Survey Reveals Insights on Travel Insurance Trends and Preferences

Business Insider recently conducted a travel insurance survey of 971 US adults in December 2023 through Momentive AI Audience, revealing some interesting insights into travelers’ attitudes towards insurance. The survey found that the majority of travelers who purchased travel insurance did so out of concern for their travel provider or their health. Additionally, most travelers expressed a willingness to pay for insurance in the future.

Among the key findings of the survey:
– About 80% of surveyed travelers traveled for non-business reasons in the past year, with international travel by airplane being the most common mode of transportation.
– The largest group of insured travelers (35%) bought insurance primarily because they feared issues like delayed flights or moved reservations, while about 29% were worried about a health emergency.
– When researching travel insurance options, many buyers (28%) relied on suggestions and recommendations from family and friends.
– The majority of insured travelers (55%) purchased their policy through a travel provider.
– Of travelers who did not purchase insurance, 35% cited never needing it on previous travels as their primary reason, while 19% felt their trip was not expensive enough to insure.

The survey also highlighted that while 62% of travelers did not purchase travel insurance, a significant portion (68%) expressed a willingness to pay for insurance in the future. This sentiment was particularly strong among travelers who had experienced cancellations and delays during the holiday season.

As travel delays and disruptions continue to be a common occurrence, the importance of travel insurance is becoming more apparent to travelers. The cost of travel insurance is seen as a small price to pay for the peace of mind and protection it provides. Overall, the survey indicates a growing recognition of travel insurance as a necessity rather than just an expense.

With travelers increasingly willing to invest in insurance for future trips, the travel insurance industry is likely to see continued growth and innovation in the coming years.