Younger Generations Invest in Trip Insurance

Younger generations are buying trip insurance in greater numbers these days.

Prior to the pandemic, 11 percent of travelers age 21 and under were insuring their travels, but now, that is up to about 25 percent, according to research from Squaremouth.

This goes for millennials and Gen-X, too. Before the coronavirus outbreak, most insured trips were for travelers age 50 and above. Now, 60 percent of travelers purchasing travel insurance are under the age of 50.

“We have never seen younger travelers driving the majority of travel insurance purchases before,” said Megan Moncrief, CMO of Squaremouth. “Historically, the typical travel insurance customer was retired, with time and money to travel, taking expensive and longer international trips.”

Regardless of generation, travelers across the spectrum have the same primary concerns about booking travel and buying insurance.

Coverage for the coronavirus and “Cancel for Any Reason” policies were at the top of the list for all generations.

According to Squaremouth, in July, 40 percent of travelers purchased a policy that specifically included cancellation or medical coverage in the event they contract COVID-19 or are quarantined.

Cancel for Any Reason policies have grown in popularity since February. Twenty percent of all policies purchased include this pricey but extensive coverage option, which represents a 210 percent increase compared to last year.

In addition to helping travelers find travel insurance policies, Squaremouth provides a Traveler’s Guide to Travel Insurance for COVID-19. Information is updated daily as the pandemic evolves.

Source: Read Full Article