What is Cancel for Any Reason (CFAR) coverage?

Cancel for Any Reason (CFAR) is an add-on that lets you cancel your trip for literally any reason — fear of flying, changing your mind, anything — and receive 50–75% of your non-refundable trip costs back. It must be purchased within 14–21 days of your initial trip deposit, and AXA Assistance USA offers one of the strongest CFAR options at 75% reimbursement.

Best Travel Insurance 2026 — Top Plans Compared

Best Travel Insurance Companies 2026

#1 BEST OVERALL Frequent Travelers

Allianz Travel Insurance

Allianz is the most recognized travel insurance brand globally. Their annual multi-trip plan is unbeatable for frequent travelers — one policy covers every trip you take in a year. 24/7 travel assistance, strong cancellation coverage, and a trusted claims reputation make Allianz the default choice for most travelers.

✓ From $23/trip or annual plans for frequent travelers
✓ 24/7 global travel assistance hotline
✓ Trip cancellation, interruption, medical, and baggage
✓ Solid pre-existing condition waiver if purchased early

From $23/trip

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#2 Best for Adventure Travel

World Nomads

World Nomads is built for adventurers. It covers 200+ adventure sports — skiing, scuba diving, trekking, motorbike rental — that standard policies explicitly exclude. You can also buy a policy after your trip has already started, a rare flexibility that's saved countless travelers. Strong emergency medical coverage with high limits.

✓ 200+ adventure sports covered
✓ Can buy coverage after trip has started
✓ Strong emergency medical limits
✗ Higher cost than basic plans

Varies by trip

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#3 Best CFAR Coverage

AXA Assistance USA

AXA leads the industry on Cancel for Any Reason coverage — reimbursing 75% of non-refundable trip costs, versus the typical 50–60% from competitors. Their $500K medical evacuation limit is also among the highest available. Best choice when flexibility is the priority.

✓ Best CFAR: 75% reimbursement of trip cost
✓ $500K medical evacuation coverage
✓ Strong trip interruption coverage
✗ CFAR must be bought within 14 days of deposit

Varies by trip

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#4 Best for Families

Travelex Insurance

Travelex is the go-to for families — children under 17 travel free on most plans, making it significantly cheaper than competitors for family trips. No upper age limit means grandparents are covered too. Clean coverage structure with no confusing tiers.

✓ Children under 17 included free
✓ No upper age limit on plans
✓ Trip cancellation, medical, and baggage coverage
✓ Optional CFAR add-on available

Varies by trip

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#5 Fastest Claims

Berkshire Hathaway Travel Protection

Backed by Warren Buffett's Berkshire Hathaway, BHTP processes claims faster than anyone — averaging just 3 days from submission to payment. Their ExactCare Value plan starts at $19, making it the most affordable entry point for basic trip coverage. Ideal for budget-conscious travelers who want fast resolution.

✓ Fastest claims: avg 3 days to payment
✓ ExactCare Value plan from $19/trip
✓ Backed by Berkshire Hathaway financial strength
✗ More limited coverage on basic plan

From $19/trip

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Travel Insurance Coverage Types Explained

Trip Cancellation

Reimburses 100% of non-refundable trip costs if you cancel for a covered reason (illness, death, severe weather, job loss). The most commonly used benefit.

Trip Interruption

Covers costs if your trip is cut short — flights home, unused hotel nights, and other non-refundable costs when a covered event forces you to return early.

Emergency Medical

Pays your medical bills if you get sick or injured abroad. Critical since most US health plans (including Medicare) provide zero coverage internationally.

Medical Evacuation

Pays to transport you to the nearest adequate medical facility or back home. A medevac flight from a remote location can cost $50,000–$200,000 without coverage.

Baggage Loss

Reimburses lost, stolen, or damaged luggage. Also covers baggage delay — providing cash for essentials when your bags arrive late.

Cancel for Any Reason

Optional add-on that reimburses 50–75% of trip costs if you cancel for any reason — including changing your mind. Must be purchased within 14–21 days of initial deposit.

When You Need Travel Insurance

✓ International trips (your health insurance doesn't follow you abroad)
✓ Cruises (medical evacuation from a ship is extremely expensive)
✓ Non-refundable bookings at any price point

✓ Adventure travel (hiking, skiing, scuba, motorbikes)
✓ Trips costing $3,000 or more
✓ Travelers with pre-existing medical conditions

Get Covered Before Your Next Trip

Buy as soon as you book to maximize your coverage options — including Cancel for Any Reason eligibility.

Try Allianz — Best Overall Try AXA — Best CFAR

Travel Insurance FAQs

Yes — for international trips, cruises, or any non-refundable booking over $1,000, travel insurance is almost always worth it. A policy typically costs 4–8% of your trip cost. One emergency medical evacuation abroad can cost $50,000–$200,000, which your domestic health insurance won't cover.

No — credit card travel insurance is very limited. It typically only covers trip cancellation for a narrow list of reasons, offers low baggage limits, and rarely includes emergency medical coverage or medical evacuation. For any trip over $3,000 or any international travel, a standalone policy is strongly recommended.

Cancel for Any Reason (CFAR) is an add-on that lets you cancel your trip for literally any reason — fear of flying, changing your mind, anything — and receive 50–75% of your non-refundable costs back. It must be purchased within 14–21 days of your initial trip deposit. AXA Assistance USA offers one of the strongest CFAR options at 75% reimbursement.

Most standard travel insurance policies now cover COVID-19 as they would any other illness. If you test positive and can't travel, trip cancellation coverage applies. However, "fear of COVID" or government-mandated travel restrictions are generally not covered under standard policies — you'd need Cancel for Any Reason coverage for those scenarios.

Buy travel insurance as soon as you make your first trip deposit — not the day before departure. Buying early gives you the maximum window for Cancel for Any Reason eligibility (typically within 14–21 days of deposit) and ensures pre-existing medical conditions may be covered under a waiver. Waiting until the last minute significantly limits your coverage options.