Our experts answer readers’ insurance questions and write unbiased product reviews (here’s how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.
If you’re planning the trip of a lifetime, you’ll definitely want to consider protecting your investment with one of the best travel insurance plans that includes a “cancel for any reason,” or CFAR, clause.
Best CFAR Travel Insurance
- Seven Corners Travel Insurance: Best Overall
- Travel Guard: Best Value
- Travelex Travel Insurance: Best for Adventurous Travelers
- Trawick International Travel Insurance: Most Popular
- AXA Assistance USA: Best for Cruises and Tours
- TravelSafe Insurance: Best for Quick Protection
- C&F Travel Insured: Best for Digital Nomads
Next Step:Â Compare rates on more than 100 travel insurance policies in minutes.
Compare The Best Cancel for Any Reason Travel Insurance
Best Overall
Get quotes
- Diverse coverage options such as CFAR, optional sports equipment coverage, etc.
- Available in all 50 states
- Prices are higher than many competitors
- Reviews around claims processing are mixed
Seven Corners travel insurance
Product Details
- Trip cancellation insurance of up to 100% of the trip cost
- Trip interruption insurance of up to 150% of the trip cost
- Cancel for any reason (CFAR) insurance available
Best for Value
AM Best Financial Strength Rating
A
- Trip cancellation coverage of up to 100% of the cost, for all three plan levels
- CFAR covers up to 75% of total trip costs (maximum of $112,500 on some plans)Â
- Medical coverage of up to $500,000 and evacuation of up to $1,000,000 per person
- Includes COVID coverageÂ
- Above average baggage loss and delay benefits
- High medical evacuation coverage
- Premiums may run slightly higher than competitors
The Insider’s Take
Travel Guard is a well-established and highly rated name in the travel insurance industry. It offers three main coverage options to choose from, and in general its policies have above-average coverage for baggage loss and baggage delays, plus high medical evaluation coverage limits.
Travel Guard
Product Details
- Trip cancellation coverage for up to 100% of the trip cost
- Trip interruption coverage for up to 150% of the trip cost
- Preexisting medical conditions exclusions waiver must be purchased within 15 days of initial trip payment
- Annual travel insurance plan and Pack N’ Go plan (for last-minute trips) available
Best for Adventurous Travelers
Get quotes
- Options to cover sports equipment
- Option to increase medical coverage
- Can cancel up to 48 hours before travel when CFAR option is purchased
- Affordable coverage for budget-conscious travelers
- Includes generous baggage delay, loss and trip delay coverage
- Optional “adventure sports” bundle available for riskier activities
- Only two insurance plans to choose from
- Medical coverage maximum is low at up to $50,000 per person
- Pricier than some competitors with lower coverage ceilings
- Some competitors offer higher medical emergency coverage
The Insider’s Take
Travelex travel insurance is one of the largest travel insurance providers in the US providing domestic and international coverage options. It offers a basic, select, and America option. Read on to learn more.
Travelex Travel Insurance
Product Details
- Optional CFAR insurance available with the Travel Select plan
- Trip delay insurance starting at $500 with the Travel Basic plan
- Emergency medical and dental coverage starting at $15,000
Most Popular
Get quotes
- Useful for adventurous travelers headed to higher-risk destinations
- Affordable plans with varying levels of coverage
- 10-day free look option
- Generous baggage loss replacement policy
- Trip delay coverage kicks in after just six hours
- Some policies allow a CFAR add-on
- Up to $1 million medical evacuation coverage limit
- Baggage and trip delay coverages don’t kick in until after the 12-hour mark
- International student policies available for temporary stints abroad
- Complaints about claims not being paid or involving an intermediary to resolve claims
The Insider’s Take
Trawick International travel insurance offers plans customized to diverse travelers’ needs. We look at coverage options, claims processing, pricing, and other important factors for savvy travelers.
