Insurance With Cancel for any reason option?

[WestTxCruiser]

I need to get insurance on my step-daughter and think it might be wise to get the cancel for any reason option......anyone ever gotten this? Can you really cancel for any reason? I have found several policies and they run about 15 to 18 dollars more than a regular policy, gotta purchase within 15 days of first payment, which we are still in that window.

Thanks to anyone who can provide me any info.

[Ken076]

There are only a few policies I know of that offer "Cancel for Any Reason" as an option, and both charge a 50% additional premium. Both are prettly clearly stated as ANY Reason, but look for any fine print. What policies are you looking at?

 

Be careful to check how much they will refund: CSA Freestyle Luxe pays 100% and Travel Insured pays 75%.

 

ken

[tnt091605]

I got cancel for any reason on my policy for April. But when you read the details it is not really any reason. So be sure to read the actual policy.

[MamaParrotHead]

Depending on why you think you need it (her health problems, health of elderly family members, job issues, etc), you could just call the Customer Service department at InsureMyTrip.com and explain the situation. They may have some specific policies in mind that wouldn't cost you an appendage.

[Ken076]

I got cancel for any reason on my policy for April. But when you read the details it is not really any reason. So be sure to read the actual policy.

 

Out of Curiosity - which Insurer/Policy was this?

 

In looking at CSA Luxe and Travel Insured I also notice that their coverage is actually stated as "up to" 100% for CSA Luxe and "up to" 75% on the Travel Insured, so there are also some caveats on the amount of reimbursement.

 

ken

[Cruise, J.D.]

There may also be a time limit for the cancellation. For my Travel Insured policy, the cancellation under the "Cancel For Any Reason" rider must be more than two day prior to the scheduled departure date.

 

The only other stipulation is the 75% reimbursement limit that Ken mentioned. You get the lesser of the limit on the Confirmation of Benefits or 75% of prepaid, forfeited, nonrefundable payments or deposits.

[Ken076]

There may also be a time limit for the cancellation. For my Travel Insured policy, the cancellation under the "Cancel For Any Reason" rider must be more than two day prior to the scheduled departure date.

 

The only other stipulation is the 75% reimbursement limit that Ken mentioned. You get the lesser of the limit on the Confirmation of Benefits or 75% of prepaid, forfeited, nonrefundable payments or deposits.

 

Cruise, J.D.

 

The CSA Luxe "Cancel for Any Reason" Reimbursement is shown as:

 

Cancel for Any Reason payment is subject to the following payment percentage relative to the applicable cancellation penalty:

 

If Cancellation Policy Amount is: Percentage of Payment Amount is:

Up to 25% of trip cost 100% of penalty amount

26% to 50% of trip cost 90% of penalty amount

51% to 75% of trip cost 80% of penalty amount

Over 76% of trip cost 70% of penalty amount

 

I interpret this as, if the dollar amount of your cancellation penalty is less than 25% of your trip cost, you're reimbursed 100%.

If the dollar amount of your cancellation penalty is greater than 76% of your trip cost, you're only reimbursed 70%.

 

??????????????????

 

ken

[Cruise, J.D.]

Cruise, J.D.

 

The CSA Luxe "Cancel for Any Reason" Reimbursement is shown as:

 

Cancel for Any Reason payment is subject to the following payment percentage relative to the applicable cancellation penalty:

 

If Cancellation Policy Amount is: Percentage of Payment Amount is:

Up to 25% of trip cost 100% of penalty amount

26% to 50% of trip cost 90% of penalty amount

51% to 75% of trip cost 80% of penalty amount

Over 76% of trip cost 70% of penalty amount

 

I interpret this as, if the dollar amount of your cancellation penalty is less than 25% of your trip cost, you're reimbursed 100%.

If the dollar amount of your cancellation penalty is greater than 76% of your trip cost, you're only reimbursed 70%.

 

??????????????????

 

ken

 

I agree with your interpretation. This raises an interesting issue though because "trip cost" may include purchases not subject to a cancellation policy.

 

This would be favorable to the insured because the cancellation policy for a particular portion of the trip cost may be 100%, but only be 76% or less of the trip cost. It does not say "of the portion of the trip cost subject to the cancellation policy" it states "of the trip cost".

 

Maybe the policy addresses this issue in the definitions. I hate insurance contracts. :)