Skip to content

Covid Forced Half Of Americans To Cancel Trips; 8 in 10 Lost Money – Forbes Advisor

Key Takeaways

  • Almost half of Americans lost between $500 to $1,500 last year because of canceled trips.
  • But Americans remain upbeat about 2022 travel, with over a quarter saying they have a trip already planned.
  • Two-thirds are more likely to buy travel insurance now compared to pre-pandemic.

Hope springs eternal for travelers in 2022 as the majority of Americans surveyed are gearing up for trips this year despite Covid-related setbacks in the past and concerns about variants in the future.

A new survey by Forbes Advisor found that 50% of adult Americans have canceled a trip due to Covid. Of those who canceled trips, 83% lost money as a result.

Most of those who forfeited trip money because of Covid lost at least $500, with many losing at least a few thousand dollars.

Compare & Buy Travel Insurance

If you lost money as a result of a canceled vacation due to Covid-19, how much did you lose?

Happy Trails for Travelers in 2022 After a Challenging Year

Even in the wake of trip cancellations and bruised budgets, Americans remain upbeat about travel plans for 2022. More people are hitting the reset button for trips this year than are waiting for Covid worries to ease, our survey found.

Twenty-eight percent of Americans have already planned trips for 2022, and 31% have trips in mind.

Are you planning to take a vacation in 2022?

This optimism is mirrored in our survey’s findings about international travel. Almost 60% of Americans feel less fearful about international travel in 2022 than they did in 2021.

To what extent do you agree or disagree with the following statement: “I am less fearful of international travel in 2022 compared to 2021”?

However, many Americans are still burdened by Covid concerns when it comes to traveling: 70% have worries about Covid variants affecting their travel plans this year.

To what extent do you agree or disagree with the following statement: “I am worried about a new Covid variant impacting my travel plans in 2022”?

Travel Insurance May Be the Ticket

As Americans get ready to reboot travel plans for 2022, most said they are more likely to buy travel insurance now compared to before the pandemic.

Are you more or less likely to purchase travel insurance now compared to before the start of the Covid pandemic?

Travel insurance purchases are already in the works. Thirty-eight percent of those surveyed have purchased or plan to purchase travel insurance for a trip in 2022.

More men (53%) than women (28%) have already purchased or plan to buy travel insurance.

Do you plan to, or have you already, purchased travel insurance for a trip in 2022?

Confusions about Travel Insurance

While most travel insurance plans now include Covid-related trip cancellation insurance, not all do. That means you need to be sure Covid coverage is included if you want it in a travel insurance plan. Our survey found that half of people believe all travel insurance plans include coverage for Covid-related cancellation—an assumption that could result in a policy purchase that leads to a surprising claim denial.

Do you believe trip cancellation insurance reimburses you if you cancel a trip because you contract Covid?

Travel medical insurance for Covid is also a confusing matter: 44% of those surveyed believe all travel insurance plans provide medical coverage for Covid. Most plans do, but it’s smart to verify. Inadvertently choosing a plan without the right coverage could be a very costly mistake for folks who contract Covid on a trip and find out their medical bills won’t be covered by their travel insurance.

Do you believe travel insurance reimburses you for medical expenses if you contract Covid during a trip?

Related: Best Covid-19 Travel Insurance Plans

How Travel Insurance Protects You and Your Trip Investment

A comprehensive travel insurance plan will package together a variety of useful coverage types. The best travel insurance plans will include the following.

  • Trip cancellation insurance: Reimburses you 100% if you cancel a trip for a reason listed in the policy. Make sure your plan covers Covid-related trip cancellation.
  • Travel medical insurance: Pays for emergency medical expenses if you get ill or are injured on your trip. This can include doctor and hospital bills, medicine and lab work. Make sure your travel medical insurance includes coverage for Covid-related medical costs.
  • Emergency medical evacuation: Emergency medical evacuation insurance pays for a medevac to get you to the closest medical facility that can treat your condition. Your travel insurance company’s emergency assistance team can also arrange for the transportation.
  • Travel delay insurance: Reimburses for extra costs due to a delay, such as a hotel room for an overnight delay.
  • Travel insurance interruption: Can pay for a last-minute flight home in an emergency and money that you lose by cutting a short trip, such as non-refundable activities and hotel stays.
  • “Cancel for any reason”: This optional upgrade expands the reasons that you can make a trip cancellation claim. “Cancel for any reason” coverage typically reimburses 50% or 75% of your lost trip costs.

Related: Understanding Travel Insurance Coverage For Covid Test Problems, Border Closures, Travel Advisories And Quarantines

Survey Methodology

This online survey of 2,000 US adults was commissioned by Forbes Advisor and conducted by market research company OnePoll, in accordance with the Market Research Society’s code of conduct. Data was collected between Feb. 4 and Feb. 7, 2022. The margin of error is +/- 2.2 points with 95% confidence. This survey was overseen by the OnePoll research team, which is a member of the MRS and has corporate membership with the American Association for Public Opinion Research (AAPOR). For a complete survey methodology, including geographic and demographic sample sizes, contact pr@forbesadvisor.com.

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, although offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. First, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market. Second, we also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. . Here is a list of our partners who offer products that we have affiliate links for.

Leave a Reply

Your email address will not be published.