2021: An Outlook for Travel Insurance Buyers

HBI Blog / 2021: An Outlook for Travel Insurance Buyers

The pandemic has indefinitely changed our way of traveling. However, travelers from around the world are ready for a new adventure and are ready to book a trip this year. If you are one of those people, you need to stay updated regarding the latest changes in travel insurance.

Apart from essential COVID-19 coverage, here are some changes in this year’s travel insurance policies – 

More Focus on Cancellation Insurance

The fact that people are ready to get out of their comfort zone and travel does not mean that they are not cautious. Most people are aware of the random changes in various countries. It is why people are focusing on trip cancellation coverage more than ever. Around 80 percent of travel insurance policies included cancellation coverage. However, in 2021, the number rose to about 95 percent.

Travel Insurance

Specific Travelers = Specific Needs

Travel insurance companies are designing their policies in such a way that they serve the specific needs of specific travelers.

Several travelers are planning their bucket-list trip this year. High-income travelers and millennials are planning on spending a large amount of money this year. Others prefer avoiding public transport and are planning for road trips.

While there are policies for high-income travelers with high limits for medical expenses and emergency medical evacuation, insurance companies have also designed policies for those who are going on a road trip – which excludes travel delay, baggage, and flight cancellation charges.

Something Extra…

Travel insurance companies have started bundling services with their policies to provide utmost convenience to travelers. Several companies are offering concierge services along with their policies, which allow you to get your tickets or make dining reservations for your upcoming trip.

Other companies have taken a step further, and are providing telemedicine services along with their policies. So, even if you are away, the doctor remains a call away.

Lastly, insurance providers are trying to make their policies more transparent than ever. Before the pandemic, it was hard for a customer to understand what was covered and what wasn’t. Now, the time has changed, and the policies are as transparent as possible.

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