Trip Cancellation Insurance: Get a Refund On Airfare

Planning a trip can be very exciting. There is so much to think about: where to go, what to bring, and whom you will meet.

Making travel plans also brings up some serious questions about your safety and your finances while you travel abroad. There is no doubt that when you travel, there is a small but important level of risk that you are automatically taking on.

Most risks you face when traveling are financial in nature, such as the costs associated with delays, cancellations and lost items. However, there are also health risks, such as falling ill and requiring medical attention while abroad - or the possibility of having an auto accident. For these reasons, many travelers choose to take out travel insurance before embarking on their trips.

Besides the standard travel insurance coverage meant to cover such incidents as delays, cancellations, illnesses and accidents while traveling, there is another type of travel insurance which you should consider: airfare trip cancellation insurance. This is a type of coverage that will refund your airfare and other expenses if you decide to cancel your trip before your schedule departure date.

If you are planning a trip but want to be able to refund your airfare with trip cancellation insurance, you will want to find the best-possible deal. Here are 5 tips for finding a deal on trip cancellation insurance:

1. Write out the facts about your upcoming trip:

Before you start shopping for the best rate, write out the facts about your trip: how long will you be traveling and which destination(s) will you be visiting? Also, write down whether you will be engaging in any high-risk activities while on your travels. All of this information will affect your insurance quote.

2. Decide which other types of coverage you may want to purchase:

Besides trip cancellation insurance that will refund you for airfare and other expenses should you decide to cancel your trip before you leave, you will want the policy you buy to include other standard types of coverage. Consider policy coverage like that which covers delays & cancellations (on the part of the carrier or tour company), medical coverage, lost baggage, auto, medical and even death & dismemberment coverage.

3. Build yourself a list of cancel-for-any-reason travel insurance companies:

Now, look for travel insurance companies who advertise on their websites that they specialize in cancel-for-any-reason travel insurance. Make sure you have at least 4-5 such companies on your candidate list, for comparison purposes.

Take care that your list mainly consists of companies who specialize in travel insurance, rather than brokers dealing in multiple varieties of insurance.

4. Get comparable quotes from each of the companies you contact:

Have your list of trip details (see #1) and coverage types (see #2) ready as you start applying. It is important that you request identical types of coverage from each insurer: that is the best way to make sure that you are getting comparable quotes.

5. Read the fine print before signing any policy:

Make sure to read the fine print before signing the policy that is quoted at the lowest price. See that there are no unfavorable clauses, terms or conditions that you did not initially notice or were not told about by the representative.

Take these 5 tips into account as you find yourself the best deal on airfare trip cancellation insurance.