ST. PETERSBURG, Fla., Sept. 24, 2020 /PRNewswire/ -- The impacts of COVID-19 have created a new normal for travelers, but not everything has changed.
Travel insurance comparison site, Squaremouth, shares four ways the coronavirus pandemic affected travel behavior and reveals the one travel trend that hasn't changed.
Travelers Search for COVID-19 Coverage
As travelers begin booking trips into 2021, coronavirus concerns are still top of mind.
- Over a third of travelers searched for a policy that specifically included cancellation or medical coverage in the event they contract COVID-19 before or during their trip.
Interest in Cancellation Coverage Spikes
Cancellation protection remains a high priority, as 81% of policies purchased include Trip Cancellation benefits. Now, travelers are willing to spend more for more coverage.
- Pricey Cancel for Any Reason policies offer the most extensive cancellation coverage and account for 22% of all policies purchased, a 552% increase from last year.
Traveler Spending Has Increased
Despite reported travel deals and discounts, travelers are spending more on their trips this year.
- The average cost for international trips is $4,343.66, an 18% increase from last year.
- Domestic travelers are spending 27% more on their trips, with an average trip cost of $3,513.03
Planning Future Trips Further In Advance
Amidst COVID-19, travelers are being cautious and planning trips further in the future.
- With uncertainty surrounding travel restrictions, travelers heading to international destinations are purchasing their policies an average of 4 months prior to their departure, 50% further out than last year.
- Domestic travelers are planning trips 19% further out than last year.
Most Popular Destination Remains the Same
COVID-19 hasn't changed travelers' top destination choice, as the United States remains the most popular destination overall.
- As border closures limited international trips, travelers are insuring more domestic trips than international trips.
- Domestic trips account for 52% of all insured travel booked during the pandemic.
Methodology: Data is based on travel insurance policies purchased through Squaremouth.com between March 12 - September 21, 2020 for all future travel. Statistics reflect year-over-year changes unless otherwise noted.
KEY CURRENT RESOURCE:
Squaremouth.com created the Coronavirus Pandemic Current Event Center which is updated daily with available travel insurance coverage and answers to FAQs as the COVID-19 pandemic 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.
Available Topic Expert: