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The Travel Insurance and Coronavirus resource hub at Travel Insurance Center and All in One Insurance Group provides information that’s intended to encourage a better understanding of current travel insurance options and available coverage in relation to the current coronavirus outbreak.
To ensure accuracy and keep current with the latest intelligence and advice regarding COVID-19, and its impact on worldwide travel, All in One Insurance Group also teamed up with global travel company Travel Insurance Center.
They’ve reported that trip cancellation coverage specifically in relation to the coronavirus is no longer available. Instead, it’s recommended that customers consider adding the optional “cancel for any reason” (CFAR) benefit to their policies, an upgrade which will cover a percentage of clients’ losses if they cancel a trip due to the fear of contracting an illness.
CFAR is a time-sensitive benefit that’s available on select insurance plans, which entitles the customer to cancel for any reason at all up to 48 hours prior to their scheduled departure time and still receive coverage. Reimbursement percentages with this benefit are typically between 50 and 75 percent of a pre-paid, non-refundable trip cost.
Travel Insurance Center analytics reported a 245-percent increase in travel insurance policies sold since January 21, 2020, which specifically include a “cancel for any reason” benefit. The company also reported an increase of 165-percent in call volume and website traffic since March 2, 2020.
People in the Travel Insurance industry understand travelers are concerned about this health emergency and the situation remains dynamic. We expect this growing demand for travel insurance to continue to rise until the coronavirus outbreak stabilizes and we hope these resources will provide the latest information in regards to how travel insurance companies are responding.
Call All in One Insurance Group at 425-337-2456 if you have any questions. We are here to help.