On the road again: Summer road trip safety tips

Not even the pandemic can stop the nearly 85% of Americans expected to take a road trip this summer.

According to the Expedia report, 72% of survey respondents specifically said they’re choosing to go on a road trip this summer because it feels safer than flying.

Summer travel sure looks different in 2020. Although COVID-19 is keeping many travelers out of airports, it is not stopping adventure-seekers from reaching their getaway via four — or two — wheels.

About 85% of Americans will likely take a road trip this summer, according to the Expedia 2020 Summer Travel Report. Interest in domestic travel also is up 10% year-over-year, says the report, as the demand for ‘staycations’ increases.

“While the desire to get away is still going strong for many of us, how and where we’re choosing to go this summer looks different,” Nisreene Atassi, senior director of PR and social for Expedia.com, said in the report. “Beaches and national parks remain popular, but more Americans are choosing destinations that are closer to home and drivable, versus going somewhere more exotic. Interestingly, we’ve seen that travelers are making these plans at the last minute. Things are so unpredictable right now with COVID-19, so it’s possible that travelers feel more comfortable making travel plans for the near future vs. planning too far ahead.”

Road safety tips

Road trippers should consider these tips from Expedia when journeying this year:

Plan ahead: Plan where to stop for gas, how long to drive each day, and the time of day to drive through different areas/towns during the trip.
Know where to stay: Fifty-two percent of travelers expect to stay in a hotel or motel this summer, says Expedia. Make sure to research ahead or inquire about new hotel policies during the pandemic, such as decreased occupancy. Travelers also can opt for alternative accommodations, such as rentals, RVs, or staying with friends and family.
Vehicle maintenance: Have the car serviced or inspected before embarking on a trip to avoid any possible vehicle trouble on the road. Expedia also suggests that travelers consider renting a car with more space or better milage, if appropriate, and to bundle hotel and car rental packages to save money.
Download apps: Download apps that may come in handy while driving, whether it’s kid-friendly games or navigation tools.
Have cash: Be prepared for tolls, tipping and cash-only services.
Bring the essentials: In addition to the basics such as clothing and toiletries, road trippers should pack snacks, an emergency kit, a spare car key, ID and insurance card, and cleaning/sanitary products.

How insurance can come in handy

It probably goes without saying, but the most critical insurance needed for a road trip is, of course, auto coverage. But other coverages can come in handy, too. MONEY outlines three road trip scenarios and how insurance may apply to each.

If items are stolen: Homeowners or renters insurance may help cover items that are unlawfully taken from a hotel, rental, or even from a car, says MONEY. Travel insurance also will cover thefts while on a road trip, but beware of exclusions, as travel policies often exclude items such as musical instruments.
If expensive possessions are lost or damaged: Accidental damage or loss of personal belongings may be covered by some travel insurance policies. Another option would be to turn to credit card purchase-protection programs that will cover damage to an item bought within the time limit.
If a hotel or rental home needs to be canceled: Many hotel chains and online rental marketplaces have altered cancellation policies during the pandemic. But if something goes awry during a road trip and a cancellation falls outside policy terms, some credit card companies offer trip cancellation or trip interruption benefits that could trigger a reimbursement.

Specific Technologies Driving Insurtech Investment in 2024

Understanding the Funding Decline The decrease in funding does not necessarily spell trouble for the insurance sector but instead highlights a strategic shift, the report suggests. “The insurance industry, like many sectors, is focusing on the most promising ventures with substantial insurance potential,” the report explains. “Insurers are directing their investments toward key areas and current trends such as embedded insurance, employee benefits, and cyber risk management. This strategic investment approach signals a forward-looking mindset within the industry.” Three Key Insurtech Trends for 2024 The report identifies three major trends shaping insurtech investments in 2024: Public Insurtech Companies: Financial and Growth Strategies The report also notes that public insurtech companies are prioritizing revenue growth as their main goal. These firms are restructuring their financial strategies to boost cash flow and capitalize on rising revenue streams. Their growth prospects are supported by expanding asset portfolios and strong market demand. “Public insurtech companies are focusing on revenue growth and optimizing their financial frameworks to increase cash flow,” the report states. “The growth potential for these companies is driven by increasing revenue opportunities, broadening asset bases, and a robust market for their services.” In summary, while global insurtech funding saw a decline in 2023, the industry’s focus on GenAI, digital process management, and connected insurance technologies is setting the stage for a dynamic and forward-looking 2024.

Business

Insurer Secures Unanimous Supreme Court Victory in New York Choice of Law Dispute

In the world of sports, a clean sweep, a shutout, or a perfect game is the ultimate achievement. In the legal arena, a unanimous decision from the U.S. Supreme Court is equally rare and significant. In a notable legal triumph, Great Lakes Insurance SE achieved a unanimous 9-0 victory in the Supreme Court on February 21, 2024. This victory follows a protracted legal battle that began in the District Court of Pennsylvania, advanced to the U.S. Court of Appeals for the Third Circuit, and culminated in the Supreme Court’s decisive ruling. Background of the Case: Great Lakes Insurance SE v. Raiders Retreat Realty Company The heart of the dispute was the insurance contract’s clause selecting New York law to govern any future legal conflicts. Although the financial implications of this case were relatively minor compared to the broader marine insurance industry, the insurer’s determination to uphold a crucial maritime legal principle has significant long-term implications for marine insurance. Faced with the insured’s counterclaims—including allegations of breach of fiduciary duty, insurance bad faith, and violations of Pennsylvania’s Unfair Trade Practices Law—the insurer was confronted with serious risks. Such claims could lead to the shifting of attorney’s fees, treble damages, and more, which might normally encourage insurers to settle rather than risk pursuing justice. However, Great Lakes Insurance, supported by The Goldman Maritime Law Group, opted to challenge the Third Circuit’s decision and seek clarity from the Supreme Court. Supreme Court Ruling: A Landmark Decision In a landmark ruling, Justice Brett Kavanaugh affirmed that choice of law provisions in maritime contracts should be upheld by default. This ruling is a major victory for establishing a consistent federal standard in maritime law and avoiding a patchwork of state laws that could complicate marine insurance disputes. The Supreme Court’s decision overturned the Third Circuit’s earlier judgment, which had questioned whether Pennsylvania’s public policy concerns might override the insurance contract’s choice of New York law. By upholding the New York choice of law clause, the Supreme Court eliminated the extra-contractual bad faith claims under Pennsylvania law, thereby ensuring that the dispute could be resolved based on the merits of the insurance claim itself. Significance of the Supreme Court’s Decision This ruling represents a significant advancement in maritime law, affirming that choice of law clauses in maritime contracts are generally enforceable. The decision establishes a clear, uniform legal framework for resolving maritime contract disputes, which will streamline the process and ensure fair adjudication of future insurance claims. Justice Clarence Thomas’s concurring opinion was particularly notable for its criticism of the 1955 Wilburn Boat v. Fireman’s Fund Insurance decision, which had previously influenced maritime insurance law. Thomas argued that Wilburn Boat was incorrectly decided and stressed that a uniform and enforceable set of rules is essential for the development of maritime law. Impact on the Marine Insurance Industry The Supreme Court’s decision sets a “bright-line” rule affirming that choice of law clauses are valid unless there is a strong argument against the selected jurisdiction. By endorsing New York’s insurance laws as a reasonable choice, the ruling supports a more consistent and predictable legal environment for marine insurers. This decision represents a major step forward in maritime law, helping insurers better assess risks, determine premiums, and ensure fair and efficient resolution of maritime insurance disputes.

On the road again: Summer road trip safety tips