ST. PETERSBURG, Fla., July 9, 2015 /PRNewswire/ -- The tourism industry is feeling the impact of Greece's economic crisis as travelers reconsider visiting the popular destination. Squaremouth, America's fastest growing travel insurance comparison site, explains why insurance may offer little relief to travelers visiting Greece.
Current Events Mostly Not Covered
The Trip Cancellation benefit within a travel insurance policy is designed to reimburse travelers who are unable to take their trip due to an unforeseen event. But before this benefit becomes available, the event must trigger one of the policy's "covered reasons".
In most cases, the recent events in Greece have not been enough to meet such triggers. This means, there may not be coverage for travelers who want to cancel their trip under the standard Trip Cancellation benefit, unless they are impacted by a "covered reason". Examples of covered reasons include financial default of a travel supplier or strike of a common carrier.
"In order for cancellation to be covered, an event must occur that would reasonably impact a traveler's ability to reach their destination," explains Squaremouth Director of Marketing, Megan Singh. "While the current situation in Greece may not be ideal, cancelling would most likely come down to fear or concern about the destination. This is never enough to trigger standard cancellation."
The Costly Cancellation Safety Net
For travelers who have booked a trip to Greece within 30 days, there is one insurance option that may offer peace of mind.
Cancel for Any Reason is an upgrade available on some travel insurance policies if they are purchased within 30 days from a traveler's first booking. This allows travelers to cancel their trip for reasons that aren't covered under standard Trip Cancellation, including fear or uncertainty traveling to Greece. But with that additional coverage, comes a hefty price tag.
Cancel for Any Reason adds about 40% to the price of the policy, it also requires 100% of the cost of the trip be insured. In order for a traveler to cancel under this benefit, they must do so within 72 or 48 hours before their departure.
"We have over 100 travelers scheduled to visit Greece later this year," adds Singh. "Unfortunately for those who have booked trips more than 30 days ago, it is too late to be eligible for Cancel for Any Reason."
To keep travelers informed about travel insurance coverage options for the crisis in Greece, Squaremouth has launched the Grecian Economic Crisis and Travel Insurance Information Center. This is updated with official insurance provider position statements, frequently asked questions, and travel warnings.
Squaremouth is an online company that compares travel insurance products from virtually every major travel insurance provider in the United States. Using Squaremouth's comparison engine and third party customer reviews, travelers can research and compare insurance products side-by-side. More information can be found at www.squaremouth.com.
AVAILABLE TOPIC EXPERT: