Travel insurance is paid for in advance to cover expenses should something go wrong during your trip. We all hope nothing will go wrong, but the reality is that it does happen. It’s reassuring knowing you’re covered if you encounter problems along the way.
But what about when you buy cancellation or delay cover? This is not refundable because it covers costs like meals and accommodation that are already incurred – but at least you’ll know this isn’t wasted money if your plans change.in that case loan protection insurance can be handy as it is intended to assist policyholders in times of need by providing financial assistance.
Many people who plan to travel abroad might ask themselves: is my travel insurance refundable? No matter the reason you purchased a policy, it would be helpful and even advisable to know whether or not you can get your money back if, for some reason, you no longer need it.
However, claims can be made on delayed or canceled flights even with refunds available, depending on the reasons for cancellation or delay. For example, if a plane has been struck by lightning, there may be no alternative than to cancel the flight, even though you’d receive a refund.
So, if you have to claim back on cancellation or delay cover, what will it be refunded? This answer is pretty straightforward: the money will go back into your bank account. As travel insurance is paid for in advance, when you choose to cancel and claim against your policy, this cash flow means that’s where it’ll all come back from.
If you already had money tied up elsewhere – perhaps in that hotel room or car rental which could no longer be used – then there may be an option to get compensated for costs already incurred, but this isn’t guaranteed, and such instances are usually very much at the insurer’s discretion (and dependent on individual circumstances).
It would be best to make sure any claims were within the insurer’s policy. For example, if you bought your travel insurance while you booked your flight, this claim might be invalid because it falls outside of the usual 24 hours for purchasing a flight. This is usually stated in the terms and conditions of most policies.
Don’t worry, though – there are plenty of other valid reasons to make claims against your travel insurance – such as theft or sickness. Whether or not you will receive a reimbursement may depend on what caused you to cancel your trip. Suppose you cannot get a specific kind of refund from your issuer. In that case, you might be able to choose another type of reimbursement if the reason for canceling is not explicitly mentioned in your policy.
So, is travel insurance refundable? No. But it’s still reassuring to have if you need to make a claim. In other words, make sure you know what options are available to you before parting with any money – and good luck on your next adventure!