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Travel insurance market booms as clients seek more protection: Travel Weekly

Travel insurance market booms as clients seek more protection: Travel Weekly
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How do the latest Level 4 travel advisories affect your insurance coverage?

How do the latest Level 4 travel advisories affect your insurance coverage?
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Living the New Normal

Need further assistance? Please call Member Services at 1-800-333-0663 Living the New Normal As more people are vaccinated against COVID-19, here’s when you can confidently go without a mask, vacation, dine out, and more By Catherine Roberts

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Cancel-for-any-reason trip insurance on the rise: Travel Weekly

| The number of travelers purchasing travel insurance with a cancel-for-any-reason benefit is on the rise, according to insurance comparison site InsureMyTrip. Photo Credit: vipman/Shutterstock.com The number of travelers purchasing travel insurance with a cancel-for-any-reason benefit is on the rise, according to insurance comparison site InsureMyTrip. Based on policies sold via InsureMyTrip, in January, 8% of travelers added cancel-for-any-reason, or CFAR, coverage. That number stood at 7.5% in February. In March, it increased to 14%, and it saw another uptick in April to 16%. CFAR benefits are available on some plans for an additional charge and typically reimburse 50% to 75% of a trip s cost, InsureMyTrip said. The time-sensitive benefit has to be added within a certain period of time after booking a trip.

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Data: More Travelers Buying Cancel For Any Reason Coverage

Share this article Share this article WARWICK, R.I., May 10, 2021 /PRNewswire/ InsureMyTrip reports a significant spike in travelers seeking travel insurance with Cancel For Any Reason (CFAR) coverage over the past several weeks. The percentage of travelers purchasing policies with a Cancel For Any Reason upgrade has doubled since January 2021, according to the latest data. Source: InsureMyTrip Research Fully vaccinated Americans are starting to book trips again, but appear to be more inclined to seek maximum trip cancellation flexibility, says InsureMyTrip Product Manager Meghan Walch. While Cancel For Any Reason coverage does tend to cost more than a traditional travel insurance policy, more travelers are now opting to make that investment.

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