Have you heard of post-sale travel insurance? The new concept is quickly becoming a vacation rental necessity for vacation rental retailers, property managers, and software providers. In the next three minutes I guarantee that you’ll understand post-sale travel insurance and some of the ways it can help your vacation rental company meet your goals, obtain more profit, and build better relationships with your guests. In addition, we’ll explore a few of the more popular reasons why guests purchase post-sale travel insurance.
What Is Post-Sale Travel Insurance?
Travel insurance is a common way to protect guests from the risks of travel, and most professionals in the vacation rental industry understand how it works. Post-sale travel insurance, on the other hand, is new and different from any other travel insurance products. The primary differentiator is that it can be sold after the booking and final payment date all the way up until 24 hours before the start of the guest’s trip, which benefits both guests and hosts.
What Can Travel Insurance Do For Your Vacation Rental Company?
Post-sale travel insurance offers vacation rental companies an additional revenue stream without having to invest any resources, which means that all of the money generated is pure profit. One software provider estimated that travel insurance could increase their profit per booking by up to 35% and that property managers could increase their profit per booking by 7%.
Guests love a seamless online purchase process, so finding a travel insurance website that fits your brand and is easy for guests to use is the key to earning additional revenue. Some companies will even help you create a customized travel insurance website free of charge and in a matter of minutes.
Post-sale travel insurance is incredibly popular with property managers, because it allows them to protect the long term relationships with their guests. Any travel insurance that prevents guests from purchasing insurance after the final deposit date inherently limits which guests it will cover. What you want is a policy that can be offered to guests up until just before the start of their trip.
Insurance companies are often known as heavily regulated and difficult to work with. However, post-sale travel insurance is just the opposite since it eliminates the need for insurance licensing and signing a contract.
What Can Travel Insurance Do For Your Guests?
Many guests find that post-sale travel insurance provides them with peace of mind when traveling, a rare occurrence for most guests. Furthermore many guests are used to staying in hotels where cancellation conditions are very generous, in comparison to the strict cancellation conditions of vacation rentals.
Post-sale travel insurance claims happen most frequently due to guest injury or illness. Purchasing post-sale travel insurance helps guests protect against accident and medical expenses during their trip, and also protects against emergency medical evacuation. Even if guests have a pre-existing condition, they can purchase a valid policy if it is bought within 20 days after their trip deposit is made.
Post-sale travel insurance is also extremely valuable in case of injury, illness, job loss, or a myriad of other covered reasons that might cause a guest to cancel all or a portion of their vacation rental reservation and/or trip. By purchasing travel insurance the guest immediately transfers all of these cancellation risks to the insurance company.
How To Get Post-Sale Travel Insurance
The best place to begin offering post-sale travel insurance is through www.pablow.com, which will allow you to create a customized travel insurance website in just a matter of minutes without the licensing and contracts as mentioned above. The website they provide is completely free and their affiliate fees are competitive with the rest of the industry. Post-sale travel insurance can be yours in no time!