An Unexpected Cancellation
Last year I had a guest unexpectedly cancel her trip and call me last minute to let me know that although she had paid all her monies she would not be arriving as scheduled. As she had purchased trip insurance she was not concerned as to whether or not I would find a replacement guest as she knew her expenses would be covered by insurance and she was simply letting me know that the house would be vacant.
To my surprise, a quick internet check revealed that purchasing trip insurance can be a relatively inexpensive option and runs on average anywhere from 4% to 10% of the total trip cost. The lower premium tends to be for trip insurance that covers trip cancellations due to medical, job loss, weather events or unforeseen home emergencies while the higher premium covers trip cancellations for “any reason” such as your boss cancelled your vacation. (click Read More button)
What Most Policies Have In Common
While several companies offer trip insurance/cancellation coverage, a common factor is that it should be purchased within 15 days of your initial vacation deposit in order to obtain the most coverage options. Additionally, it appears that the best pricing will be directly from the insurance company itself rather then with a middle provider. As with most items, it is important to read the insurance certificate to best understand your coverage. I found I was able to see the Certificate of Insurance Coverage as part of the the quoting process with the individual insurance company.
Compare Trip Cancellation Policies
Two excellent sites to compare trip cancellation insurance policies are Insure My Trip and Square Mouth. Having used both of them to obtain a listing of quotes, I felt that Square Mouth was easier to use but this is just a personal preference as both sites work well for comparing different policies. For example, a quote from AIG for a family of 4 with 2 children under 18 and Mom/Dad age 40 and 50 respectively totaled 7% of the total rental amount and includes a host of covered items including trip cancellations due to loss of employment, illness, weather related events, etc. (Click to enlarge Sample Certificate Below)
SAMPLE AIG TRIP CANCELLATION CERTIFICATE OF COVERAGES
Trip cancellation insurance starts as a basic package and includes many travel related services including medical coverage. From the basic package, you can add additionally coverages such as adventure sports coverage or international medical coverage. Both Insure My Trip and Square Mouth have filters to allow you find the insurance program that best fits your needs. Help on how to use the site filters can be found here.
While trip cancellation insurance may not be necessary for everyone or for every trip, there may be instances when the option of added coverage can give you piece of mind as you plan your family’s vacation several months in advance.
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