Trawick International Travel Insurance
Product Details
- Travel medical insurance
- Trip protection and cancellation
- International student insurance
- Visitor medical insurance (for traveling to the US)
Best for Missed Cruises and Tours
Get quotes
- Generous medical evacuation coverage
- Up to $1,500 per person coverage for missed connections on cruises and tours
- Covers loss of ski, sports and golf equipment
- Generous baggage delay, loss and trip delay coverage ceilings per person
- Cancel for any reason (CFAR) coverage only available for most expensive Platinum plan
- CFAR coverage ceiling only reaches $50,000 maximum despite going up to 75%
The Insider’s Take
AXA Assistance USA keeps travel insurance simple with gold, silver, and platinum plans. Emergency medical and CFAR are a couple of the options you can expect. Read on to learn more about AXA.
AXA Assistance USA
Product Details
- Silver, Gold, and Platinum plans available
- Trip cancellation coverage of up to 100% of the trip cost
- Trip interruption coverage of up to 150% of the trip cost
- Emergency medical coverage of up to $250,000
Best for Quick Protection
Get quotes
AM Best Financial Strength Rating
A
- Up to 120 days’ coverage available for travelers ages 79 and under (30 days for 80+)
- Up to $2,500 per person for missed connections over three hours or more
- Trip delay coverage of up to $150 per person per day kicks in after six hours or more
- Policy can be purchased by U.S. citizens living abroad
- Medical coverage ceiling of $100,000 may be low for some travelers’ needs.
- Claims reviews from customers say performance is not always the best
TravelSafe Insurance
Product Details
- A well-rounded insurance plan for travelers who are concerned about missing connections for cruise-related travel
- Classic and Basic travel insurance plans
- GolfSafe travel insurance plans provide coverage for you and your equipment
- Travel medical insurance through partner Trawick International
Best for Digital Nomads
Get quotes
AM Best Financial Strength Rating
A
- Offers 2 major plans including CFAR coverage on the more expensive option
- Cancellation for job loss included as a covered reason for trip cancellation/interruption (does not require CFAR coverage to qualify)
- Frequent traveler reward included in both policies
- Up to $1 million in medical evacuation coverage available
- Medical coverage is only $100,000
- Reviews on claims processing indicate ongoing issues
C&F Travel Insured
Product Details
- C&F’s Travel Insured policies allow travelers customize travel insurance to fit their specific needs. Frequent travelers may benefit from purchasing an annual travel insurance plan, then adding on CFAR coverage for any portions of travel that may incur greater risk.
CFAR Travel Insurance Frequently Asked Questions
What is cancel for any reason travel insurance?
Cancel for any reason insurance protection helps you recoup up to 75% of your nonrefundable travel expenses if you need to cancel your trip for personal reasons. CFAR coverage is an optional add-on product when you purchase certain travel insurance policies.
Do I need CFAR travel insurance coverage?
You may want to purchase CFAR insurance if you are taking a complex, expensive, risky or time-sensitive trip. If not, the cost of CFAR may be prohibitive, raising your policy premium by an average of 40% to 50%.
Can I purchase cancel for any reason coverage at any time?
Most insurance carriers will require that you purchase cancel for any reason protection within two to three weeks of your initial travel date. After that point, you won’t be able to add CAR coverage to your policy.
Will CFAR insurance help me get a full refund if I cancel my trip?
Depending on the insurance plan you purchase, you will usually receive a maximum refund between 50% to 75% of your nonrefundable travel costs when you cancel a trip for eligible reasons.
A recent study conducted by Insider found that a mere 10.65% of survey participants purchased a travel insurance plan with CFAR coverage, in large part because they did not understand the difference between CFAR and other cancellation coverage. As many travelers have seen, life can get messy quickly, and cancelled plans don’t always fit into a neat box. CFAR coverage simplifies things and covers you regardless of the cause.
Cancel for Any Reason Travel Insurance Company Reviews
Seven Corners Travel Insurance
Seven Corners Travel Insurance is a well-known carrier that has served thousands of travelers. The RoundTrip Choice plan offers a cancel for any reason add-on that covers up to 75% of total trip costs, with a maximum of up to $75,000 in reimbursement. Medical coverage is also generous, with up to $500,000 per person for eligible medical expenses and evacuation/repatriation limits of up to $1 million per person.
Seven Corners also offers generous benefits on lost baggage and delayed travel or baggage expenses. Baggage delay benefits kick in after just six hours, and go up to $500 per person.
