How Economic Shifts Should Change the Way Travelers Buy Insurance
MINNEAPOLIS, May 13, 2025 /PRNewswire/ -- As economic uncertainty continues to influence markets, travelers face new challenges when booking trips. Recent data from Yonder Travel Insurance shows that 53% of travelers book trips six months or less in advance, reflecting caution driven by fluctuating prices and uncertainty about the future. However, the remaining travelers who book farther out face a longer gap before departure, increasing their risk of cancellation due to economic and political shifts.
Additionally, travelers are requesting quotes 12% sooner after their deposit date, showing growing awareness of travel insurance's value. However, with an average of 42 days passing between their initial trip deposit and first quote, many travelers are still missing the critical 21-day window needed to secure time-sensitive benefits.
Must-Have Travel Insurance Benefits for Today's Unpredictable Economy
With more Yonder Travel Insurance customers opting to add Cancel for Any Reason (CFAR) coverage to trips departing after May 1, it's clear that flexibility is a top priority. Moreover, a notable 12% increase in domestic travel this summer reveals that travelers are looking for safer, more controllable options.
The travel insurance experts at Yonder emphasize several critical benefits travelers should consider during economic fluctuations, including:
- Bankruptcy Coverage: Protects travelers if a travel supplier goes bankrupt.
- Non-medical evacuations: Covers emergency evacuations unrelated to health issues, like political and natural disaster events.
- Level 4 Advisory Coverage: Offers protection if "Do Not Travel" government travel advisories occur at your destination within 30 days of your departure.
- Natural Disaster Coverage: Safeguards against disruptions caused by weather or environmental events before or during your trip.
- Cancel for Any Reason (CFAR): Provides the ultimate flexibility to cancel for reasons beyond standard policy terms. Yonder Travel Insurance reports that 16% of their customers opted for CFAR coverage this summer.
How to Get Proper Coverage When Markets Are Volatile
Travel insurance experts at Yonder also recommend several strategies to ensure travelers are properly protected:
- Purchase Early: Securing coverage as soon as possible after booking your trip maximizes benefit options and protects your trip costs right away.
- Opt for CFAR: When flexibility matters, CFAR coverage offers cancellation for reasons related to civil unrest, war, change of mind, inadequate weather, fear of travel, political instability, and more–all things not normally covered under standard trip cancellation.
- Consider Upgrades: Evaluate policy optional add-ons that address specific risks like additional medical expense coverage, rental car damage coverage, or higher travel delay maximums.
- Review Policy Language Carefully: Understand exclusions and coverage limits so there aren't surprises during the claims process.
- Compare Plans: Shop around to find the best fit for individual travel needs on a comparison site like Yonder Travel Insurance, where you can filter for specific benefits and plans curated to your travel style.
The experts at Yonder Travel Insurance have poured over hundreds of policies from the best travel insurance providers in the US to provide the best travel insurance recommendation for how YOU travel.
Contact:
Meagan Palmer, Marketing Director
(952-358-6459)
meagan@insureyonder.com
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SOURCE Yonder Travel Insurance