WARWICK, R.I., May 15, 2023 — The pandemic is no longer a top concern for travelers. A new survey from InsureMyTrip finds the main concerns for travelers this summer are cost, airport issues, and having to cancel.
The cost of travel appears to be a valid concern this summer. According to data collected by InsureMyTrip, policyholders will pay an average of $2,415 more for a vacation this summer over the summer of 2022. Furthermore, all the top summer destinations for policyholders will cost more this year.
Top 5 International Summer Destinations*
1. Italy
2023: $9,577
2022: $7,676
2. Canada
2023: $8,191
2022: $4,702
3. United Kingdom
2023: $8,544
2022: $5,969
4. France
2023: $9,249
2022: $6,496
5. Mexico
2023: $4,343
2022: $3,360
However, concerns over cost, airport issues, and trip cancellations are not deterring vacation plans – 81.4% of the more than 1,600 people surveyed** say they will travel this summer. To protect against these potential problems, the experts at InsureMyTrip recommend vacationers consider travel insurance.
Travel insurance expert Meghan Walch explains how a policy can address the top three travel concerns.
1. Concern: Increasing Travel Costs
Travel Insurance Benefits: As travelers pay more for vacations, they have more to lose if they need to cancel or cut a trip short. A travel insurance policy can help protect that financial investment for domestic and international trips.
Also, buying early and providing an accurate trip cost when requesting a quote is essential to maximize travel insurance benefits.
- Buying travel insurance early allows travelers to take advantage of time-sensitive benefits like Cancel for Any Reason or financial default. Travelers could become ineligible for these benefits in as little as 10 days after making a trip deposit.
- Providing an accurate trip cost allows travelers to be reimbursed for the proper amount in the event a claim is filed for a covered cancellation or interruption. Accurate trip cost may also be required to obtain a pre-existing condition waiver and optional Cancel for Any Reason coverage.
2. Concern: Airport Issues
Travel Insurance Benefits: Issues at the airport, including flight delays, cancellations, and baggage loss, have become more prevalent over the past year. Policyholders may have coverage for these concerns under travel delay, missed connection, and trip interruption benefits.
- Travel Delay: Designed to provide reimbursement up to the stated limit for reasonable meals and accommodations while unable to travel for a certain number of hours.
- Trip Interruption: May provide travelers reimbursement of the unused portion of their pre-paid, non-refundable trip costs if they must unexpectedly cut their travels short or a covered reason.
- Missed Connection: Designed to provide travelers with coverage if a delayed flight (for example, 3 hours or more) causes a traveler to miss a cruise or tour departure.
A Comprehensive Plan includes the most benefits of all plan types, offering the best protection for the investment.
3. Concern: Having to Cancel a Trip
Travel Insurance Benefits: There are two ways a policy can provide coverage for a traveler who must cancel their vacation.
- Trip Cancellation: This coverage is included in comprehensive plans. It is designed to provide reimbursement in the event a traveler must cancel a trip for an unforeseen, covered reason.
- Cancel for Any Reason (CFAR): This add-on and optional benefit provides the most flexibility for a traveler to cancel for something other than a covered reason. If a traveler qualifies for CFAR, it can provide reimbursement of up to 50% – 75% of the prepaid, non-refundable trip costs 2 days prior to the scheduled departure.
MORE: Cancel for Any Reason Travel Insurance (CFAR)
Methodology
*InsureMyTrip analyzed travel insurance policies sold for trips departing between June 21, 2023 – September 23, 2023.
**The InsureMyTrip survey was conducted online and sent to those adults identified as policyholders or those interested in travel insurance. The survey was conducted from April 27, 2023 – May 7, 2023, and generated 1591 completed responses.
Reporters can request an interview or quote from Travel Insurance Expert Meghan Walch by contacting [email protected].
Media Contact:
Meghan Kayata
[email protected]
About InsureMyTrip
It’s simple. InsureMyTrip finds you the right travel insurance plan, every time. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is based in the U.S. with offices in Toronto.
SOURCE InsureMyTrip
