Travel insurance comparison site Squaremouth looks at how the Covid-19 vaccine is affecting the way travelers approach their travel in 2021.
Travelers Spend More on Travel
Since the vaccine’s launch, American travelers are spending 10% more on their travels on
average.Due to the extreme uncertainty caused by the Covid-19 pandemic, travelers had been more hesitant than usual in spend money on travel. In the midst of the vaccine launch, Squaremouth reports that travelers are regaining their confidence.
On average, American travelers are spending $ 338 more per trip over the past three months. Travelers now spend more than $ 3,800 per trip, a 10% increase over the three months before the vaccine.
Travelers plan ahead
The average traveler purchases travel insurance more than 70 days before their trip.
Since the launch of the vaccine, travelers plan their trips much earlier. The average traveler buys their travel insurance policy 71 days before leaving for their trip. Before the vaccine was available, the average traveler purchased their policy 58 days before their trip.
Travelers are more willing to take shorter trips.
Average travel length has decreased by 20% since the vaccine was launched.
Travelers are still willing to travel, despite facing a whole new layer of challenges that comes with traveling during a pandemic. Although American travelers are planning and booking more trips, Squaremouth data shows that their trips are noticeably shorter.
In the three months since the vaccine was made available to the public, the average insured trip through Squaremouth.com is less than 16 days. This is more than 20% less than the previous three months, when the average duration of the trip was almost 20 days.
Squaremouth maintains a broad portfolio of travel insurance products offering coverage related to the Covid-19 pandemic, including cancellation and emergency medical benefits for contracting the virus, and coverage for cancellation for any reason. Travelers can search for policies that include Covid-19-related coverage, including cancellation for any reason, here.
Methodology: Squaremouth.com is home to the largest number of travel insurance providers and policies offering coverage related to the Covid-19 pandemic. Squaremouth Analytics has compared thousands of travel insurance policies purchased before and after a pandemic to identify changes and trends in travel insurance.