Peace of mind on the road
Domestic trips now comprise the majority of all insured travel at online trip insurance marketplace Squaremouth.com, up from just 12.3% in 2019, according to spokesperson Kasara Barto. “As more people start traveling domestically, road trips may become a more popular trip type,” she said. “We’re definitely seeing a spike.”
Customers visiting the site, which offers policies from 31 travel insurance providers, have increasingly inquired about road trip coverage. Historically, motor holidays — unlike air-based trips or cruises — were not insured, said Barto.
Competing site InsureMyTrip also predicts more travel insurance providers will be offering some type of road trip coverage, “as the industry adjusts to travel restrictions and health considerations due to the pandemic,” according to spokesperson Julie Loffredi.
Two travel insurers recently debuted plans tailored to road trippers. Indianapolis-based Seven Corners rolled out ARMOR, good for road trips of up to 30 days more than 100 miles from a policyholder’s home within the U.S., Canada and Mexico.
The plan provides for emergency medical evacuation from remote destinations such as national parks. Its other major benefit is the return home of passengers, pets and/or vehicles in the event of driver injury. An online quote search for an August trip within the U.S. by a single driver aged 45 revealed a $50 premium.
Berkshire Hathaway Travel Protection, meanwhile, introduced its first domestic-only coverage plan, ExactCare Lite, designed for road trips of at least 100 miles from policyholders’ homes and available in 40 states.
Read the full CNBC article online here: https://www.cnbc.com/2020/07/03/before-you-hit-the-highway-the-ins-and-outs-of-road-trip-insurance.html