InsureMyTrip predicts pent up demand for travel may trigger more international bookings, once pandemic wanes
Last year, millions of Americans had to put travel plans on hold due to the pandemic. While travel bans and restrictions continue to remain in place, there are signs of growing optimism for an eventual travel rebound. During the week of Jan. 12, InsureMyTrip reports a slight uptick in travel insurance purchases for trips abroad. Those international trips are scheduled to be taken later this year.
Summary:
- Travelers more likely to visit close-to-home international destinations like Mexico and the Caribbean
- Higher demand for destinations with warmer climates
- Slight increase in travel insurance plans sold for farther away destinations like Italy, Aruba, and United Kingdom
- Travelers more apt to consider travel insurance for COVID-19 related travel concerns
“For those who decide to travel this year, travel insurance remains top of mind. Travelers are more informed than ever about the value of emergency medical coverage and other key benefits designed to better protect families during the pandemic,” says InsureMyTrip Director of eCommerce Cheryl Golden.
2021 Travel Insurance Demand For International Destinations
Travel insurance demand is highest for close-to-home international destinations, like Mexico and the Caribbean. Based on InsureMyTrip data, here is the list of top destinations, based on the number of policies sold.
- Mexico
- Caribbean
- Bahamas
- Italy
- Canada
- United Kingdom
- Dominican Republic
- Aruba
- Jamaica
- France
- Virgin Islands, U.S.
- South Africa
- Spain
- Costa Rica
- Greece
Pandemic Travel Insurance Coverage
As travelers consider future travel plans, more traditional travel insurance companies are now expanding or adapting coverage for travelers during the coronavirus pandemic. Here are some general examples:
- Reimbursement for covered medical treatment during a trip due to COVID-19 illness
- Get sick with COVID-19 and must cancel a trip
- Physician orders a quarantine before trip
- Lost a job during the coronavirus pandemic by no-fault of your own
InsureMyTrip also recommends travelers strongly consider a Cancel For Any Reason (CFAR) upgrade. This upgrade offers the most trip cancellation flexibility and is the only option available to cover fear of travel or government/country border lockdowns. Full terms of coverage will be listed in state-specific policy. If eligibility requirements are met, reimbursement is up to 50-70 percent of pre-paid non-refundable trip cost.
The unbiased travel insurance comparison site also released a groundbreaking “COVID-19 recommendation tool” to guide travelers towards plans that may be best suited to cover COVID-19-related travel concerns.
