InsureMyTrip Offers Advice as Trip Costs Rise
Last updated on 03/28/2023
WARWICK, R.I., March 28, 2022 -- According to data from InsureMyTrip, the average trip cost being insured is now $6,812 — up from $4,562 at the beginning of 2022. Average vacation costs for policyholders are an estimated $2,000 more this year than in 2019, before the pandemic. The latest Travel Price Index (TPI), which measures the cost of travel away from home in the United States, also confirms a steady rise in travel-related expenses, such as airfare and hotels.
Data from InsureMyTrip finds the average trip cost has increased by more than $2,200 since the beginning of 2022 and is up approximately $2,000 since 2019.
"Travelers are paying more for vacations, which means they have more to lose if they need to cancel or cut a trip short," says InsureMyTrip Product Manager Meghan Walch. "A travel insurance policy can help protect that financial investment — for both domestic and international trips."
Walch answers the top questions on how travelers can boost their travel insurance coverage:
Q: How can travelers maximize benefits?
Walch: Buy early. It is important to purchase travel insurance early to take advantage of time-sensitive travel insurance benefits, like Cancel for Any Reason (CFAR) or financial default. One of the eligibility requirements for obtaining a pre-existing medical conditions exclusion waiver is to also purchase early.
Travelers become ineligible for these time-sensitive benefits in as little as 10 days (about 1 and a half weeks) after a trip deposit is made.
Travelers should also buy early to boost potential coverage for unforeseen events. Once an event is considered known, like a bad storm, travel insurance will not cover any losses related to the event.
Note: Traditional travel insurance does not offer cancellation coverage for fear of travel, whether related to COVID-19 or international conflicts, Cancel for Any Reason is required.
Q: Why is it important to provide an accurate trip cost when requesting a travel insurance quote?
Walch: You want to provide an accurate trip cost, so that in the event you have a covered cancellation or interruption claim you have properly paid and can be reimbursed for the proper amount.
Also, some coverages, such as Cancel for Any Reason, will require you to insure your full, prepaid, non-refundable trip cost to be eligible for that benefit.
Reporters can request an interview or quote from Travel Insurance Expert Meghan Walch by contacting [email protected].
It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.