The Choice plan does not insure travel canceled by tour operators that are or have gone out of business, so this policy may not be the best fit for travelers who plan to visit destinations with tenuous
Seven Corners Travel Insurance Review
AIG Travel Guard Travel Insurance
Travel Guard is one of the best-known names in the travel insurance industry, with several plans available for traveler needs in every direction. AIG also provided the lowest quote for our hypothetical Europe travelers despite offering the highest ceiling on CFAR reimbursement.
Both AIG’s Preferred and Deluxe insurance plans offer CFAR coverage as an add-on to the policy, and some policies cover up to 75% of total trip costs going all the way up to a maximum reimbursement of $112,500.
Many AIG policies also include COVID coverage even without CFAR protection, as well as a number of ancillary benefits such as rental car protection and even pet travel insurance.
AIG Travel Guard Insurance
Travelex Travel Insurance
Travelex Travel Insurance is a great cancel for any reason option for travelers who plan to participate in strenuous or adventurous activities during their trip. While the CFAR coverage add-on only reimburses up to 75% of nonrefundable trip expenses, it still provides a certain modicum of peace of mind in case of emergencies, with cancellation available as an option up to 48 hours before travel begins.
Travelex offers low medical coverage compared with its competitors, with a maximum of up to $50,000 per person. Travelers participating in adventure sports can purchase an optional add-on bundle for additional coverage. In case of emergency, Travelex policy holders might do well to consider the travel insurance benefits on their credit cards to supplement any potential medical expenses.
Travelex Insurance Review
Trawick Travel Insurance
Trawick International Travel Insurance had one of the priciest plans with CFAR coverage in our comparison, but the carrier’s popularity amongst travelers is undeniable, for many reasons. The Safe Travels Explorer is particularly beneficial for pet owners who may incur medical expenses for their animals, as the plan includes up to $250 toward unexpected costs for cats and that who accompany their owners in their travels.
While Trawick’s CFAR coverage was one of the most expensive add-ons we evaluated as well, the carrier offers generous compensation margins for travelers who need it, with up to 75% reimbursement for nonrefundable trip costs.
Trawick Travel Insurance Review
AXA Assistance USA Travel Insurance
AXA Assistance USA is a great option for our hypothetical Europe cruise travelers, with its coverage of up to $1,500 per person for missed cruises and tours. This insurer also covers lost and delayed ski, sports and golf equipment – items that aren’t always included in lost or delayed baggage coverage under other carriers. The rest of your belongings are safe too with AXA, as lost baggage claim ceilings are up to $3,000 per person – more than double some of its other competitors.
Unfortunately, AXA may not be the best fit for travelers who need high-ticket travel protection, as the upper limit for CFAR reimbursement only goes up to a maximum of $50,000 despite covering up to 75% of total nonrefundable expenses, which is lower than the ceilings from other competitors such as AIG and Seven Corners. Furthermore, CFAR insurance coverage can only be added on to AXA’s top-tier Platinum plan.
AXA Assistance USA Travel Insurance Review
TravelSafe Travel Insurance
Travel insurance is a great option to consider if you have a lot of stops or transits on your trip, or if you are an expat living abroad. This insurer offers flexible coverage terms for longer travel durations. If you are 79 years old or younger, you can purchase a single plan that can cover your adventures for up to 120 days. Furthermore, reimbursement for baggage delays and losses, trip delays and missed connections kick in far more quickly than most competitors, with up to $2,500 per person for eligible missed travel connections available at the three-hour mark.
While TravelSafe’s medical coverage of up to $100,000 may be on the lower side for travelers who anticipate potential medical expenses, those with the right credit cards may be able to supplement their emergency costs through a claim with their card issuer.
TravelSafe Insurance Review
C&F Travel Insured
C&F Travel Insured offers great plans for digital nomads, backpackers and other people who spend significant amounts of time on the road each year. This carrier offers both single-trip and annual travel insurance policies, and annual plan holders can opt to purchase CFAR coverage for the whole trip or for specific riskier segments of travel only.
C&F Travel Insured also includes job cancellation insurance as part of its core insurance plans. In contrast, carriers who offer this benefit often do so within the bounds of a CFAR add-on.
Unfortunately, C&F isn’t the best fit for everyone. The annual plan isn’t available for residents of several states including Missouri, Montana, New York, Pennsylvania and Washington. The medical coverage limits on C&F plans may be low for some, although travelers might be able to supplement your medical expenses by utilizing their credit card travel insurance benefits.
