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Although the Covid-19 vaccine rollout is putting vacations back on calendars, experts in the travel industry say some flexibility with your travel plans is still important.
When you book your next vacation—and if you want the best possible protection against canceling unexpectedly—purchasing “cancel for any reason” (CFAR) coverage is the ticket.
We asked travel insurance experts for their advice on how to determine if you need this top-tier coverage.
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The Nuts and Bolts of Cancel for Any Reason Coverage
Cancel for any reason coverage is an optional upgrade that gives you the most flexibility if you want to cancel a trip. Without it, you’ll receive trip cancellation reimbursement only if you cancel for a reason listed in the policy. But with CFAR, you can get partial reimbursement no matter what your reason for canceling is—from wanting to watch the season premiere of “The Crown” to being mad at your traveling companion.
Other must-knows about CFAR:
- Reimbursement is usually 50% or 75% of your pre-paid and non-refundable trip costs
- You must have insured 100% of your pre-paid and non-refundable trip costs
- You must add…