Is travel cancellation insurance necessary? How much does it cost? When do we purchase the contract?
Travel insurance is an inexpensive insurance that covers contingencies during a trip (travel care). Travel Cancellation Insurance, “TRAVEL Cancellation” is an additional optional cover that ensures immediate compensation for the cost of the trip cancelled before your departure (for health reasons) and makes it easier for you to deal with any unforeseen situations. The need for such insurance coverage is now greater than ever since it also covers cases of travel cancellation due to covid-19.
How much does it cost?
The cost of such insurance is relative to the cost of travel.
It should also be noted that this type of contract also provides for own participation.
For example, for a 14-day trip to a European country worth EUR 2000, the cost of a simple travel insurance does not exceed EUR 30. If this contract includes the coverage of the cancellation, the cost goes up to about EUR 115. There is also a EUR 100 own contribution of the insured. Therefore, at a cost of EUR 85, EUR 1900 out of the EUR 2000 will be insured.
When do we purchase the contract?
The simple travel cover starts with departure and ends with arrival, i.e. lasts just as long as the trip. In contrast, cancellation coverage starts with the purchase of tickets and ends at the beginning of the trip (usually check-in).
For this reason, travel cancellation coverage contracts are only available up to 48 hours after the purchase of the tickets and if within these 48 hours there has been no reason to cancel the trip.