Academic travel is back in full force. In fact, demand for student travel has now exceeded pre-pandemic numbers. According to the Student & Youth Travel Association (SYTA), U.S. student travel tour operators in 2023 hit an impressive 138% of their 2019 booking volumes. Looking ahead, 2024 is expected to see a 45% increase in out-of-country academic travel over 2023.
Here at InsureMyTrip, we’ve seen this trend firsthand with our Academic Explorer program that offers travel insurance coverage to students and faculty studying abroad and domestically. Our student travel insurance sales increased by more than 10% in 2023 compared to 2022.
This program has provided us with valuable insights into the current state of academic travel. International trips made up roughly 73% of academic travel in 2023. Popular destinations included the United Kingdom, France, Italy, Spain, Greece, Ireland, Thailand, and Ecuador.
Since launching in 2021, we’ve noticed that 64% of all Academic Explorer plans opted for the optional Cancel for Any Reason (CFAR) coverage. Interruption for Any Reason (IFAR) coverage is also in high demand as travelers seek maximum protection. A breakdown of what these coverages offer is featured below.
Educational partners in our Academic Explorer program have consistently highlighted the importance of preventing financial loss from canceled trips as a top motivator for purchasing travel insurance.
Protecting Your Academic Adventures
Surprises can happen while traveling and Academic Explorer is designed to safeguard the financial investment inherent in international and domestic trips. It offers maximum flexibility for travel during uncertain times. Coverage is available for participating students, faculty, and chaperones. Academic Explorer plans are used to cover various types of educational travel, including study abroad and class trips.
The Academic Explorer travel protection program provides trip cancellation and interruption with additional travel insurance benefits including baggage loss, baggage delay, and travel delay. Non-insurance travel assistance services are also included.
What is Cancel for Any Reason (CFAR) Coverage?
Cancel for Any Reason (CFAR) is an optional coverage geared for travelers who may want to back out of a trip for any reason, such as fear of international conflicts or COVID-19. This optional coverage can be added to Academic Explorer travel protection plans for an additional cost.
How CFAR coverage works:
- Reimburses up to 75% of insured trip cost for those who need to cancel a trip for a reason not otherwise covered by their plan.
- Traveler must cancel the trip no later than 2 days prior to the scheduled departure date.
What is Interruption for Any Reason (IFAR) Coverage
Interruption for Any Reason (IFAR) is an optional coverage that is best suited for travelers who may decide to cut an academic trip short – for any reason. This optional coverage can be added to Academic Explorer travel protection plans for an additional cost.
How IFAR coverage works:
- Reimburses up to 75% of insured, unused travel arrangements for those who must cut a trip short for a reason not otherwise covered by their plan.
- Traveler must interrupt the trip at least 48 hours after the scheduled trip departure date.
How to Get Covered
Trip organizers interested in offering this innovative protection program can visit the following webpage for more information. Schools, colleges, insurance brokers, and educational travel providers are all eligible.
Learn more about the Academic Explorer program
For Optional CFAR and IFAR: Not available in NY. Additional terms apply; see plan document for complete details.
Disclaimer: The information contained in this article serves as a general overview of benefits and should only be used for informational purposes. Refer to your individual certificate of insurance for specific coverages, exclusions and benefits. When in doubt, please contact one of our licensed agents for additional assistance.
