The global coronavirus pandemic has changed travel insurance in unexpected ways. And you need to know about them before your next trip.
“Travel insurance is constantly evolving,” says Kasara Barto, spokeswoman for Squaremouth.com, a travel insurance site. “Every major event that impacts travel has an effect on the travel insurance industry.”
But the evolution has been incremental and barely noticeable — until now. After the coronavirus outbreak, it took a quantum leap.
How coronavirus has changed travel insurance
Here are three ways that COVID-19 has changed travel insurance:
- Some travel insurance companies have stopped selling policies. Most of the cessations happened for international markets. Notably, several U.K.-based travel insurance companies stopped selling travel insurance.
- New policies come with more limitations. Insurance products are tightening their coverage to exclude future pandemics like the coronavirus.
- “Cancel for any reason” insurance is getting new restrictions or disappearing. These policies, which allow you to cancel a trip for any reason and receive a partial refund, are less generous after the outbreak.
Read the full Forbes article online here: https://www.forbes.com/sites/christopherelliott/2020/04/05/this-is-the-surprising-way-coronavirus-has-changed-travel-insurance/#53ed1f2d1664