Travel insurance plans provide the most important coverage you could need on your trip called trip cancellation coverage. Trip cancellation insurance is used to protect the prepaid, non-refundable trip payments. Trip cancellation coverage becomes effective from the next day of the purchase and is in effect until you depart on your trip. Even with the protections offered, some travelers wonder whether travel insurance can be cancelled and if they would get a refund.
Free Look Period
Is trip insurance refundable? All travel insurance plans come with a free look period, also called a “money back guarantee” by some companies. The duration of the free look period typically ranges from 10 to 14 days, depending upon the plan. During this free look period, travelers have time to review their policy documents, such as policy wording, which includes benefits and exclusions, to determine whether the travel insurance they have purchased is appropriate for their needs or not. Within the free look period, travelers can cancel their policy for any reason and get a full refund, provided they have not yet departed on their trip.
As this website already provides several travel insurance plans, you can compare plans and read the policy documents for them upfront. This allows you to make an educated decision before you buy, so you won’t necessarily need to cancel travel insurance after buying coverage just to read the policy documents. In addition to our excellent website options available to help you make a decision, we also have expert licensed insurance agents waiting to help you select the most suitable plan for your specific needs.
Alternatives
If you need to make some changes to your policy, cancellation is not the only available option.
If you just need to increase or decrease your trip cost, you can do that at any time up to the trip departure date.
However, if you are increasing the trip cost and want to purchase cancel for any reason travel insurance (also known as CFAR travel insurance), or you are purchasing a plan that requires you to insure the full trip cost within a specific duration of your initial trip cost, you may not get all the benefits that you were looking for in a plan. Therefore, before you cancel your coverage, please keep this information in mind.
Refund of Insurance Cost After Trip is Cancelled
Travel insurance, specifically the trip cancellation coverage within that, is meant to cover the prepaid, non-refundable costs for the travel arrangement such as airfare, cruise cost, tours, excursions, hotel reservations, and so on. The cost of the travel insurance itself should not be included because the cost of the travel insurance is not insurable under the trip cancellation benefit of travel insurance.
Therefore, if you need to cancel your trip for a covered reason, you would receive a refund for your prepaid and non-refundable costs, but not what you paid for the travel insurance.
How to Cancel Travel Insurance
If you would like to cancel your travel insurance plan and you’re within the free look period, please look into MyAccount to request cancellation.
Travel Insurance Cancellation FAQ
Can you cancel travel insurance and get a refund?
Yes, you can cancel travel insurance and receive a full refund, but only during what's called the "free look period" or "money back guarantee period." This window typically lasts 10-15 days from the date of purchase. During this time, you can cancel your policy for any reason and receive a 100% refund of your premium, provided you haven't departed on your trip or filed a claim.
What is the free look period?
The free look period is a consumer protection that gives you time to review your policy documents and decide if the coverage meets your needs. This period starts immediately when you purchase your policy and typically ranges from 10-14 days, though some providers offer up to 15 days. The purpose is to allow you to thoroughly examine the policy wording, benefits, and exclusions before committing to the coverage.
What happens if I want to cancel after the free look period expires?
Once the free look period ends, you can still cancel your travel insurance policy at any time, but you will not be eligible for a refund. At this point, the premium you paid is non-refundable, even if you haven't departed on your trip or used any benefits.
Are there any fees for cancellations during the free look period?
Most travel insurance providers offer a full refund during the free look period, though some may charge a small administrative fee of $5-10 for processing the cancellation. Any applicable fees should be clearly stated in your policy documents.
Can I get a refund if my trip gets canceled?
If you need to cancel your trip for a covered reason (such as illness, family emergency, or natural disaster), your trip cancellation coverage can reimburse you for your prepaid, non-refundable travel expenses like airfare, hotels, and tours. However, the cost of the travel insurance itself is not refundable as part of a trip cancellation claim, since the insurance premium is not considered an insurable expense under trip cancellation benefits.
What if I increase or decrease my trip cost?
You can typically adjust your trip cost up or down at any time before your departure date without canceling your entire policy. However, if you're increasing coverage and want certain benefits like "Cancel for Any Reason" coverage, you may need to purchase those within specific timeframes from your initial trip booking.
When does the free look period start?
The free look period begins the day you purchase your travel insurance and receive your policy documents. Since most policies are delivered electronically via email, receiving your policy documents by email typically marks the start of your free look period.
Can I cancel if I've already departed on my trip?
No, you cannot use the free look period once you've departed for your trip, even if you're still within the review timeframe. Additionally, if you've filed any claims during the free look period, you're no longer eligible for a refund.
How do I cancel my travel insurance?
To cancel your travel insurance during the free look period, simply access your policy via your MyAccount portal or using the MyAccount app.
Should I consider alternatives to cancellation?
Before canceling your policy, consider whether you can simply modify your existing coverage instead. Many providers allow you to adjust travel dates, trip costs, or add coverage options before your departure date, which may be more beneficial than starting over with a new policy.
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