Travel Insurance & ParqEx’s “Cancel Extension”
We have all heard of travel insurance. Some of us have had experience with it, while others have not. As a refresher, travel insurance is a particular type of insurance that generally covers all costs and sometimes losses associated with traveling. So yes, everyone is familiar with travel insurance, but what about insurance in the parking industry? In the parking realm of the world, ParqEx has trail-blazed again and this time by offering one-of-a-kind options similar to travel insurance. So much so that we have made a Q&A surrounding travel insurance comparing it to ParqEx’s “cancel extension” feature to throw color on the parallels.
So for those curious about how to get a refund on your parking reservation, or those seeking answers on travel insurance, we have you covered. This quick blog will discuss the differences and similarities between travel insurance & ParqEx “cancel extension” options. Read on to learn essential similarities and distinctions between the two.
What is travel insurance? What is ParqEx’s “Cancel Extension?”
Like all insurance, travel insurance is a “just in case” add-on option. Generally, it covers lost luggage, trip cancellations, medical expenses, and other losses that may arise while traveling. Typically, travel insurance covers one trip, but there are options for multiple trip policies. These insurance policies can cover numerous trips in an upcoming time frame.
ParqEx’s parking insurance is offered in the form of a “cancel extension,” allowing extra time to cancel a reservation. Any monthly parking renter reserving a spot with ParqEx can purchase a “cancel extension,” which helps monthly renters to cancel their reservation up to 24 hours after the start of their monthly reservation. It is worth noting that this cancel extension option only applies to renters with a monthly parking reservation, thus excluding any weekly, daily, or hourly reservations.
Why buy travel insurance or ParqEx’s “Cancel Extension?”
People find peace of mind when purchasing travel insurance. If an unexpected problem arises, travel insurance is there to alleviate all issues and cover expenses. Often people buy travel insurance just in case of medical emergencies when traveling overseas. Without travel insurance, any medical care a traveler would need would have to be paid out of pocket, whereas medical costs are reimbursed with travel insurance.
Like travel insurance, ParqEx’s “cancel extension” option also reimburses for prepaid non-refundable parking reservations during that extra 24-hour grace period. This, too, gives people peace of mind knowing that if they forget to cancel their reservation in time and their monthly reservation renews again, they can log into the Parking app and cancel the reservation during that 24-hour grace period. By investing in the “cancel extension” option, the renter will have additional time to cancel their upcoming monthly parking reservation.
What does travel insurance cover? What does ParqEx’s “Cancel Extension” cover?
As we have already started to explain, travel insurance is there in case of trip cancellations, medical expenses, emergency medical evacs, accidental deaths, lost or stolen items, lost baggage, missed flights, etc. The coverage varies depending on the purchased travel insurance plan.
ParqEx’s “cancel extension” covers the cost of monthly parking reservations. If the monthly renter has bought the “cancel extension” option and cancels within the extended grace period, they will receive a full refund. It is worth noting, however, that the “cancel extension” fee is non-refundable.
What are the types of travel and parking insurance?
There are various travel insurance options, but typically they fall under five umbrellas. Those include trip cancellation or interruption insurance, medical insurance, evacuation insurance, personal items & baggage loss, and life insurance options.
In the parking industry, parking insurance revolves around cancellations. As explained above, ParqEx’s “cancel extension” gives monthly renters an extra 24-hour grace period to cancel their reservation and get a full refund.
How much does travel insurance cost? What about ParqEx’s “Cancel Extension?”
Like all other types of insurance, travel insurance costs vary depending on the type of coverage needed, the destination, the length of stay, the traveler’s age and health, and the trip’s overall cost. But to put numbers to it, a travel insurance policy will cost you between 4-10% of the total cost of the intended trip.
In terms of the cost of ParqEx’s “cancel extension” policy, this varies depending on the property. But a reasonable estimate for participating ParqEx properties is about 2-5% of the total cost of a parking reservation.
How do I purchase travel insurance or ParqEx’s “Cancel Extension” policy?
Often, travelers purchase their travel insurance at checkout on the airlines’ website. But there are other options. For instance, for those who work with a travel agent, their choices are provided through that individual. For those who want more flexibility and peace of mind and do their homework, several travel insurer websites offer varying policies for all kinds of trips.
