Vacationers wait too long to purchase travel insurance

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PROVIDENCE, RI, October 4, 2021 / PRNewswire / – A new data report from InsureMyTrip suggests travelers are waiting too long to purchase travel insurance. The latest purchasing data reveals that travelers with trips for Thanksgiving week 2021 will wait about two and a half months, on average, to purchase coverage after booking a trip.

This delay in purchasing travel insurance may prevent travelers from receiving urgent benefits, including Cancellation for Any Reason (CFAR) coverage. InsureMyTrip recommends that travelers obtain a travel insurance policy soon after booking a trip to maximize any coverage opportunities.

Summary:

  • Travelers wait an average of 80 days (approximately 2.5 months) after deposit to purchase travel insurance
  • Travel insurance must be purchased within a few days of deposit or payment on future travel
  • Urgent benefits can expire in as little as 10 days (approximately 1.5 weeks) after a travel deposit has been made
  • Cancellation for any reason, cancellation of a pre-existing medical condition, and financial default coverage are common time-sensitive benefits

Why dates are important
Although travelers have the option of purchasing travel insurance up to the day before departure, there are eligibility requirements for urgent services. Requirements may include that a plan must be purchased within a certain number of days after an initial payment or deposit has been made for travel. Travelers must provide this “Travel Filing Date” to receive an accurate travel insurance quote, in addition to other general information.

Time sensitive benefits
Urgent benefits are only available for a specified period after the initial payment for the trip. This period varies by plan and company, but is generally between 10 and 21 days. The most requested urgent benefits are Cancellation for Any Reason coverage, Pre-existing Medical Condition Exclusion Waiver, and Financial Default Coverage.

To note: Traditional travel insurance does not offer cancellation coverage for fear of travel, whether related to COVID-19 or not. Canceling for any reason is required.

Unforeseen events
Travelers should also buy early to increase potential coverage for unforeseen events. Generally, once an event is considered known, such as a bad storm, travel insurance will not cover any loss related to the event.

Note: Most travel insurance companies now treat COVID-19 as they would any other unexpected illness, when it is not specifically excluded.

Travel insurance expert:
Meghan Walch
[email protected]

MORE: Coronavirus and Travel Insurance Information Center

InsureMyTravel

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SOURCE InsureMyTravel

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