Cancel-for-any-reason trip insurance on the rise: Travel Weekly

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The number of travelers purchasing travel insurance with a cancel-for-any-reason benefit is on the rise, according to insurance comparison site InsureMyTrip. Photo Credit: vipman/Shutterstock.com
The number of travelers purchasing travel insurance with a cancel-for-any-reason benefit is on the rise, according to insurance comparison site InsureMyTrip.
Based on policies sold via InsureMyTrip, in January, 8% of travelers added cancel-for-any-reason, or CFAR, coverage. That number stood at 7.5% in February. In March, it increased to 14%, and it saw another uptick in April to 16%.
 
CFAR benefits are available on some plans for an additional charge and typically reimburse 50% to 75% of a trip's cost, InsureMyTrip said. The time-sensitive benefit has to be added within a certain period of time after booking a trip.

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