C&F Travel Insured Review
Do Credit Card Travel Benefits Include CFAR Coverage?
If you have a credit card, you may already have travel insurance protection and not even know it. However, the travel insurance that comes with credit cards rarely covers cancel-for-any-reason changes. So if you need the protection or peace of mind that comes with CFAR flexibility, don’t rely on your premium credit card to help you get your money back.
If you’re just looking for basic travel protection, however, you’ll likely find it in your wallet already if you hold the Chase Sapphire Reserve®, The Platinum Card® from American Express, Chase Sapphire Preferred® Card, Capital One Venture X Rewards Credit Card or the American Express® Gold Card. (Or if you are a small business owner, the Ink Business Preferred® Credit Card and the The Business Platinum Card® from American Express offer many of the same travel insurance benefits.)
Each of these cards meets or exceeds the coverage ceilings on comparable travel insurance plans for categories such as trip interruption and cancellations, plus generous baggage loss and delay compensation. And the medical emergency, evacuation and included rental car coverage on any of these cards outstrips the coverage on all the independent travel insurance plans on this list.
How to Pick The Best CFAR Travel Insurance Plan for You
There is no one-size-fits-all “best” insurance plan, especially for CFAR coverage. Even for the same person, the right policy will vary from trip to trip, depending on your activities.
If you’re primarily concerned about getting your money back if your schedule changes, you may be able to get away with a basic plan that allows you to add CFAR coverage. If you’re undertaking a grueling hike through some challenging mountain ranges, you may want to select a policy that includes generous medical and evacuation protection, plus flexibility to reschedule or re-book your trip in case of injury. And if you plan to visit a number of destinations within a short amount of time, trip delay or baggage loss protection may need to be one of your top priorities.
Why You Should Trust Us: How We Chose the Best CFAR Travel Insurance
At Insider, we’ve reviewed numerous insurance products looking for the best options. Especially when it come to travel insurance, each traveler has a distinct experience and plan. So we looked for companies offering the optimal coverage packages for certain groups. All our reviews are independently done, meaning travel insurance companies don’t get to review or approve our reviews. Similarly, our top guide spots are not for sale. All placements are earned through strong coverage, efficient claims handling, and strong customer service.
To accurately compare the cost of CFAR coverage from the insurance carriers we recommend, we collected quotes for a hypothetical two-week trip to three countries in Europe for two travelers ages 38 and 45 that includes a river cruise, renting a vacation home and taking several flights. The total cost of travel comes out to $14,000 between two people.
Cost
Cancel-for-any-reason insurance cover doesn’t come cheap. You can typically expect CFAR coverage to increase the cost of your policy premium by 40% to 50%, and most issuers will require that you purchase it within two to three weeks of your initial travel deposit. After that, you’ll no longer be eligible to add CFAR coverage to your plan.
For our hypothetical trip, adding CFAR coverage to our policy quotes cost anywhere from $242 to $847 for two travelers, easily doubling the cost of the plan from some providers. However, this coverage offers peace of mind for up to 75%, or $10,500, of the total travel cost.
Comprehensive protection
CFAR coverage can be a hefty expense on top of budgeting for an expensive trip, but there are times when it’s well worth the additional investment. If you’re planning a high-risk trip with a lot of physical or logistical uncertainties, you’ll want as much medical and evacuation coverage as you can get, as well as the flexibility to cancel, reschedule or postpone your travel until you are physically or emotionally capable of tackling the challenge.
Each of the policies listed will allow you to recoup a significant portion of your financial investment if you need to change your plans.
Sufficient coverage in essential categories
If you plan to travel at a fast pace or will be transiting through a number of destinations, trip and baggage delay or loss can become a serious issue, particularly if your gear is essential for your activities, such as in the case of golf or ski equipment. Each of the travel insurance plans we chose includes at least some level of delay or loss coverage, which can help you purchase backup gear if needed without further strapping your finances.
Keep in mind that many premium credit cards include baggage and travel delay and loss protection. So even if you do have a CFAR policy in place, your credit card benefits may be able to help you supplement any additional expenses you incur if your policy ceiling is too low for your needs.
Read our insurance rating methodology for more details.
