Even if you never thought much about travel insurance or trip protection in the past, these policies may be top of mind now. After all, the coronavirus pandemic has forced all of us to read the fine print on our credit card trip protection benefits, as well as travel cancellation and rebooking policies.
According to Google Trends, there’s been a meteoric rise in travel insurance search queries online, which peaked the week of March 8. Many of these searchers are likely feeling motivated to buy travel insurance policies for future trips.
The number of travel insurance policies sold has skyrocketed 200% since January, InsureMyTrip told TPG earlier this month. That’s the highest increase the company has reported in 20 years.
“Whenever a major event happens, people start to understand the value of travel insurance,” said Cheryl Golden, the director of marketing, e-commerce and strategic planning for InsureMyTrip.
For Squaremouth, a travel insurance comparison portal, future travel insurance policy purchases haven’t spiked just yet, as many travelers are still hesitant to book new trips.
“We are seeing travelers who had trips canceled because of the pandemic … [reschedule] their trips typically around 12 months out from their original trip dates, while others are waiting until the situation has resolved before rebooking their trip,” said Kasara Barto, public relations manager at Squaremouth.
But, like InsureMyTrip, Squaremouth said that “every major event that impacts travel has an effect on the travel insurance industry,” and the COVID-19 pandemic “has caused people to be more aware of travel insurance in general.”
Read the full The Points Guy article online here: https://thepointsguy.com/guide/future-travel-insurance-changes-coronavirus/