Americans More Likely to Purchase Travel Insurance Post-COVID-19

Nearly half of Americans (45 percent) are likely to purchase travel insurance for future trips in the wake of the COVID-19 pandemic, according to a recent survey of more than 2,000 U.S. adults commissioned by NerdWallet examining the crisis' impact on Americans' financial habits.

That figure is significant considering that the study found only one in five Americans (20 percent) indicated that they had insured a leisure trip prior to the pandemic compared to 43 percent who did not purchase or even consider insurance.

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Fifteen percent of respondents said that they considered travel insurance for their getaways prior to the outbreak of COVID-19 but ultimately decided against it.

Despite the coronavirus pandemic's impact on travel plans this year, nearly one-third of Americans (29 percent) are still not likely to insure their next trip, according to NerdWallet's research.

"Whenever we experience events that impact travel, consumers become more focused on how travel insurance may be able to help," Daniel Durazo, Director of Communications at Allianz Global Assistance USA, told TravelPulse last month. "Smart consumers and their travel advisors should learn how travel insurance can help cover losses for non-refundable, pre-paid expenses and add peace of mind to trip planning."

While travel insurance policies typically don't cover fear of travel, the right plan can cover potential medical expenses and reimburse you in the event that your trip is canceled or interrupted due to a plethora of reasons.

Travel has always been somewhat unpredictable but COVID-19 has shown to what extent your plans can be derailed. NerdWallet's research suggests that many American travelers are taking notice.