Market Overview

Mandatory Travel Insurance Isn't Always Enough, says Squaremouth

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ST. PETERSBURG, Fla., Nov. 13, 2020 /PRNewswire/ -- Caribbean countries are seeing a spike in American tourists due to widespread border closures amid the coronavirus pandemic.

In light of this increase in tourism, three of these popular destinations - The Bahamas, Jamaica, and Aruba - now require travelers to purchase insurance. However, travel insurance comparison site, Squaremouth, explains why this required coverage may not offer enough protection for travelers' one main concern.

Required Plans Only Offer Medical Benefits

The coverage provided by mandatory insurance is often limited, as it typically only covers medical emergencies that occur in the destination.

"It's not uncommon for countries to require visitors to have some type of travel insurance," explains Squaremouth CMO, Megan Moncrief. "Earlier this year, we predicted more countries would begin requiring visitors to have medical coverage, due to the extensive treatment Covid-positive visitors may need."

With a drastic shift in open destinations, three of Squaremouth's current top 10 destinations require their own form of government-issued medical insurance upon entry.

Most Popular Coverage Not Included

While this medical coverage can save travelers money in the event they require treatment, it doesn't offer additional, in-demand benefits.

Following the impacts of COVID-19, the majority of travelers are prioritizing trip cancellation coverage to protect their investments. 80% of all travel insurance policies purchased since the pandemic began have included coverage to cancel a trip.

Cancellation coverage has become so important to travelers, they are willing to pay more in order to have complete flexibility to cancel. Squaremouth reports a 524% increase in policies purchased with the Cancel for Any Reason upgrade which allows travelers to cancel their trip up until 2 days prior to departure and receive 75% reimbursement.

Travelers visiting these destinations that also want cancellation coverage can save money by purchasing a policy that includes trip cancellation benefits with low or no medical coverage.

Methodology: Data is based on all travel insurance policies purchased through Squaremouth.com between March 12November 5, 2020, for all future travel. Statistics reflect year-over-year changes unless otherwise noted.

KEY CURRENT RESOURCE:

Squaremouth.com created the Coronavirus Pandemic Current Event Center which is updated daily with available travel insurance coverage and answers to FAQs as the COVID-19 pandemic evolves.

ABOUT SQUAREMOUTH

SQUAREMOUTH compares travel insurance policies from every major travel insurance provider in the United States. Using Squaremouth's comparison engine and third-party customer reviews, travelers can research and compare travel insurance policies side-by-side. More information can be found at www.squaremouth.com.

Available Topic Expert:
Kasara Barto
kbarto@squaremouth.com

Cision View original content:http://www.prnewswire.com/news-releases/mandatory-travel-insurance-isnt-always-enough-says-squaremouth-301172853.html

SOURCE Squaremouth

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