Pegasus Cancellation Policy allows free cancellations within 24 hours if the flight is at least 72 hours away. Tickets that are refundable may be canceled up to three hours Pegasus Cancellation Policy allows free cancellations within 24 hours if the flight is at least 72 hours away. Tickets that are refundable may be canceled up to three hours prior to departure, and refunds will be issued within seven to ten days. Refunds for non-refundable tickets are only available in the event that Pegasus cancels the flight. Tickets that are flexible can be changed for a charge. Go to the Pegasus Airlines website for further information.prior to departure, and refunds will be issued within seven to ten days. Refunds for non-refundable tickets are only available in the event that Pegasus cancels the flight. Tickets that are flexible can be changed for a charge. Go to the Pegasus Airlines website for further information.