Travel insurance is an important part of vacation planning for many Americans, according to a new survey from Aon Affinity Travel Practice. The findings reveal 41% purchased coverage to avoid losing money if they had to cancel, while 39% cited fears about unexpected issues arising before departure after booking months in advance.
Here are some key highlights from the survey, which was conducted online by The Harris Poll on behalf of Aon Travel Practice, and queried more than 2,000 American adults ages 18 and older about their attitudes toward travel and travel insurance:
- Half of Americans (50%) have purchased travel insurance, with 15% purchasing coverage for every trip. About 1 in 5 Americans (21%) have purchased travel insurance for several trips, and 14% have done so for only one trip.
- While the risk of trip cancellation and unforeseen events before departure are the top motivators for purchasing travel insurance, 28% of those who’ve purchased travel insurance did so because they were worried about getting sick and not being able to travel, while 26% cited concerns about bad weather or a natural disaster impacting their trip. Other common motivators include traveling abroad and needing supplemental medical coverage (22%), uncertainty with the economy (21%), and concerns about the impact of global conflicts (19%).
- Men are more likely to purchase travel insurance, with 53% saying they have purchased it, compared to 47% of women. Additionally, men are more likely to buy travel insurance for every trip (18%), compared to women (13%).
- Gen Z (ages 18-27) and Millennials (ages 28-43) are more likely than older generations to purchase travel protection, with 60% of Gen Z and 54% of Millennials saying they’ve bought it, compared to 45% of Gen X (ages 44-59) and 43% of Boomers (ages 60-78).
The Aon Travel Takeaway
“Travel disruptions are inevitable, underlining the importance of travel insurance,” Godlin said. “It helps offer critical financial protection and peace of mind, enabling travelers to enjoy their trips without worrying about what could go wrong.”