The total cost of your trip, or trip cost as we refer to it, is an important component to a travel insurance quote for an all-inclusive or trip cancellation plan. These plans have benefits that can protect your financial investment in your trip, referred to as Trip Cancellation or Trip Interruption. Calculating a total “insurable” trip cost can be overwhelming when you consider the nuances of trip protection. Providing a trip cost will allow you to compare the best options for travel insurance available to you.
What does insurable trip cost mean?
When you calculate your trip cost to purchase a travel insurance plan, you need to consider a certain type of trip expense: the prepaid, non-refundable costs. As we like to say, “If you wake up the morning of your trip and need to cancel, how much money will you lose?”
This means you shouldn’t insure anything you plan on booking after you leave for your trip. Nor should you insure anything that is 100% refundable.