A new survey from Aon Affinity has revealed the key reasons that are driving Americans to purchase travel insurance. Notably, 41 percent of Americans who bought coverage did so to avoid losing money if they had to cancel, while 39 percent cited fears about unexpected issues arising before departure after booking months in advance.
“Americans view travel insurance as an essential tool,” said Beth Godlin, president of Aon Affinity Travel Practice. ”It helps travelers protect their trips from potential disruptions in today’s unpredictable world.”
The survey was conducted online September 26-30, 2024, by The Harris Poll on behalf of Aon Travel Practice. More than 2,000 American adults aged 18 and older were queried about their attitudes toward travel and travel insurance—from factors that influence travel destinations and recent experiences with travel disruptions, to how often they have bought coverage and what motivated them.
Key Findings
Half of Americans (50 percent) have purchased travel insurance, with 15 percent purchasing coverage for every trip; about one in five Americans (21 percent) have purchased travel insurance for several trips and 14 percent 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 percent of those who’ve purchased travel insurance did so because they were worried about getting sick and not being able to travel, while 26 percent cited concerns about bad weather or a natural disaster impacting their trip. Other common motivators include traveling abroad and needing supplemental medical coverage (22 percent), uncertainty with the economy (21 percent) and concerns about the impact of global conflicts (19 percent).
Men are more likely to purchase travel insurance, with 53 percent saying they have purchased it, compared to 47 percent of women. Additionally, men are more likely to buy travel insurance for every trip (18 percent), compared to women (13 percent). Gen Z (ages 18 to 27) and Millennials (ages 28 to 43) are more likely than older generations to purchase travel protection, with 60 percent of Gen Z and 54 percent of Millennials saying they’ve bought it, compared to 45 percent of Gen X (ages 44 to 59) and 43 percent of Boomers (ages 60 to 78).
“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.”
For more information, visit www.aon.com.
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