COVID-19 Travel Insurance Becoming More Popular
COVID-19 travel insurance policies are becoming more popular as more people are growing comfortable with flying. Several countries are also requiring tourists and visitors to obtain COVID-19 coverage.
The market for all types of COVID-19 travel coverage is estimated to be between $30 billion to $40 billion a year, according to Robyn Ingle, a travel insurance consultant. COVID-19 travel insurance typically covers up to $100,000. The policies may also include coronavirus testing costs and services like evacuation or local burial or cremation. Insurers introduced these benefits in mid-2020, and they are sold either as add-ons or as separate policies with coverage for illness or quarantine.
Jeremy Murchland, president of travel insurance company Seven Corners, says a travel insurance plan that includes trip protection, medical expense coverage for COVID-19, and protection for baggage and personal effects typically costs 4% to 8% of the dollar value of the trip.