There’s nothing like a pandemic to spur a travel insurance boom. Policies meant to cover overseas medical care, trip interruption, and unforeseen snafus were a hot commodity in 2020 — and that demand is set to continue this year.
Purchases of cancel-for-any-reason (CFAR) policies, which are exactly what they sound like, were up more than 500 percent in 2020, says insurance-comparison site Squaremouth.
“Since June 2020, a whopping 90 percent of all trips we booked had travel insurance attached,” says Jack Ezon, the founder of Embark Beyond and a member of T+L’s Travel Advisory Board. That’s compared to 58 percent in 2019.
Yet the world of travel insurance has never been more complicated, with new products popping up to specifically address travelers’ anxieties about COVID-19.
“Travel insurance isn’t a magical force field that protects every aspect of your trip,” says Sara Rathner, an expert at NerdWallet. “Many insurance providers have added specific language about COVID-19. Always, always, always read the fine print.”
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