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How has COVID-19 changed travel insurance purchase trends?

How has COVID-19 changed travel insurance purchase trends?

Studies show that the pandemic has definitely led to an increase in travel insurance purchases.
According to Travelweek’s 2021 Consumer Survey, launched in June and collecting 2,599 responses from Canadians across the country, 77.4% of respondents are more likely to purchase travel insurance post-pandemic, but insurance is also being purchased earlier on in the booking process, by travelers who are younger than usual.

And they have the right idea – travel insurance is more crucial than ever. Let us explain why!

Travel Insurance Demographics

Quite a bit of the travel insurance market is still led by baby boomers, but the trends show that more and more millennials are shopping and asking questions about the importance of travel insurance.

The travel industry is indeed anticipating an increase in travel insurance interest and purchases among the younger demographic. COVID-19 has indeed created an understanding of the need for travel protection, and rightly so.

As travel continues to open up again, the travel industry is anticipating the pent-up demand for travel to also create a need for travelers of all ages to buy travel insurance.

What Are Travellers Looking For?

Travelers are seeing the value of travel insurance, which means they are purchasing insurance sooner than they use to, such as Trip Cancellation & Trip Interruption and Emergency Medical insurance. It is important to buy travel insurance sooner rather than later because it ensures that travelers are protected from the moment they leave their home to go on their trip.

If you are a traveler who goes on a lot of trips, purchasing an annual multi-trip plan is a great idea and will save you tons of time, as you won’t have to worry about purchasing insurance every time you leave your province or country.

Travelers are also more aware of cancellation and refund policies than ever before.

Before the COVID-19 pandemic, there was a bit of a misconception among younger people that they didn’t need travel insurance, but with the global pandemic, it is very clear that if you want to travel, insurance is essential and can be super helpful in many different situations.

And as a result of the pandemic, there is an interest in both domestic coverage and COVID-19-specific coverage, both of which are available for travelers to give them complete peace of mind!


 
We’re so happy to hear that travelers are aware now more than ever of how important purchasing travel insurance is. Our TierOne Travel Consultants are here and ready to help discuss the options that are best with you. Give your Travel Consultant a call to purchase insurance before you book your next trip and make sure you’re protected in any circumstance!
One call; endless experiences!
“Travel is the only thing you buy that makes you richer.” – Anonymous
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