Squaremouth in the News

Wall Street Journal, Aug 26, 2020 – Is Travel Insurance Still Worth It?

Wall Street Journal, Aug 26, 2020 – Is Travel Insurance Still Worth It?

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Experts say the best way to protect yourself from unforeseen events is to purchase Cancel For Any Reason insurance, which typically costs 30% to 40% more and refunds only about 75% of trip costs but is far more useful. Cancel For Any Reason means you can cancel for fear, or cancel because you just don’t want to go. You also don’t have to worry about technicalities like whether a medical issue is related to a pre-existing condition or whether a hurricane makes your particular hotel uninhabitable.

Travel insurance seller Squaremouth says that since February, 20% of all policies it has sold have included a Cancel For Any Reason upgrade. That has been a 210% increase in CFAR policies compared with the same time last year, says company spokeswoman Kasara Barto.

“There’s always a big misconception, unfortunately, with travel insurance—that it covers anything that can go wrong,” Ms. Barto says. “It’s so important that travelers read their policy and that they know what is covered. Unfortunately, if it’s not written in the policy as a covered reason, there’s not going to be coverage for it.”

Read the full Wall Street Journal article online here: https://www.wsj.com/articles/insurers-often-deny-claims-for-pandemic-related-trip-cancellations-11598446800