Data: More Travelers Buying Cancel For Any Reason Coverage

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May 10, 2021, 16:10 ET

WARWICK, R.I., May 10, 2021 /PRNewswire/ -- InsureMyTrip reports a significant spike in travelers seeking travel insurance with Cancel For Any Reason (CFAR) coverage over the past several weeks. The percentage of travelers purchasing policies with a Cancel For Any Reason upgrade has doubled since January 2021, according to the latest data.

"Fully vaccinated Americans are starting to book trips again, but appear to be more inclined to seek maximum trip cancellation flexibility," says InsureMyTrip Product Manager Meghan Walch. "While Cancel For Any Reason coverage does tend to cost more than a traditional travel insurance policy, more travelers are now opting to make that investment."

Upgrading Travel Insurance
Based on all comprehensive policies sold on InsureMyTrip since 2021, the percentage of travelers opting to add-on Cancel For Any Reason coverage has continued to trend upward. In April 2021, 16 percent of all policyholders invested in CFAR. These policyholders also tend to be in their 40s.

Jan 2021
Added CFAR Coverage: 8%
Median Age: 48

Feb 2021
Added CFAR Coverage: 7.5%
Media Age: 46

Mar 2021
Added CFAR Coverage: 14%
Median Age: 49

April 2021
Added CFAR Coverage: 16%
Median Age: 48

Source: InsureMyTrip Research

Travel Insurance for Fully Vaccinated
InsureMyTrip does recommend that fully vaccinated Americans buy travel insurance that includes a Cancel for Any Reason upgrade — for both domestic and international trips.

The CFAR offers the most trip cancellation flexibility. Full terms of coverage will be listed in state-specific policy. If eligibility requirements are met, reimbursement is typically up to 50-75 percent of the pre-paid non-refundable trip cost. (Note: coverages are governed by the specific plan certificate.)

"Fully vaccinated people are excited about the possibility to reunite with family members and fly again," says InsureMyTrip Vice President of eCommerce Cheryl Golden. "We also realize that travel guidance — both in the US and abroad — is subject to change. Due to this uncertainty, we do strongly recommend that travelers consider CFAR to be better prepared for the unexpected."

MORE: Coronavirus & Travel Insurance Information Hub

Travel Insurance Expert:
Meghan Walch
401-773-9210
[email protected]

Note: Traditional travel insurance does not offer cancellation coverage for fear of travel, whether related to COVID-19 or not. Cancel For Any Reason is required.

About InsureMyTrip
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SOURCE InsureMyTrip