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Data: More Travelers Buying Cancel For Any Reason Coverage

Direct News Source

InsureMyTrip reports a significant spike in travelers seeking travel insurance with Cancel For Any Reason (CFAR) coverage over the past several weeks. The percentage of travelers purchasing policies with a Cancel For Any Reason upgrade has doubled since January 2021, according to the latest data.

"Fully vaccinated Americans are starting to book trips again, but appear to be more inclined to seek maximum trip cancellation flexibility," says InsureMyTrip Product Manager Meghan Walch. "While Cancel For Any Reason coverage does tend to cost more than a traditional travel insurance policy, more travelers are now opting to make that investment."

Upgrading Travel Insurance
Based on all comprehensive policies sold on InsureMyTrip since 2021, the percentage of travelers opting to add-on Cancel For Any Reason coverage has continued to trend upward. In April 2021, 16 percent of all policyholders invested in CFAR. These policyholders also tend to be in their 40s.

This press release was sourced from InsureMyTrip Research on 10-May-2021.