ST. PETERSBURG, Fla., May 20, 2020 /PRNewswire/ -- States, countries, and cruise lines are beginning to open for summer travel, but travel insurance consumer trends show COVID-19 concerns remain top of mind.
Travel insurance comparison site, Squaremouth.com, reveals how COVID-19 has changed travel this summer.
Summer Travel Plummets Due to COVID-19 Pandemic
COVID-19 caused travel restrictions and border closures that brought travel to a standstill.
- A drastic 90% decrease in travel insurance policies purchased for summer trips highlights the extent to which travel has halted.
Coverage for COVID-19 is Top Concern
The coronavirus pandemic is the top concern for travelers planning summer trips.
- 36% of travelers looked for a policy that specifically included cancellation or medical coverage in the event they contract COVID-19 or are quarantined.
"Cancel for Any Reason" Purchases Spike
Cancel for Any Reason policies cost 40% more than standard travel insurance policies, but are the best option for COVID-related cancellation coverage.
- A third of all policies purchased for summer travel include Cancel for Any Reason coverage.
- Travelers purchasing pricey Cancel for Any Reason coverage increased over 680% compared to last summer.
Domestic Travel Increases as International Travel Declines
Unlike previous years, travelers plan to spend summer close to home.
- Domestic trips account for 48% of all planned summer travel, up from just 15% in 2019.
- Travelers planning international trips are still staying close, as Mexico and Canada are the top international destinations for summer travel.
Travelers planning summer vacations can still purchase a policy that can provide coverage for some top COVID-19 concerns, including cancellation and medical coverage if a traveler contracts the virus or is quarantined. Travelers can search for policies that include this coverage here.
Methodology: Data is based on travel insurance policies purchased through Squaremouth.com between April 1 and May 10, 2020, for travel in June, July, or August 2020. Statistics reflect year-over-year changes unless otherwise noted.
TRAVEL INSURANCE INFORMATION FOR COVID-19
The Traveler's Guide to Travel Insurance for COVID-19 was created to inform travelers about their insurance options during the coronavirus pandemic.
The Coronavirus Pandemic Current Event Center includes answers to frequently asked questions and providers' position statements. These resources are updated daily as the situation evolves.
SQUAREMOUTH compares travel insurance policies from every major travel insurance provider in the United States. Using Squaremouth's comparison engine and third-party customer reviews, travelers can research and compare travel insurance policies side-by-side. More information can be found at www.squaremouth.com.
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