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Why You Might Want Travel Delay Insurance This Year
Why You Might Want Travel Delay Insurance This Year-November 2024
Nov 11, 2024 11:41 AM

Interest in travel insurance is high — and for good reason. Over the last few years, we’ve seen the travel industry shrink, expand and then nearly explode with demand. All these changes come packed with uncertainty, leaving travelers to worry what will happen in the event that things go sideways.

So what kinds of coverage are people looking for when they're shopping for travel insurance? Let’s take a look.

Cancel For Any Reason (CFAR) insurance is on the decline

Popular during the pandemic, CFAR insurance allows travelers to, well, cancel for any reason. It’s an optional add-on to other travel insurance packages and can provide reimbursement for you should your travel plans change. CFAR insurance is different in that it doesn’t require a covered event to apply; you can simply wake up one day, change your mind, and get your money back.

Compared to 2021, data from insurance aggregator Squaremouth shows that searches for CFAR insurance have dropped by 37% in 2022. This makes sense; as countries have reopened their borders and travel restrictions have dropped, more travelers are confident that they’ll actually make it to their vacations.

Travel delay coverage growing in importance

You know what people are confident about? If you had your eye on the news this summer, you’ll know. Interest in travel delay coverage grew by 74% in 2022, thanks to ongoing chaos as understaffed organizations attempt to meet massive travel demand.

Trip delay and trip interruption insurance will reimburse travelers in the event that their plans are altered by events beyond their control. This means that if the airline delays and eventually cancels your flight, leaving you stranded overnight in the airport, trip delay insurance will pay for your hotel. It’ll also usually cover food and reasonable expenses incurred by the delay, such as the purchase of a toothbrush, deodorant and clothing.

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