Our experts answer readers’ insurance questions and write unbiased product reviews (here’s how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.
If you’re planning the trip of a lifetime, you’ll definitely want to consider protecting your investment with one of the best travel insurance plans that includes a “cancel for any reason,” or CFAR, clause.
Best CFAR Travel Insurance
- Seven Corners Travel Insurance: Best Overall
- Travel Guard: Best Value
- Travelex Travel Insurance: Best for Adventurous Travelers
- Trawick International Travel Insurance: Most Popular
- AXA Assistance USA: Best for Cruises and Tours
- TravelSafe Insurance: Best for Quick Protection
- C&F Travel Insured: Best for Digital Nomads
Next Step:Â Compare rates on more than 100 travel insurance policies in minutes.
Compare The Best Cancel for Any Reason Travel Insurance
Best Overall
Get quotes
- Diverse coverage options such as CFAR, optional sports equipment coverage, etc.
- Available in all 50 states
- Prices are higher than many competitors
- Reviews around claims processing are mixed
Seven Corners travel insurance
Product Details
- Trip cancellation insurance of up to 100% of the trip cost
- Trip interruption insurance of up to 150% of the trip cost
- Cancel for any reason (CFAR) insurance available
Best for Value
AM Best Financial Strength Rating
A
- Trip cancellation coverage of up to 100% of the cost, for all three plan levels
- CFAR covers up to 75% of total trip costs (maximum of $112,500 on some plans)Â
- Medical coverage of up to $500,000 and evacuation of up to $1,000,000 per person
- Includes COVID coverageÂ
- Above average baggage loss and delay benefits
- High medical evacuation coverage
- Premiums may run slightly higher than competitors
The Insider’s Take
Travel Guard is a well-established and highly rated name in the travel insurance industry. It offers three main coverage options to choose from, and in general its policies have above-average coverage for baggage loss and baggage delays, plus high medical evaluation coverage limits.
Travel Guard
Product Details
- Trip cancellation coverage for up to 100% of the trip cost
- Trip interruption coverage for up to 150% of the trip cost
- Preexisting medical conditions exclusions waiver must be purchased within 15 days of initial trip payment
- Annual travel insurance plan and Pack N’ Go plan (for last-minute trips) available
Best for Adventurous Travelers
Get quotes
- Options to cover sports equipment
- Option to increase medical coverage
- Can cancel up to 48 hours before travel when CFAR option is purchased
- Affordable coverage for budget-conscious travelers
- Includes generous baggage delay, loss and trip delay coverage
- Optional “adventure sports” bundle available for riskier activities
- Only two insurance plans to choose from
- Medical coverage maximum is low at up to $50,000 per person
- Pricier than some competitors with lower coverage ceilings
- Some competitors offer higher medical emergency coverage
The Insider’s Take
Travelex travel insurance is one of the largest travel insurance providers in the US providing domestic and international coverage options. It offers a basic, select, and America option. Read on to learn more.
Travelex Travel Insurance
Product Details
- Optional CFAR insurance available with the Travel Select plan
- Trip delay insurance starting at $500 with the Travel Basic plan
- Emergency medical and dental coverage starting at $15,000
Most Popular
Get quotes
- Useful for adventurous travelers headed to higher-risk destinations
- Affordable plans with varying levels of coverage
- 10-day free look option
- Generous baggage loss replacement policy
- Trip delay coverage kicks in after just six hours
- Some policies allow a CFAR add-on
- Up to $1 million medical evacuation coverage limit
- Baggage and trip delay coverages don’t kick in until after the 12-hour mark
- International student policies available for temporary stints abroad
- Complaints about claims not being paid or involving an intermediary to resolve claims
The Insider’s Take
Trawick International travel insurance offers plans customized to diverse travelers’ needs. We look at coverage options, claims processing, pricing, and other important factors for savvy travelers.
