Travel Insurance will without a doubt be an essential purchase for any future vacations or business travel. Offering insurance policies and flexible cancelations is the future of hotel and vacation rental reservations. Offering these services will be extremely valuable for Hoteliers and vacation rental owners going forward and will differentiate from other properties in your area. Travel professionals need to create a new level of trust and transparency with clients and guests and this is a huge step in the right direction. I wanted to talk to a few travel insurance industry professionals to help shed some light on why it is so important and how easy it is to purchase.
How did Travel Insurance Master Start? What was the inspiration to create a travel insurance platform?
Chelsea: Travel Insurance Master started from a great idea worked out in a brick-and-mortar travel company. The travel insurance question has always been something we've discussed regardless of the type of travel. We've learned that people have little understanding of travel insurance coverage and really needed advice. They (travelers) want to spend little to nothing on their travel insurance, which they could easily forget the amount spent. So we decided to place that way of thinking online to help people select the insurance the cheapest among the best coverage is for them. I think we realize that people really needed a way that was intuitive to help travelers understand travel insurance and what was available to them. If you've never purchased travel insurance or if this is the hundredth time, our site just makes it super easy.
How have travel bans and stay-at-home borders affected the travel insurance industry?
Chelsea: Well, it's really been affected the same way it affected travel. Travel cancellations caused the travel insurance cancellation sometimes in the form of refunds and sometimes in the form of Future travel credit. Covid-19 as well as pandemic and general as an exception for all travel insurance companies. So cancellations due to the covid-19 concerns have not been covered and left to cancel anytime options have been purchased previously. However, if customers were to become ill either before or during their travels, it would be covered either under their trip cancellation or emergency medical plan.
Have you seen insurance companies adjust their policies post covid-19 or are they trying to start a stick with the model they've been working with?
Alex: The travel insurance companies have a cancel any reason option. This option could be up to 75%- 80%. They (insurance companies) lost so much money on the 75%- 80% that they are actually closed that option for now. The maximum you can purchase for a cancel any reason is a 50% coverage.
Why is it important to purchase travel insurance this summer & fall?
Chelsea: I think right now is we've seen across the nation and worldwide the risk of contracting covid-19 is not really getting any smaller. So if the traveler becomes ill with Covid-19 before or during their travel, it would be covered either under trip cancellation or that emergency medical claim. So it's a no-brainer for future travels, especially this summer and fall.
Could you walk me through the process of how I would purchase travel insurance for a family vacation this summer?
Chelsea: Absolutely, so it's really simple to work basically a one-stop-shop. We work with providers and have a really easy to use the search engine. You will visit our website and plug in your destination, dates, and trip cost (pic #1). From there, you'll enter the number of travelers, their age, their citizenship, and where they live (pic #2). Then, you'll enter your trip deposit and payment details. Now, this is where the Smart algorithm kicks into gear. You'll be recommended a plan for the maximum coverage for your money (pic #3). I love that the filters that you'll see on the side can customize exactly what you're looking for as well as break down how each plan compares side-by-side but that means a plan that's recommended is usually the best one right there in front of you. You go ahead and complete your purchase and payment.
Do you see travel insurance premiums changing depending on the season or area of the country?
Alex: I don't see the policy prices changing depending on where the quote is because the current situation is changing really quickly. The insurance companies cannot adapt (fast enough) to that change.