The coronavirus is changing travel insurance.
What is Travel Insurance?
Travel insurance comes in all shapes and sizes, and each policy and company covers different things.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you could easily return later.
Well keep it updated as offers changes or expire.
Some covered reasons can include:
Notice that pandemic isnt on either list.
Our plans dont let you cancel because youre afraid to travel.
You will only get 75% of your insured trip costs back, Barto says.
Why is COVID-19 Not A Covered Reason?
Insurance is designed to cover the unexpected.
You cant buy hurricane coverage once a storm is on its way or car insurance after an accident.
Many travel insurance companies are looking at COVID-19 the same way.
When something becomes a foreseen event, it is no longer unexpected.
There are some ways COVID-19 might be covered.
Or if you were on your trip, we would pay for you to come home again.
But cancellation is not the only reason to buy travel insurance.
The Future of Travel Insurance
Travel insurance companies are adapting and evolving.
For example, the list of covered reasons may change, as it has over time.
Barto says before 9/11, terrorism was usually not a listed reason but it often is now.
Like Rosenberg, Barto anticipates other changes to policies after the pandemic.
But change wont happen instantly.
Buggy says the likelihood of travel insurance companies covering all things coronavirus is slim.
We always want to keep our plans economically feasible.
Rosenberg stresses the importance of vetting providers.
She suggests asking customers received refunds or were allowed to transfer policies to another trip at a later date.
It sounds appealing right?
Check it out here!