NEW YORK, August 21, 2018 — Americans spent nearly $2.8 billion on all types of travel protection in 2016, according to the U.S. Travel Insurance Association, and the demand for travel insurance is expected to continue to grow by double-digit rates, predicts TravelInsurance.com. This growth will be driven by travelers seeking coverage for increasingly common travel disruptions, from airline delays and cancellations to extreme weather and natural disasters.
However, while today’s online shoppers use comparison shopping sites for almost every e-commerce purchase, shoppers using online travel sites aren’t given the same opportunity when it comes to travel insurance. The largest online travel sites and airline sites typically only give consumers a “take-it-or-leave-it” “yes” or “no” checkbox from a single travel insurance provider, which greatly limits a consumer’s options. Whereas, shoppers comparing and buying travel insurance on a comparison site are able to choose from a wide array of providers and plans with differing levels of benefits and pricing, resulting in the purchase of a plan that best meets a traveler’s needs and budget.
Data from TravelInsurance.com, a top travel insurance comparison site, shows that out of those who have purchased travel insurance previously, more than half have purchased through the opaque single option checkbox experience with 30% purchasing from an online travel company and 24% purchasing directly from an airline or hotel. Another 30% purchased from a travel agent, many of whom have preferred relationships with just a single insurance carrier also limiting options for the consumer. Only 16% have purchased travel insurance from an online comparison travel site like TravelInsurance.com.
“These insights are not surprising and explains why travelers continue to be skeptical and confused by the marketplace. It’s exactly why we started our company – to provide a better alternative to the single travel insurance option offered to travelers at the time of their booking,” said Stan Sandberg, co-founder of TravelInsurance.com and a respected authority on travel insurance in the United States. “TravelInsurance.com addresses the frustration of a ‘one-size-fits-all’ approach found at travel site checkouts by giving consumers real choice in an easy and transparent travel insurance shopping experience.”
Travel insurance comparison sites like TravelInsurance.com offer consumers a way to search, compare and purchase from among the most recognizable insurance provider names in the industry and affords a consumer a better chance of finding the right plan at the right price.
Benefits of Comparison Shopping, According to TravelInsurance.com
- Choice: At TravelInsurance.com, we give consumers the ability to compare across multiple plans and multiple vetted providers to help consumers find the right plan for their specific needs, at the right price. In contrast to the single, one-size-fits-all offer at checkout, TravelInsurance.com offers a wide range of plans across a wide range of coverage levels and price points.
- Transparency: Our clean and uncluttered website makes it easy for consumers to quickly compare benefits and coverage amounts between travel insurance plans. Our innovative policy parsing makes the “fine print” easily accessible to consumers and our comparison table enables consumers to compare plans and providers on a true “apples-to-apples” basis, giving consumers the confidence to shop on their own. In addition, travelers can read through tens of thousands of verified customer reviews, to get a better idea of how well certain providers treat our customers when it comes to customer service and claims processing.
- Value: TravelInsurance.com gives consumers the possibility of saving money by taking advantage of pricing differences between insurance carriers for plans that have comparable benefits and coverage limits. In addition, travel insurance plan prices are regulated by state laws, so travelers won’t find the same plan found on TravelInsurance.com at lower prices elsewhere.
“TravelInsurance.com was designed to eliminate the unnecessary complexity from traditional and mostly frustrating travel insurance sales,” continues Sandberg. “Our quick and simple quote form, true ‘apples-to-apples’ comparison table, and links to benefit and coverage details make it easier for a consumer to find what they want quickly and at a price that fits their budgets.”
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