Pro Advice For Buying Travel Insurance In 2023


Doris Hoffmann has her sights set on a river cruise in 2023. And like so many travelers, she plans to pack a reliable travel insurance policy.

But which one?

On a $3,000 cruise, policies will cost her between $200 and $250, which she considers reasonable. She’s narrowed the choices down to policies from Allianz and Trawick.

“I was hoping to get some information about the companies and their claim payment history before I make a decision,” says Hoffmann, a nurse from Winter Springs, Fla.

Fortunately for Hoffmann, both companies have excellent customer reviews and pay their claims promptly.

In many ways, Hoffmann is a typical travel insurance customer. She’s aware of the potential dangers but also careful about choosing a travel insurance company for her purchase. And there’s the added uncertainty for 2023, as a possible recession, more geopolitical trouble and the continuation of the pandemic add to traveler worries.

“Consumers have a heightened awareness and understanding of travel insurance because of the pandemic,” says Beth Godlin, president of Aon Affinity Travel Practice. “And, along with that, there’s an increased focus on protecting their financial investment in travel as well as their health, safety and security.”

What’s different about 2023 for travel insurance?

In part one of this series, I asked if you need insurance next year (short answer: You probably do). But what are some of the trends shaping travel insurance in 2023? What are some of the things would-be travel insurance customers need to know? I asked the experts.

“Travel is changing,” says Christina Tunnah, general manager of marketing and brands at World Nomads. “Prices are rising, which reflects both increased demand along with supply constraints, and inflationary pressures in the economy generally. And this means that travelers need to ensure they have the right level of coverage before they leave home.”

A recent survey of U.S. travelers showed that travel intent over the next 12 months is increasing. Last June, 67% of travelers said they were ready to travel. But by September, it had risen to 74%.

“Moving into 2023, the travel industry continues to rebound,” says Megan Prescott, a product manager at AXA Partners U.S. “There is no doubt the travel landscape has shifted, including an increased interest from travelers in protecting their trip investments. Trip delay benefits are becoming more sought-after as travelers are experiencing a higher frequency of flight cancellations and delays. This trend will likely continue until the airline industry has fully recovered, which could be as late as 2024.”

So what does that mean for travel insurance in 2023? Here’s what experts said:

More people will need travel insurance

“Travel is getting more and more expensive,” says Laura Heidt, the insurance desk manager at Brownell Travel. “So the investment is higher, and they are interested in protecting their investment.” It’s gotten to where insurance is a must-have for trips costing more than $3,000. The…



Read More: Pro Advice For Buying Travel Insurance In 2023

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Live News

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.