Almost every policy has what is referred to as a Review Period. This is a specified period of time after you purchase your policy in which you can cancel the travel insurance plan for a refund. Review periods vary depending on the insurance company, but are generally between 10 and 14 days for comprehensive policies. Single trip medical policies can usually be cancelled any time before departure.
While some companies reimburse in full, the majority of them will refund in full less a processing fee. This is usually around $5-8. Finally, although this is rare, insurance laws in certain states prohibit them from allowing a review period on their products. This typically only applies to residents of Washington, New York and Texas, but it is always a good idea to check the refund policy on your quote before going ahead with a purchase.
The process of cancelling a travel insurance policy is identical to making a change. We will require an email from you to serve as proof that you are requesting that the policy be cancelled. If the credit card used to purchase the plan has expired we will also need you to call and provide us with a new one. As soon as we receive your email, the request is submitted to the insurance company for processing. Cancellations are typically processed within 24-48 hours, but a refund of premium usually takes 3-7 business days to appear on your credit card statement. As soon as we are notified that the process is complete we will send you an email confirmation.
Disclaimer: The information contained in this article serves as a general overview of benefits and should only be used for informational purposes. Refer to your individual certificate of insurance for specific coverages, exclusions and benefits. When in doubt, please contact one of our licensed agents for additional assistance.
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Question
IF TRIP IS CANCELLED DUE TO CORONAVIRUS, CAN I REQUEST A REFUND OF THE PREMIUM ?
By MARYL - March 9, 2020
Answer
Typically, the premium is only refundable within 10-15 days from when the policy is purchased. However, each provider is different and they may make an exception depending on the circumstances.
By MattG - March 16, 2020
Question
If the US government is advising elderly Americans not to take cruises, will my insurance consider this a valid and justified reason to cover my cancellation of my 17-day Holland America round -trip cruise to Hawaii beginning 4/15/2020 from Seattle?
By GeraldT - March 10, 2020
Answer
We do understand your concern as news of Coronavirus develops daily. It is recommended that you contact your travel agent and/or travel suppliers to see if they are offering the ability to cancel and receive a refund or rebook travel to a later date. Generally, standard travel insurance does not cover trip cancellation due fear of travel or advisories for senior travelers. Also, since travel warnings are now foreseen, coverage would not be available to cancel your trip due to your destination being inaccessible because of Coronavirus. The only way to have any coverage to cancel your trip, would be to purchase a comprehensive plan with optional Cancel For Any Reason coverage selected. There are some eligibility requirements for this coverage, such as insuring 100% of pre-paid, non-refundable trip costs, purchasing your coverage within 10-21 days of your initial trip payment, and you must cancel your trip no less than 2 days prior to departure. Cancel For Any Reason can reimburse a portion, typically up to 50%-75%, of your trip cost depending on the plan purchased. A policy with Cancel For Any Reason can cost an additional 40%-60% more than a standard policy, is not available in all states, and eligibility requirements may differ by company.
By Meghan - March 12, 2020