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Tuesday, March 24, 2020

Travel cancellation insurance - That's why you should have one, tips and tricks

As soon as the vacation is booked, you are already sitting on the plane towards the sun, the beach and the sea. But with all anticipation you should not forget the travel cancellation insurance - this does not save your vacation, but your money. With our tips on travel cancellation insurance, you no longer have to worry.



CANCELLATION INSURANCE - THE MOST IMPORTANT THINGS IN BRIEF


Travel cancellation insurance protects you from high cancellation fees if you are unable to travel unexpectedly.


The cancellation of your trip should be insured in your cancellation insurance. Then you are also protected against expensive rebookings.

In particular, if you have a high risk of cancellation due to children or senior citizens, we recommend travel cancellation insurance.



THE BEST TRAVEL CANCELLATION INSURANCE TEST AND COMPARISON

providersadvantageWurzburg Good insurance protection for one-off and annual tariffs
Signal Iduna

Very good value for money

Europ Assistance With this insurance, you are also insured against terror at the holiday location.

Product recommendation: Which travel cancellation insurance is the best for you depends on the number of trips you make in a year. It is also important who you travel with and for how long. In our test of the best travel cancellation insurance, Würzburg Insurance performed very well with the "Travel Secure" tariff. At Signal Iduna , we rate the value for money as particularly good. Do you already know where you want to go? Depending on this, additional travel cancellation protection in the event of terrorism may be relevant. Europ Assistance convinces us about this service. In this guide , we will explain which components your travel cancellation insurance should include in any case, along with other important aspects.

WHY IS TRAVEL CANCELLATION INSURANCE IMPORTANT?

Anyone planning a trip spends a lot of time choosing their holiday destination and accommodation, the anticipation of relaxing sunbathing on the beach and a refreshing cooling off in the sea increases every day. It often takes a back seat to the fact that the trip cannot be started due to unexpected events: the child suddenly becomes ill or there is an unexpected death in the family. You cannot be well prepared for all life situations and those who have children know how quickly the little ones can get infected with playmates.

So that the trip does not end in financial fiasco, you should take out travel cancellation insurance - preferably as soon as possible after booking the vacation trip. In this guide article we explain what else there is to consider with the travel cancellation insurance.


The travel cancellation insurance insures you if you cannot start a booked trip and protects you from high fees for a trip cancellation. The later you cancel a trip, the higher the cancellation costs are generally. For example, the cancellation costs for a trip from which you have to withdraw five days before the start of the trip are 75 to 80 percent of the travel costs. The cancellation costs make up almost your entire holiday price. This money is simply gone without you enjoying the well-deserved rest on the beach.

If you can't actually go on a trip for various reasons, the dream of annual vacation suddenly bursts - the worst: The reason for the cancellation of the trip is stressful, especially emotional. After all, a booked trip is often preceded by months of anticipation and planning. Travel cancellation insurance helps to make the situation more bearable, at least from a financial perspective.

There are usually two types of travel cancellation insurance: a one-off insurance, also called an individual policy, or an annual insurance. If you book a long trip like your annual vacation, a one-time insurance is sufficient. However, if you are planning several trips in one year, an annual contract is usually worthwhile.

Important: You must terminate such an annual policy, otherwise the insurance coverage will automatically be extended for another year.


WHEN IS TRAVEL CANCELLATION INSURANCE WORTHWHILE?

When traveling with seniors or children, it makes sense to take out travel cancellation insurance because the risk of illness is particularly high for them. In the complicated language of insurance, children and seniors are therefore also referred to as so-called risk persons.

Many online booking portals offer you the option of booking travel insurance as part of the booking process. This is tempting when you are looking forward to the sun, the beach and the sea - with just a few clicks, the holiday is not only booked, but also secured.

However, we do not recommend this. More expensive tariffs and worse conditions are often offered here. And travel agencies often also receive commissions for such insurance. The same applies to travel cancellation insurance: if you compare, you save money and can take out insurance that is tailored to your individual life situation.