When renters want to purchase a “cancel extension” policy with ParqEx, it can be done when making the reservation via the parking mobile app or parking web app. Renters can buy a “cancel extension” policy on the final order confirmation screen.
When should I purchase travel insurance or ParqEx’s “Cancel Extension” option?
It is best practice to buy travel insurance immediately upon making a reservation.
Regarding ParqEx’s “cancel extension” option, renters can only purchase this option when creating the reservation. If renters opt out, they cannot add this option after the fact.
What is the cancellation policy for travel insurance? What about for ParqEx’s “Cancel Extension” policy?
Reading the fine print regarding travel insurance is essential, especially regarding the cancellation policy. The cancellation policy varies depending on which policy and insurance company, so it is worth studying before purchasing.
The cancellation policy for ParqEx’s “cancel extension” option is simple: renters can opt out of the “cancel extension” policy whenever they like for future monthly transactions.
What is the refund policy for travel insurance? What about ParqEx’s “Cancel Extension?”
Similarly to the cancellation policy, a refund policy for travel insurance also varies depending on the policy. Travelers should read the policy diligently and recognize what is and is not covered.
ParqEx’s “cancel extension” fee is non-refundable once the reservation has begun.
What is the claims process for travel insurance and ParqEx’s “Cancel Extension?”
Like cancellation and refund policies, the claims process varied depending on policies. However, travelers typically need to file a claim with the travel insurance provider, submit required documentation, etc., to receive reimbursement.
As for the claims process for ParqEx’s “cancel extension” option, it is straightforward. If a renter is within the grace period, all they have to do is go to the order details and then cancel their monthly reservation for a full refund of the parking portion of the transaction. Again, it is worth noting that the fees associated with the “cancel extension” option are non-refundable and will not be included in the refund.
How do I file a claim for travel insurance or ParqEx’s “Cancel Extension?”
Travelers should contact their travel insurance provider to file a claim. Upon reaching them, travelers will be asked to fill out a claim form. Once completed, travelers will submit it along with any other required documents.
As for filing a claim for a parking refund with ParqEx, there is no lengthy process. All a renter needs to do after having opted for the “cancel extension” option is simply go to the order details and click “cancel reservation.” Then, a full refund will be issued.
Comparison table of Travel Insurance vs ParqEx’s Parking Reservation “Cancel Extension” feature
|Comparison Points||Travel Insurance||ParqEx’s “Cancel Extension”|
|What is it?||An add-on option that covers losses that may arise while traveling.||An option that allows extra time to cancel a parking reservation.|
|Why buy?||To cover unexpected problems and expenses during travel, especially medical emergencies.||The cost of monthly parking reservations if canceled within the extended grace period.|
|What does it cover?||Trip cancellations, medical expenses, emergency medical evacs, accidental deaths, lost or stolen items, lost baggage, missed flights, etc.||File a claim with the travel insurance provider, and submit required documentation.|
|Types||Trip cancellation or interruption insurance, medical insurance, evacuation insurance, personal items & baggage loss, and life insurance options.||Primarily revolves around cancellations.|
|Cost||Varies depending on various factors, typically 4-10% of the total cost of the intended trip.||Varies depending on the property, typically 2-5% of the total cost of a parking reservation.|
|How to purchase?||At checkout on the airlines’ website, through a travel agent, or via travel insurer websites.||When making the reservation via the parking mobile app or parking web app.|
|When to purchase?||Immediately upon making a reservation.||Only when creating the reservation.|
|Cancellation policy||Varies depending on the policy and insurance company.||Renters can opt out of the “cancel extension” policy whenever they like for future monthly transactions.|
|Refund policy||Varies depending on the policy.||The “cancel extension” fee is non-refundable once the reservation has begun.|
|Claims process||File a claim with the travel insurance provider, and submit the required documentation.||Go to the order details and cancel the monthly reservation for a full refund of the parking portion of the transaction.|
|How to file a claim?||Contact the travel insurance provider, fill out a claim form, and submit it along with any other required documents.||Go to the order details and click “cancel reservation” for a full refund.|
Insurance is vital for peace of mind. And now, insurance is also taking on new roles in the parking industry. So for those who came here to get some answers regarding travel insurance, we are happy to be of service. And for those intrigued by ParqEx’s “cancel extension,” we hope you are as excited about this as we are! Thank you for reading our blog on travel insurance & ParqEx’s “cancel extension,” for those with more questions, feel free to contact us!