#happylife: Should you buy ‘cancel for any reason’ insurance during the coronavirus outbreak?

COVID-19 has world governments urging their citizens to play it safe and avoid international travel.

Some airlines, like American and Ryan Air, are already canceling flights to popular destinations like Italy.

If taking a trip is in your plans, it might be a good idea to invest in a certain type of trip insurance to make sure you can handle an emergency cancellation.

It’s called “Cancel For Any Reason” travel insurance, or C-FAR, and it could save your bank account.

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While most travel insurance policies have a long list of exclusions, C-FAR is an add-on that allows you to pay a little extra to cancel for any reason.

If you’ve already booked your trip, you can still add it, but generally not after the first two or three weeks. If you do get reimbursed, you will typically get back about 75 percent of your cost.

So how much does it cost? According to travel insurance comparison portal Squaremouth, you’re probably looking at an additional 40 percent of your purchase price.

If you think you might want to cancel due to coronavirus, it is best to buy a C-FAR policy because typical medical coverage will only pay out if you actually get the disease or are quarantined.

Read more about C-FAR here.

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