You should take out travel cancellation insurance shortly after booking the trip. Most providers have a deadline of 14 to 42 days after booking or 24 to 30 days before the actual start of the trip. So even if you don't take out insurance immediately after booking your holiday, you still have some time to compare the different providers.

Our recommendation: We advise you to take out travel cancellation insurance as soon as possible after and separately from booking the holiday. Finally, there is still a lot to plan when the vacation is getting closer. There is a high risk of forgetting travel cancellation insurance. If you remember the insurance at some point, it may be too late to take out a policy.


WHAT DOES TRAVEL CANCELLATION INSURANCE COVER?

Cancellation insurance usually only pays for certain insurance claims. Such insurance claims are normally considered to be unexpected and important events that make it impossible for you to start your journey. If you cannot take the trip due to a death in a close family circle, the insurance covers the costs of the trip (almost) without exception. If, for example, you part with your partner shortly before your trip and don't want to go on vacation, the insurance usually doesn't pay.

Exactly when your travel cancellation insurance pays is stated in your insurance documents. In individual cases, it is up to the insurance company to determine whether a reason for withdrawal is recognized. Here is an overview of the rule.


IN THESE CASES, ALL PROVIDERS OF A TRAVEL CANCELLATION POLICY USUALLY PAY:

unpredictable serious illness


Death in close family


You have a serious accident or are a victim of a serious crime


Pregnancy complications


Vaccination intolerance or defective prosthesis


serious pecuniary damage (e.g. due to a house fire)


subpoena as a witness


You miss the plane because public transport arrives at the airport at least two hours late


unexpected job loss


Caution: As is well known, insurance is not the same as insurance and although in the cases listed here travel cancellation insurance pays in principle, there are differences in the interpretation of the respective reasons.

An example: In general, all insurance companies recognize travel cancellation due to pregnancy complications. However, many insurance companies make a decisive difference here. If you knew that you were pregnant before booking the trip, insurance coverage can be more complicated. Often you have to prove that the pregnancy was unknown when the trip was booked

Tip: If you want to travel with more than one person or as a family, take out travel cancellation insurance together for everyone. If a person cannot start the trip, all travel members are covered.

Our recommendation: Whether you want to insure yourself with the family or alone, we can fully recommend the "Travel Secure" insurance offer from Würzburger . All individual insurance policies, annual policies and family insurance policies of the provider are among the best insurance policies in comparisons and tests. With 15,000 euros, Würzburger offers a higher maximum insurance sum than most providers, and the duration of the trip (and therefore the duration of the insurance) is also not limited. Stiftung Warentest also declared “Travel Secure” the test winner in the “Finanztest” issue 03/2018.

If you choose one-time insurance, we recommend Signal Iduna. The price-performance ratio for one-time protection is good, with a maximum travel period of 365 days, Signal Iduna's cancellation insurance is one of the best.

IN THESE CASES, NOT ALL TRAVEL CANCELLATION INSURANCE WILL PAY:

unexpected offer from a new employer
Repetition of a school or university exam
Filing for divorce
Extension of stay (e.g. due to weather-related flight cancellations)
terror

YOU SHOULD CONSIDER THIS WITH TRAVEL CANCELLATION INSURANCE

Which travel cancellation insurance is suitable for you depends on your individual life situation. If, for example, you are still studying and want to quickly go south after an exhausting semester after an exam phase, a travel cancellation insurance is useful, which also accepts repeating an exam as a reason for cancellation. After all, an exam can go wrong at any time.

Unfortunately, due to the increasing number of terrorist attacks, it is also becoming increasingly important for insured persons to secure themselves in such a case so that the dream of an idyllic summer atmosphere does not become a scary nightmare. In the meantime, some providers of travel cancellation insurance also offer a cancellation option for such cases. However, only if the attack took place shortly before the start of the trip and near the destination.

However, this cancellation option does not apply if the Federal Foreign Office has issued a travel warning before booking. Then you can contact your tour operator about a cancellation.

Our recommendation: If you want to be on the safe side for such cases, we recommend 
Europ Assistance's travel cancellation insurance.
 So far, it has been one

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