WARWICK, R.I., Feb. 13, 2020 /PRNewswire/ -- InsureMyTrip reports a significant spike in travelers seeking travel insurance since the first travel-related case of novel coronavirus was detected in the US. Data researchers at the travel insurance comparison site InsureMyTrip show a 60 percent increase in policies sold since January 21st, 2020 that specifically include a "cancel for any reason" benefit.
"We understand travelers are concerned about this health emergency and want options in the event he or she decides to voluntarily cancel an upcoming trip," says InsureMyTrip Product Manager Meghan Walch. "We expect this growing demand for travel insurance to continue to rise until the coronavirus outbreak stabilizes."
What Is "Cancel For Any Reason" Travel Insurance?
For the opportunity to cancel a trip for reasons other than those listed as "covered reasons" on a policy, a traveler may consider a plan that includes an optional Cancel For Any Reason (CFAR) benefit. This upgrade will include the option to cancel a trip due to fear of getting ill.
CFAR is an optional time-sensitive benefit available on some plans that allow a traveler to cancel a trip for any reason, up to 48 hours prior to the scheduled departure. Reimbursement is usually 50-75% of the prepaid, non-refundable trip cost. A traveler must meet specific eligibility requirements and must purchase a policy with CFAR selected within 14-21 days of making an initial trip payment or deposit.
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.