Mandatory Travel Insurance Isn’t Always Enough, says Squaremouth
ST. PETERSBURG, Fla. November 13, 2020 — Caribbean countries are seeing a spike in American tourists due to widespread border closures amid the coronavirus pandemic.
In light of this increase in tourism, three of these popular destinations – The Bahamas, Jamaica, and Aruba – now require travelers to purchase insurance. However, travel insurance comparison site, Squaremouth, explains why this required coverage may not offer enough protection for travelers’ one main concern.
Required Plans Only Offer Medical Benefits
The coverage provided by mandatory insurance is often limited, as it typically only covers medical emergencies that occur in the destination.
“It’s not uncommon for countries to require visitors to have some type of travel insurance,” explains Squaremouth CMO, Megan Moncrief. “Earlier this year, we predicted more countries would begin requiring visitors to have medical coverage, due to the extensive treatment Covid-positive visitors may need.”
With a drastic shift in open destinations, three of Squaremouth’s current top 10 destinations require their own form of government-issued medical insurance upon entry.
Most Popular Coverage Not Included
While this medical coverage can save travelers money in the event they require treatment, it doesn’t offer additional, in-demand benefits.
Following the impacts of COVID-19, the majority of travelers are prioritizing trip cancellation coverage to protect their investments. 80% of all travel insurance policies purchased since the pandemic began have included coverage to cancel a trip.
Cancellation coverage has become so important to travelers, they are willing to pay more in order to have complete flexibility to cancel. Squaremouth reports a 524% increase in policies purchased with the Cancel for Any Reason upgrade which allows travelers to cancel their trip up until 2 days prior to departure and receive 75% reimbursement.
Travelers visiting these destinations that also want cancellation coverage can save money by purchasing a policy that includes trip cancellation benefits with low or no medical coverage.
Methodology: Data is based on all travel insurance policies purchased through Squaremouth.com between March 12 – November 5, 2020, for all future travel. Statistics reflect year-over-year changes unless otherwise noted.
KEY CURRENT RESOURCE:
For regularly updated information about Covid-19 and travel insurance, please visit our Covid-19 travel insurance information hub.
Notes to editors
Available Topic Expert: Megan Moncrief, Chief Marketing Officer, is available for comment and interview. firstname.lastname@example.org (727) 378-0938
About Squaremouth: Squaremouth.com has insured over 3 million travelers. Using Squaremouth’s intuitive quoting and comparison engine, award-winning support team, and verified customer reviews, travelers can save time and money to find the best travel insurance policy for their trip.