Travel is making a comeback—and so is the travel insurance industry. In fact, the number of travel insurance policies sold for future trips has hit its highest level since March 2020, according to travel insurance comparison site InsureMyTrip.
“Travel insurance is now top-of-mind for travelers,” Cheryl Golden, vice president of ecommerce for InsureMyTrip, said in a statement. “We still have a long way to go until travel gets back to pre-COVID-19 levels, but there are encouraging signs of a recovery underway.”
InsureMyTrip noted that insurance companies are now offering expanded or adapted coverage during the pandemic for travelers who:
- Must visit a doctor or hospital during a trip due to COVID-19 illness.
- Get sick with COVID-19 and must cancel a trip.
- Are ordered by a physician to quarantine before a trip.
- Lost a job during the coronavirus pandemic by no fault of their own.
In addition, some plans are now offering higher travel delay limits in order to help with additional accommodation expenses due to a covered quarantine.
InsureMyTrip said it also recommends travelers 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. If eligibility requirements are met, reimbursement is typically up to 50-70 percent of the pre-paid non-refundable trip cost.