Trawick International Travel Insurance
Product Details
- Travel medical insurance
- Trip protection and cancellation
- International student insurance
- Visitor medical insurance (for traveling to the US)
Best for Missed Cruises and Tours
Get quotes
- Generous medical evacuation coverage
- Up to $1,500 per person coverage for missed connections on cruises and tours
- Covers loss of ski, sports and golf equipment
- Generous baggage delay, loss and trip delay coverage ceilings per person
- Cancel for any reason (CFAR) coverage only available for most expensive Platinum plan
- CFAR coverage ceiling only reaches $50,000 maximum despite going up to 75%
The Insider’s Take
AXA Assistance USA keeps travel insurance simple with gold, silver, and platinum plans. Emergency medical and CFAR are a couple of the options you can expect. Read on to learn more about AXA.
AXA Assistance USA
Product Details
- Silver, Gold, and Platinum plans available
- Trip cancellation coverage of up to 100% of the trip cost
- Trip interruption coverage of up to 150% of the trip cost
- Emergency medical coverage of up to $250,000
Best for Quick Protection
Get quotes
AM Best Financial Strength Rating
A
- Up to 120 days’ coverage available for travelers ages 79 and under (30 days for 80+)
- Up to $2,500 per person for missed connections over three hours or more
- Trip delay coverage of up to $150 per person per day kicks in after six hours or more
- Policy can be purchased by U.S. citizens living abroad
- Medical coverage ceiling of $100,000 may be low for some travelers’ needs.
- Claims reviews from customers say performance is not always the best
TravelSafe Insurance
Product Details
- A well-rounded insurance plan for travelers who are concerned about missing connections for cruise-related travel
- Classic and Basic travel insurance plans
- GolfSafe travel insurance plans provide coverage for you and your equipment
- Travel medical insurance through partner Trawick International
Best for Digital Nomads
Get quotes
AM Best Financial Strength Rating
A
- Offers 2 major plans including CFAR coverage on the more expensive option
- Cancellation for job loss included as a covered reason for trip cancellation/interruption (does not require CFAR coverage to qualify)
- Frequent traveler reward included in both policies
- Up to $1 million in medical evacuation coverage available
- Medical coverage is only $100,000
- Reviews on claims processing indicate ongoing issues
C&F Travel Insured
Product Details
- C&F’s Travel Insured policies allow travelers customize travel insurance to fit their specific needs. Frequent travelers may benefit from purchasing an annual travel insurance plan, then adding on CFAR coverage for any portions of travel that may incur greater risk.
CFAR Travel Insurance Frequently Asked Questions
What is cancel for any reason travel insurance?
Cancel for any reason insurance protection helps you recoup up to 75% of your nonrefundable travel expenses if you need to cancel your trip for personal reasons. CFAR coverage is an optional add-on product when you purchase certain travel insurance policies.
Do I need CFAR travel insurance coverage?
You may want to purchase CFAR insurance if you are taking a complex, expensive, risky or time-sensitive trip. If not, the cost of CFAR may be prohibitive, raising your policy premium by an average of 40% to 50%.
Can I purchase cancel for any reason coverage at any time?
Most insurance carriers will require that you purchase cancel for any reason protection within two to three weeks of your initial travel date. After that point, you won’t be able to add CAR coverage to your policy.
Will CFAR insurance help me get a full refund if I cancel my trip?
Depending on the insurance plan you purchase, you will usually receive a maximum refund between 50% to 75% of your nonrefundable travel costs when you cancel a trip for eligible reasons.
A recent study conducted by Insider found that a mere 10.65% of survey participants purchased a travel insurance plan with CFAR coverage, in large part because they did not understand the difference between CFAR and other cancellation coverage. As many travelers have seen, life can get messy quickly, and cancelled plans don’t always fit into a neat box. CFAR coverage simplifies things and covers you regardless of the cause.
Cancel for Any Reason Travel Insurance Company Reviews
Seven Corners Travel Insurance
Seven Corners Travel Insurance is a well-known carrier that has served thousands of travelers. The RoundTrip Choice plan offers a cancel for any reason add-on that covers up to 75% of total trip costs, with a maximum of up to $75,000 in reimbursement. Medical coverage is also generous, with up to $500,000 per person for eligible medical expenses and evacuation/repatriation limits of up to $1 million per person.
Seven Corners also offers generous benefits on lost baggage and delayed travel or baggage expenses. Baggage delay benefits kick in after just six hours, and go up to $500 per person.
