WARWICK, R.I., March 12, 2024 /PRNewswire/ — Spring Break is upon us, and eager college students and families are taking much-needed getaways. According to data from InsureMyTrip, travelers are seeking out both tropical and culturally-rich destinations this year.
Top 10 International Spring Break Destinations:
- Mexico
- Bahamas
- Italy
- Caribbean
- United Kingdom
- Japan
- France
- Spain
- Portugal
- Dominican Republic
No matter where spring vacationers end up – they’re paying more. According to InsureMyTrip researchers, the average Spring Break trip will cost policyholders nearly 27% more this year over last. And, looking ahead to the summer – prices are expected to surge even more.
Right now, the average summer vacation will cost policyholders $9,254*. That’s up from $8,824 in 2023 and $7,947 in 2022.
While the increase in cost doesn’t seem to be deterring travelers, it’s important to protect that financial investment. Here are three ways a travel insurance policy can act as a vital safeguard as prices rise.
1. Medical Expenses
Most domestic health insurance policies will not cover medical expenses when traveling abroad. Having a travel insurance plan that includes emergency medical can offer reimbursement for additional expenses in the event of a covered and unexpected injury or illness-including COVID-19, during the trip.
While emergency medical evacuation coverage may provide transportation assistance to the nearest appropriate care facility if the initial hospital can’t properly treat you.
2. Travel Delays, Cancellations, and/or Interruptions
These benefits are part of a comprehensive travel insurance policy which also includes travel medical and baggage benefits.
- Flight Delay – This benefit provides reimbursement for reasonable meal, and accommodations while you are unable to travel.
- Trip Cancellation – A benefit that provides reimbursement for cancellation of a trip for an unforeseen, covered reason. Every policy is different and lists covered reasons for a cancellation within the policy.
- Trip Interruption – This benefit can provide reimbursement of the unused portion of pre-paid, non-refundable trip costs if your travels are unexpectedly cut short.
MORE: Comprehensive Travel Insurance Plans
3. No Longer Want to Travel
With fluctuating economic conditions, you may decide it best to forego that summer vacation. However, you likely won’t get back the money you’ve already paid on a trip – if your reason for canceling isn’t covered. That is, unless you added on the optional “Cancel for Any Reason” (CFAR) benefit.
Cancel for Any Reason is an upgrade offering the most trip cancellation flexibility. It is the only option available to cover travel fear or changing your mind. If eligibility requirements are met, reimbursement is typically 50% – 75% of the insured prepaid non-refundable trip costs (available in most states).
MORE: Cancel for Any Reason Travel Insurance
Reporters can request an interview or quote from InsureMyTrip CEO Suzanne Morrow by contacting [email protected].
*Methodology: Data based on travel insurance policies purchased through InsureMyTrip between Jan. 1 – March 4, for trips departing between June 1 and August 31 of 2022, 2023, and 2024.
About InsureMyTrip
You like options. We do too. It’s simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.
SOURCE InsureMyTrip
