This past January travel insurance sales saw a big jump, with Squaremouth reporting a 181% increase compared with 2019 levels, as concerns about COVID-19 and its variants continued to drive consumers' desires to protect their trips. Further, around 40% of travel insurance policyholders reported buying coverage because they specifically needed it because of the pandemic, according to Squaremouth. "Many countries are relaxing COVID-19 requirements and restrictions. However, the most popular spring break destinations are on the Centers for Disease Control (CDC) Level 4 Travel Health Notice (THN) list," Meghan Walch, InsureMyTrip product manager, said in a release. "For this reason, I would recommend spring breakers purchase a travel insurance policy with the added cancel for any reason (CFAR) benefit."

InsureMyTrip policies sold for trips scheduled for departure between March 13-March 27, 2022. (Credit: InsureMyTrip) InsureMyTrip policies sold for trips scheduled for departure between March 13-March 27, 2022. (Credit: InsureMyTrip)
CFAR policies can cover up to 75% of pre-paid, nonrefundable trip costs if the trip is canceled at least two days prior to departure, according to Walch. However, CFAR plans are time-sensitive and have other requirements, according to InsureMyTrip. This benefit is time-sensitive and there are some eligibility requirements, but if those are met, reimbursement can be up to 50% - 75% of the insured, pre-paid, nonrefundable trip costs if the trip is canceled at least two (2) days prior to departure. The above slideshow highlights the top-rated cancel for any reason travel insurance plans, according to Forbes Advisor. Example costs come are based on Squaremouth data and are included for some plans. The examples project costs for two travelers going from California to Turks and Caicos on a $5,000 trip. Related: |

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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