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The Need for Trip Cancellation Insurance

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The Need for Trip Cancellation Insurance

The Need for Trip Cancellation Insurance

The truth is that there is no single answer to this question. There are a number of factors that decide whether you should go for trip cancellation insurance. So, before you go for that trip cancellation insurance, here are some factors you might need to consider.

If you want a full coverage for the trip you are taking, buying trip cancellation insurance is perhaps the smart thing to do. This is because even a last minute trip is prone to being cancelled because of unforeseen circumstances. Trip cancellation insurance is very important if you want to safeguard yourself from the financial losses that may arise from these trip cancellations.

A very useful way to judge whether you need trip cancellation insurance is to judge whether you be able to cope with the losses you accrue if your trip was cancelled. If the amount is more than you are comfortable with, it is better to go for trip cancellation insurance.

Apart from these basic considerations, whether you need to buy trip cancellation insurance will depend on your travel plans, the people who are traveling with you and the amount of money that is at risk.

For instance, if the trip you have planned has been planned a long time ago, it may be cancelled due to a variety of reasons. Moreover, if you have a complicated plan for travel that involves a series of destinations and connections, you face a chance that your trip may be disrupted.

You should also consider the people who are traveling with you. If you are travelling with kids or elderly people, there may be a chance of them falling ill. There is also the additional risk of an elderly person passing off. These are risks you need to consider when you are thinking about buying trip cancellation insurance.

Also consider the amount of money you are risking. If most of your trip includes costs that are not recoverable, you are better off purchasing trip cancelation insurance, if you have additional risks also. Even a loss that goes up to a few thousand dollars can be devastating when your trip is cancelled.

In conclusion, buying trip cancellation insurance is best if you fall under any of the categories below:

  • The trip you are planning is quite expensive
  • Cruises are especially difficult to be refunded, so consider a trip cancellation insurance if you are going on one
  • If you have made travel plans well in advance. This is because a long time gap in between is more prone to disruptions.
  • If you are availing of expensive international flights that are non refundable
  • If you are availing of domestic airfare that is non refundable and cannot be postponed

You might not need trip cancellation insurance in the following situations:

  • If you are planning on taking a last minute trip in about two days
  • If the trip you are undertaking does not involve a lot of costs
  • Usually, a domestic trip can be arranged and refunded. In these cases, you do not need a trip cancellation insurance


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