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What you should know about travel costs during and after the pandemic

What you should know about travel costs during and after the pandemic

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Planning a post-pandemic trip? Why travel insurance should be part of your plans.

The cost of travel will slowly rebound from historic lows as more people receive COVID-19 vaccinations and book long-deferred trips, according to industry experts.

This time last year, air traffic in the U.S. plummeted, with 95% fewer travelers passing through Transportation Security Administration checkpoints in April 2020 compared with April 2019. This reduced demand led to a corresponding decrease in airfare prices.

The average cost of a domestic round-trip ticket in the second quarter of 2020 dropped 28% from the same period in 2019, down to $259, according to the Bureau of Transportation Statistics. Few travelers were monitoring these prices at the time since so few were booking flights. But now, with COVID-19 vaccinations opening the possibility of travel to millions more Americans each week, prices are once again set to change.

If you're one of those would-be travelers, experts cautiously advise booking your travel soon. Much remains uncertain, but prices are unlikely to return to 2020 levels.

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Check out this week's best personal finance advice from experts at NerdWallet, Forbes and the Motley-Fool:

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Procrastinator alert: your taxes are due! If you are nowhere near ready as the scary deadline approaches, you may file an extension with the IRS that gives you up to six more months to file your taxes. Filing an extension will spare you from late filing penalties — 5% of the amount of tax you owe for each month or partial month past the deadline. The extension is automatic — you do not have to send any justification or reasoning like "I have 5,000 wadded-up receipts crammed in a shoebox."

The IRS and Treasury Department have extended the 2021 tax filing and payment deadline from April 15th to May 17th, due to the COVID-19 pandemic.

To file an extension, fill out IRS Form 4868, "Application for Automatic Extension of Time to File U.S. Individual Tax Return" and submi...

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