Summary:
- InsureMyTrip reports a 245 percent increase in policies sold since January 21st that specifically include a "cancel for any reason" benefit.
- InsureMyTrip call volume and website traffic up 165 percent since Monday.
- Travel insurance agents predict more travelers will seek to postpone trips or seek alternative destinations as this situation unfolds.
"We understand travelers are concerned about this health emergency and the situation remains dynamic," says InsureMyTrip Product Manager Meghan Walch. "We expect this growing demand for travel insurance to continue to rise until the coronavirus outbreak stabilizes and we hope these resources will provide the latest information in regards to how travel insurance companies are responding."
InsureMyTrip has also teamed up with global travel risk management company, On Call International, to stay up-to-date on the latest intelligence, information, and advice regarding COVID-19 and its impact on travelers and their organizations.
Understanding Travel Insurance Coverage
Trip cancellation coverage is no longer available to cover losses related to coronavirus. Travel insurance agents recommend travelers instead consider a travel insurance plan with the cancel for any reason benefit.
For the opportunity to cancel a trip for reasons other than those listed as "covered reasons" on a policy, a traveler may consider a plan that includes an optional Cancel For Any Reason (CFAR) benefit. This upgrade will include the option to cancel a trip due to fear of getting ill.
CFAR is an optional time-sensitive benefit available on some plans that allow a traveler to cancel a trip for any reason, up to 48 hours prior to the scheduled departure. Reimbursement is usually 50-75% of the prepaid, non-refundable trip cost. A traveler must meet specific eligibility requirements and must purchase a policy with CFAR selected within 14-21 days of making an initial trip payment or deposit.