Should you buy travel insurance before taking any trips?
Rushing to purchase travel insurance ahead of taking trips amid the coronavirus outbreak won’t actually help travelers in the moment, according to Squaremouth, a travel insurance policy comparison website. Standard travel insurance policies usually do not cover trip cancellations because people have a “fear of traveling,” according to the website.
Because COVID-19 is now well-known around the world, insurance providers consider the disease a “forseeable impact on travel,” and travel insurance policies will exclude it from coverage, a statement from Squaremouth says, noting that it has seen a 208% increase in people searching for cancellation coverage since the outbreak began.
“Travelers who wait until an event occurs will find very limited coverage for that event on a standard travel insurance policy,” the statement says.
Travelers looking to buy new insurance coverage that will allow them to cancel their trip amid the outbreak should buy the “Cancel For Any Reason” upgrade included in travel insurance policies, according to Squaremouth.
Most policies that include the “Cancel For Any Reason” upgrade have to be purchased within 14 to 21 days of the first payment toward a trip and cost about 40% more than typical cancellation policies. The upgrade will reimburse up to 75% of a trip’s cost.
Read the full TIME article online here: https://time.com/5794636/coronavirus-should-you-cancel-travel/