With a surge of canceled trips due to the COVID-19 pandemic, InsureMyTrip anticipates higher demand for “voucher travel insurance”, once travel resumes. This week, the travel insurance comparison site has already reported an uptick in inquiries from voucher recipients seeking comprehensive travel insurance for future trips.
“Right now, travel vouchers are more commonly issued as travel suppliers temporarily relax cancellation policies due to the uncertainty around the COVID-19 pandemic,” says Ronni Kenoian, marketing and ecommerce manager for InsureMyTrip.
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“While travelers still prefer cash refunds, the good news here is that travelers can opt to insure those vouchers for their next trip — just like they would with a cash form of payment.”
How Voucher Travel Insurance Works
Example: A cruise line cancels a sailing during the COVID-19 pandemic. In lieu of a cash refund, the cruise line offered passengers a $5,000 voucher for a future cruise. A couple who accepted the $5,000 voucher then redeems it for a future cruise that costs exactly the same amount. Airline tickets totaling $650 were then purchased with cash.
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