The Choice plan does not insure travel canceled by tour operators that are or have gone out of business, so this policy may not be the best fit for travelers who plan to visit destinations with tenuous
Seven Corners Travel Insurance Review
AIG Travel Guard Travel Insurance
Travel Guard is one of the best-known names in the travel insurance industry, with several plans available for traveler needs in every direction. AIG also provided the lowest quote for our hypothetical Europe travelers despite offering the highest ceiling on CFAR reimbursement.
Both AIG’s Preferred and Deluxe insurance plans offer CFAR coverage as an add-on to the policy, and some policies cover up to 75% of total trip costs going all the way up to a maximum reimbursement of $112,500.
Many AIG policies also include COVID coverage even without CFAR protection, as well as a number of ancillary benefits such as rental car protection and even pet travel insurance.
AIG Travel Guard Insurance
Travelex Travel Insurance
Travelex Travel Insurance is a great cancel for any reason option for travelers who plan to participate in strenuous or adventurous activities during their trip. While the CFAR coverage add-on only reimburses up to 75% of nonrefundable trip expenses, it still provides a certain modicum of peace of mind in case of emergencies, with cancellation available as an option up to 48 hours before travel begins.
Travelex offers low medical coverage compared with its competitors, with a maximum of up to $50,000 per person. Travelers participating in adventure sports can purchase an optional add-on bundle for additional coverage. In case of emergency, Travelex policy holders might do well to consider the travel insurance benefits on their credit cards to supplement any potential medical expenses.
Travelex Insurance Review
Trawick Travel Insurance
Trawick International Travel Insurance had one of the priciest plans with CFAR coverage in our comparison, but the carrier’s popularity amongst travelers is undeniable, for many reasons. The Safe Travels Explorer is particularly beneficial for pet owners who may incur medical expenses for their animals, as the plan includes up to $250 toward unexpected costs for cats and that who accompany their owners in their travels.
While Trawick’s CFAR coverage was one of the most expensive add-ons we evaluated as well, the carrier offers generous compensation margins for travelers who need it, with up to 75% reimbursement for nonrefundable trip costs.
Trawick Travel Insurance Review
AXA Assistance USA Travel Insurance
AXA Assistance USA is a great option for our hypothetical Europe cruise travelers, with its coverage of up to $1,500 per person for missed cruises and tours. This insurer also covers lost and delayed ski, sports and golf equipment – items that aren’t always included in lost or delayed baggage coverage under other carriers. The rest of your belongings are safe too with AXA, as lost baggage claim ceilings are up to $3,000 per person – more than double some of its other competitors.
Unfortunately, AXA may not be the best fit for travelers who need high-ticket travel protection, as the upper limit for CFAR reimbursement only goes up to a maximum of $50,000 despite covering up to 75% of total nonrefundable expenses, which is lower than the ceilings from other competitors such as AIG and Seven Corners. Furthermore, CFAR insurance coverage can only be added on to AXA’s top-tier Platinum plan.
AXA Assistance USA Travel Insurance Review
TravelSafe Travel Insurance
Travel insurance is a great option to consider if you have a lot of stops or transits on your trip, or if you are an expat living abroad. This insurer offers flexible coverage terms for longer travel durations. If you are 79 years old or younger, you can purchase a single plan that can cover your adventures for up to 120 days. Furthermore, reimbursement for baggage delays and losses, trip delays and missed connections kick in far more quickly than most competitors, with up to $2,500 per person for eligible missed travel connections available at the three-hour mark.
While TravelSafe’s medical coverage of up to $100,000 may be on the lower side for travelers who anticipate potential medical expenses, those with the right credit cards may be able to supplement their emergency costs through a claim with their card issuer.
TravelSafe Insurance Review
C&F Travel Insured
C&F Travel Insured offers great plans for digital nomads, backpackers and other people who spend significant amounts of time on the road each year. This carrier offers both single-trip and annual travel insurance policies, and annual plan holders can opt to purchase CFAR coverage for the whole trip or for specific riskier segments of travel only.
C&F Travel Insured also includes job cancellation insurance as part of its core insurance plans. In contrast, carriers who offer this benefit often do so within the bounds of a CFAR add-on.
Unfortunately, C&F isn’t the best fit for everyone. The annual plan isn’t available for residents of several states including Missouri, Montana, New York, Pennsylvania and Washington. The medical coverage limits on C&F plans may be low for some, although travelers might be able to supplement your medical expenses by utilizing their credit card travel insurance benefits.
