• Travel Insurance Blog

  • Friday, August 18, 2017

  • Flight Delays Cost Billions of Dollars – Protect Yourself With Trip Cancellation Insurance

    Filed Under: Blogging
If you have traveled by plane recently, you know that delays and cancellations are a very real part of the travel climate. Delays and cancellations occur for a variety of reasons, and when they do, they tend to cost passengers a lot of money. In fact, a recent study suggests they cost travelers billions of dollars each year. One way to guard against these losses is to buy trip cancellation insurance.

The University of California-Berkeley’s Institute of Transportation Studies conducted this research in order to determine the true cost of flight delays. This is important data for consumers to see, because even though many reports have suggested that on-time flights have increased, there is still significant cost involved in delays and cancellations. Major costs like flight re-bookings and hotel accommodations as well as smaller costs like purchasing meals can all add up very quickly as unforeseen, unbudgeted expenses for travelers.

According to the report, $32.9 billion was lost due to cancellations and delays in 2007. Of that total amount, over half was lost by travelers. $16.7 billion is the number they project travelers having spent on new flight arrangements, new hotel accommodations, food, event tickets, and other unplanned expenses.

Trip cancellation insurance offers you protection against these costs. With this type of insurance, if a flight is delayed, a connection is missed, or a trip is cancelled (even by you), then the costs associated with those re-bookings, new hotel rooms, and new event tickets are absorbed by the policy. This is a great source of financial relief for travelers, offering substantial protection against the losses cited in the aforementioned research.

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