The Bottom Line 

Cancel for any reason travel insurance can be worth the added cost, especially if you travel often or take expensive trips. However, the best CFAR travel insurance company is different for everyone. For instance, if you want the cheapest plan, USI Affinity is a great choice. But if you’re looking for a plan with a high CFAR reimbursement rate, Allianz is the top choice. 

Methodology

Narrowing down the best cancel for any reason travel insurance companies means analyzing aspects of travel insurance that are most important to travelers.  With that in mind, we examined 18 top travel insurance companies across the following 16 categories:

• CFAR reimbursement rate (20% of score): Companies with higher reimbursement rates for CFAR coverage received the highest scores.
• Premiums (17%); We analyzed the highest and lowest premiums offered by a company, weighting the two premiums equally. 
• Policy types available (7.5%): Having a choice of plans to pick from can ensure you aren’t paying for coverage you don’t need. Companies with more options scored higher.
• Free look period length (5%): A free-look period is an invaluable part of buying insurance. Companies with longer free-look periods received higher scores. 
• Pre-existing condition coverage (5%): Companies that offered medical coverage for pre-existing conditions scored higher than those that didn’t. 
• Maximum coverage for emergency transportation (5%): Evacuation out of a country for medical reasons can be costly, so we scored companies higher if they had higher emergency transportation limits. 
• Maximum baggage coverage (5%): Companies that offer higher coverage limits for lost and damaged baggage score higher. 
• Maximum medical coverage (5%): Medical coverage for injuries you sustain while traveling can offset potentially expensive hospital bills. 
• Adventure sports coverage (5%): Provides coverage if you participate in adventure sports during your trip. 
• Sports and activity coverage (5%): Because vacations typically include new activities or participation in sports, it can be helpful to have travel insurance that covers injuries you sustain during those activities. 
• Maximum travel delay coverage (5%): Travel delay coverage can help you cover the cost of lodging and food if you’re stranded due to, for example, a canceled flight or train ride. 
• Maximum trip cancellation coverage (5%): If you have to cancel a trip for covered reasons (CFAR insurance covers cancellations not otherwise covered by your insurance), a high coverage limit can help offset some or all of your non-refundable trip costs. 
• AM Best rating (2.5%): A high AM Best rating means a company is very likely to pay out a claim in the near future, so companies with higher ratings scored higher. 
• Maximum trip interruption reimbursement rate (2.5%): Companies that offered higher reimbursement amounts in the event of a trip interruption earned higher scores in this category. 
• Multi-trip coverage (2.5%): Avid travelers can benefit from multi-trip coverage, and may be able to save money by booking one insurance package as opposed to a separate policy for each trip. 
• No extra charge for a child: (2.5%): Companies that offered to include at least one child in their CFAR insurance policies received higher scores than those that didn’t.