Trends in Travel Data and Insurance

 According to the latest buying data from InsureMyTrip, more travelers are buying Cancel For Any Reason (CFAR) travel insurance coverage.

Travelers Buying Cancel For Any Reason Coverage

April 2021
Added CFAR Coverage: 16%
Median Age: 48

Mar 2021
Added CFAR Coverage: 14%
Median Age: 49

Feb 2021
Added CFAR Coverage: 7.5%
Media Age: 46

Jan 2021
Added CFAR Coverage: 8%
Median Age: 48

Source: InsureMyTrip Research, based on all comprehensive travel insurance policies sold on the travel insurance comparison website. The latest data shows 16 percent of all policyholders are now investing in CFAR. That's the highest percentage so far this year. 

"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."

Cancel For Any Reason is an add-on optional time-sensitive benefit, available on some plans. It offers the most trip cancellation flexibility. Full terms of coverage will be listed in state-specific policy. If eligibility requirements are met, reimbursement is typically up to 50-75 percent of the pre-paid non-refundable trip cost. (Note: coverages are governed by the specific plan certificate.)

"Fully vaccinated people are excited about the possibility to reunite with family members and fly again," says InsureMyTrip Vice President of eCommerce Cheryl Golden. "We also realize that travel guidance — both in the US and abroad — is subject to change. Due to this uncertainty, we do strongly recommend that travelers consider CFAR to be better prepared for the unexpected."

Trending Destinations 
Travel insurance demand is highest for close-to-home international destinations, like Mexico and the Caribbean. Here are top destinations as of last week, based on the number of travel insurance policies sold:

1. United States - Mainland

2. Mexico

3. Costa Rica

4. United States - Hawaii

5. Dominican Republic

6. Israel

7. Iceland

8. Turks and Caicos Islands

9. Caribbean

10. Bahamas

11. Virgin Islands, U.S.

12. Aruba

13. Jamaica

14. Puerto Rico

15. United States - Alaska

Source: InsureMyTrip Data