C&F Travel Insured Review
Do Credit Card Travel Benefits Include CFAR Coverage?
If you have a credit card, you may already have travel insurance protection and not even know it. However, the travel insurance that comes with credit cards rarely covers cancel-for-any-reason changes. So if you need the protection or peace of mind that comes with CFAR flexibility, don’t rely on your premium credit card to help you get your money back.
If you’re just looking for basic travel protection, however, you’ll likely find it in your wallet already if you hold the Chase Sapphire Reserve®, The Platinum Card® from American Express, Chase Sapphire Preferred® Card, Capital One Venture X Rewards Credit Card or the American Express® Gold Card. (Or if you are a small business owner, the Ink Business Preferred® Credit Card and the The Business Platinum Card® from American Express offer many of the same travel insurance benefits.)
Each of these cards meets or exceeds the coverage ceilings on comparable travel insurance plans for categories such as trip interruption and cancellations, plus generous baggage loss and delay compensation. And the medical emergency, evacuation and included rental car coverage on any of these cards outstrips the coverage on all the independent travel insurance plans on this list.
How to Pick The Best CFAR Travel Insurance Plan for You
There is no one-size-fits-all “best” insurance plan, especially for CFAR coverage. Even for the same person, the right policy will vary from trip to trip, depending on your activities.
If you’re primarily concerned about getting your money back if your schedule changes, you may be able to get away with a basic plan that allows you to add CFAR coverage. If you’re undertaking a grueling hike through some challenging mountain ranges, you may want to select a policy that includes generous medical and evacuation protection, plus flexibility to reschedule or re-book your trip in case of injury. And if you plan to visit a number of destinations within a short amount of time, trip delay or baggage loss protection may need to be one of your top priorities.
Why You Should Trust Us: How We Chose the Best CFAR Travel Insurance
At Insider, we’ve reviewed numerous insurance products looking for the best options. Especially when it come to travel insurance, each traveler has a distinct experience and plan. So we looked for companies offering the optimal coverage packages for certain groups. All our reviews are independently done, meaning travel insurance companies don’t get to review or approve our reviews. Similarly, our top guide spots are not for sale. All placements are earned through strong coverage, efficient claims handling, and strong customer service.
To accurately compare the cost of CFAR coverage from the insurance carriers we recommend, we collected quotes for a hypothetical two-week trip to three countries in Europe for two travelers ages 38 and 45 that includes a river cruise, renting a vacation home and taking several flights. The total cost of travel comes out to $14,000 between two people.
Cost
Cancel-for-any-reason insurance cover doesn’t come cheap. You can typically expect CFAR coverage to increase the cost of your policy premium by 40% to 50%, and most issuers will require that you purchase it within two to three weeks of your initial travel deposit. After that, you’ll no longer be eligible to add CFAR coverage to your plan.
For our hypothetical trip, adding CFAR coverage to our policy quotes cost anywhere from $242 to $847 for two travelers, easily doubling the cost of the plan from some providers. However, this coverage offers peace of mind for up to 75%, or $10,500, of the total travel cost.
Comprehensive protection
CFAR coverage can be a hefty expense on top of budgeting for an expensive trip, but there are times when it’s well worth the additional investment. If you’re planning a high-risk trip with a lot of physical or logistical uncertainties, you’ll want as much medical and evacuation coverage as you can get, as well as the flexibility to cancel, reschedule or postpone your travel until you are physically or emotionally capable of tackling the challenge.
Each of the policies listed will allow you to recoup a significant portion of your financial investment if you need to change your plans.
Sufficient coverage in essential categories
If you plan to travel at a fast pace or will be transiting through a number of destinations, trip and baggage delay or loss can become a serious issue, particularly if your gear is essential for your activities, such as in the case of golf or ski equipment. Each of the travel insurance plans we chose includes at least some level of delay or loss coverage, which can help you purchase backup gear if needed without further strapping your finances.
Keep in mind that many premium credit cards include baggage and travel delay and loss protection. So even if you do have a CFAR policy in place, your credit card benefits may be able to help you supplement any additional expenses you incur if your policy ceiling is too low for your needs.
Read our insurance rating methodology for more details.
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