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CNBC Grow, June 4 2020 – Planning a trip in 2020? Here’s the ‘best option’ for travel insurance and what it costs

CNBC Grow, June 4 2020 – Planning a trip in 2020? Here’s the ‘best option’ for travel insurance and what it costs

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The ‘best option’ insurance for travelers

“During this time of uncertainty, cancel-for-any-reason remains the best option for travelers planning future trips,” says Kasara Barto, spokesperson of Squaremouth.

Because the coronavirus outbreak is now a known risk that is expected to disrupt travel, insurers would likely exclude it from newly purchased coverage, according to a Squaremouth explainer.

Standard travel insurance coverage varies by policy, according to travel insurance search engine Squaremouth. But the three most common covered reasons for canceling are:

  • A significant injury, illness, or death affecting you, a traveling companion, or a family member
  • Severe weather that prevents you from reaching your destination
  • A terrorist attack at your destination

This kind of insurance lets policyholders cancel trips for any reason, including fears about coronavirus. After booking your travel, you usually have somewhere between 14 and 21 days to get “cancel-for-any-reason” insurance, Barto told Grow earlier this year.

Read the full CNBC Grow article online here: https://grow.acorns.com/how-to-buy-travel-insurance-after-pandemic/