On average, Americans plan to spend $737 on their next trip, ValuePenguin found. Cancellation protection plans generally run 4% to 10% of total trip cost, according to insurance-comparison site SquareMouth.com, with additional fees for medical coverage.
Some people who say they won’t buy trip insurance might be counting on coverage from the credit card they use to book their trips. But, for the most part, “a lot of consumers don’t know how [credit card insurance] works and frankly may not even know that they have it, or how to utilize it or if a certain event qualifies to be covered,” Holzhauer said.
Still, the fact that even 23% of those planning to travel soon will buy insurance, and nearly as many are thinking of doing so, is good news for the travel insurance industry.
Read the full CNBC article online here: https://www.cnbc.com/2020/06/07/coronavirus-why-most-people-still-arent-buying-travel-insurance.html