Booking your 2023 travel? Here's how to protect your trip

If one of your New Year's resolutions was to travel more, then don't delay. Start your search for affordable airfare, hotels and excursions now. After all, you're not the only one planning to fly in 2023.

If you want to avoid the possible headache of a canceled trip or losing money in general, then consider buying travel insurance. With travel insurance, you have control over what's covered and can protect your wallet in the event of an unforeseen event or emergency. 

You can search dozens of policies based on your trip information with the click of a button via travel insurance marketplace Squaremouth. Search now!

How to protect your trip in 2023

There are many benefits that come with comprehensive travel insurance, including trip cancellation, which will allow a traveler to request up to 100% reimbursement if they need to cancel their trip for a variety of covered reasons. You also have the option to get extra coverage if you upgrade your plan — for things like Cancel For Any Reason and Pre-Existing Condition coverage — if you deem it necessary.

The cost of travel insurance varies depending on your plan, but it should typically cost you between 5% to 10% of your trip costs, Squaremouth says. But there are plenty of ways to save money. And remember, you should only get travel insurance that's essential. Don't over-insure your trip.

Like your vacation, each policy is unique. So, you should compare multiple providers and plans before making a decision. Fortunately, sites like Squaremouth make it easy. Insert your trip and passenger information to view dozens of options, which you can rank from lowest to highest price.

Here are five tips Squaremouth gives to travelers before filing insurance claims:

1. Reach out to your travel insurance provider immediately
2. Gather the paperwork from your trip in advance (receipts, proof of purchases, etc.)
3. Get documents that show you canceled your trip
4. Provide as many relevant details as possible on your claim form
5. Don't be surprised if you're asked to provide further information or documentation 

Should you get travel insurance?

If you're traveling abroad or during a popular travel window (such as the holiday season) when there are increased chances of trip cancellations or delays, then you probably want to get travel insurance.

There are four main factors that affect the price tag of your travel insurance:

1. Total trip expenses
2. Age of the passenger(s)
3. Trip length 
4. Coverage amounts

You should take all of these things into account when determining whether or not you should invest in travel insurance. Consider the possible risks and issues that could arise during your trip and determine if it's worth the cost to have an extra layer of protection that ensures you won't lose any cash.

Along with the type of coverage you'll need, you'll also want to think about what you can realistically afford and whether your destination requires it. In some countries, travel insurance is essential (mainly for medical coverage, since your insurance plan may not cover you in the event of an injury or illness abroad).

Basic comprehensive coverage includes benefits such as trip cancellation and interruption, emergency medical coverage, evacuation coverage, loss or delay and more. To get the most competitive pricing and the coverage you need, search from multiple travel insurance providers at once to find a plan that meets your needs.

"People are now more knowledgeable about the unpredictable nature of their everyday lives, which can be affected by natural disasters, terrorism or even an illness in their family, so they are drawn to solutions that will mitigate these problems," Immediate Past President Jon Ansell of the U.S. Travel Insurance Association (UStiA) said in a news release. "Savvy, experienced travelers know the value of travel insurance and assistance, and use it to improve their overall travel experience."

"At the same time, we are concerned about how few people realize their healthcare policies provide very little if any, out-of-country medical coverage, and some don't cover you if you are traveling more than 100 miles from home," Ansell added.

What to expect in 2023

More travelers are expected to hit the sky in 2023, with airline capacity estimated to surpass 2019 levels in the first quarter of 2023 alone — and prices for certain destinations may follow, according to the American Express Global Business Travel (Amex GBT) Air Monitor 2023 report, which highlights air travel industry trends.

In 2022, the demand for travel rebounded (and so did ticket prices). "According to the U.S. Consumer Price Index (CPI), airfares were rising twice as fast as general inflation as a result of high oil prices, workforce shortages and reduced airline capacity," the Air Monitor 2023 report explains.

While the Air Monitor 2023 report suggests in the U.S. "prices rises should moderate in 2023" as capacity increases, there are still some areas that are expected to see air price costs rise: