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More Travelers Buy Cancel for Any Reason Coverage

May 21, 2021

Seven Corners News

Data researchers at the US travel insurance comparison site show the percentage of travellers purchasing policies with a CFAR upgrade has doubled since January 2021.  

“Fully vaccinated Americans are starting to book trips again but appear to be more inclined to seek maximum trip cancellation flexibility," said InsureMyTrip Product Manager Meghan Walch. "While CFAR coverage does tend to cost more than a traditional travel insurance policy, more travellers are now opting to make that investment.”  

People in their 40s opt for CFAR products 

Based on all comprehensive policies sold on InsureMyTrip since 2021, the percentage of travellers opting to add on CFAR coverage has continued to trend upward. In April 2021, 16 per cent of policyholders invested in CFAR. Policyholders opting for CFAR also tend to be aged between 46 and 49 years old.  

“Fully vaccinated people are excited about the possibility to reunite with family members and fly again,” said Vice-President of eCommerce Cheryl Golden. “We also realise that travel guidance – both in the US and abroad - is subject to change. Due to this uncertainty, we do strongly recommend that travellers consider CFAR to be better prepared for the unexpected.” 

Meanwhile, US travel insurer Seven Corners released data around travel insurance trends in consumer purchasing habits throughout 2020, and the Covid-19 pandemic, showing people still want to travel. 

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