to 50% – 75% of the insured, pre-paid, nonrefundable trip costs if the trip is canceled at least two (2 ) days prior to departure.

The above slideshow highlights the top-rated cancel for any reason travel insurance plans, according to Forbes Advisor. Example costs come are based on Squaremouth data and are included for some plans. The examples project costs for two travelers going from California to Turks and Caicos on a $5,000 trip.

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