After years of wait and delays, many retirees are planning to travel for the holidays and winter months.
If the traveler is spending $5,500 on average for a trip for two, they are buying travel insurance, says Megan Moncrief, chief marketing officer for SquareMouth.com, a travel insurance aggregator website. That total trip dollar amount has been “fairly consistent,” but went down just a bit since the pandemic.
Janet, who is in her mid-70s, booked a long-awaited cruise of Norway back in 2019, and she and her husband still haven’t taken the trip, in part, because they were reluctant to travel abroad this year. Since they ended up postponing their trip, the insurance company gave them a full refund for the insurance. Meanwhile, they have the voucher to cruise in 2023, and will have to reassess whether to buy insurance for the entire trip.
However, if you want more coverage that allows you to cancel for reasons such as you are fearful of contracting COVID-19, experts advise purchasing additional coverage that includes “cancel for any reason. His estimate for the cost of travel insurance is 2% to 4% of the cost of the travel. The trip cancellation coverage includes reimbursement of prepaid, nonrefundable expenses if you cancel your trip for a covered reason. The post-departure benefits include medical, evacuation, lost baggage, and trip delay coverage. It’s possible to buy evacuation insurance separately but not all companies offer it as a separate purchase.
With post-departure benefits, how much coverage is needed varies. “It’s really a personal decision,” says Erma Crock, senior director of product management, operations, and underwriting for Nationwide Specialty.
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