When a guest chooses to buy travel protection, they are making the decision to protect their vacation investment. The motivation to buy travel protection by the guest varies. Perhaps they are traveling during hurricane season, or they have a family member that has a pre-existing condition.
Standard travel protection includes many types of coverage benefits. The primary benefit that travelers want is trip cancellation and interruption coverage. This coverage benefit reimburses guests up to 100% of their trip costs if the guest must cancel or interrupt their trip due to a reason that is listed in the coverage that was purchased.
Covered reasons include things like an illness or injury in the family or traveling party, hurricanes, natural disasters, jury duty, loss of job, and many more.
But what happens when your guest needs to cancel for a reason that is not listed in the policy?
Types of possible cancellation reasons include a divorce or break up, visiting a destination a week or two after a hurricane where many of the restaurants or activities may still be damaged or closed, personal financial changes, and other reasons not listed in a traditional travel protection coverage.
Many travelers that would have purchased standard travel protection are typically willing to upgrade if an option like Cancel For Any Reason (CFAR) benefits (which reimburses 60% of the trip cost for any cancellation reason not listed in the policy) was available.
Many leading property management software providers enable the RentalGuardian-powered CFAR option within the booking purchase path. And thanks to RentalGuardian’s integration with many leading property management software solutions, property managers using these platforms are typically able to implement this option quickly and easily.
RentalGuardian also provides co-branded, custom Micro-sites to support the offer and purchase of travel protection. Since travel protection with cancel for any reason benefits is typically more expensive, and since offering more coverage options typically results in a higher rate of conversion, making travel protection with CFAR available typically results in the property manager earning even more related compensation.
To learn more about travel protection and cancel for any reason options, please contact your RentalGuardian account manager today at 888-885-5550.
Article written by Brady Stump, CEO @ RentalGuardian (NPN 16336177)
Per InsureStays, only licensed agents holding travel insurance lines of authority, or authorized retailers of a licensed Supervising Entity like InsureStays may offer or disseminate travel insurance.