Stats: Older Travelers More Likely to Purchase Travel Insurance

Americans of all ages are traveling—but their habits and need vary by generation, according to research by InsureMyTrip, which analyzed data over a three-year period (comprising travel insurance policies sold for trips departing between January 1, 2020 to December 31, 2023). The travel insurance website broke down its findings across four generations: Baby Boomers (aged 58 to 76), Gen X (46 to 57), Millennials (27 to 45) and Gen Z (six to 26).

According to the findings, travelers in each age range have different spending habits, are visiting different destinations, and are purchasing travel insurance at different rates. Here are some of the highlights:

Top International Destinations by Age Group

It appears all four generations love a deal (or perhaps a short flight). Mexico is one of the cheapest vacations with an average trip cost of $3,323; however, Boomers and Gen X are willing to splurge a little with trips to Italy (average cost: $6,984). The BahamasU.K. and Costa Rica all also appeared on multiple lists.

Baby Boomers:

  1. Mexico
  2. Italy
  3. United Kingdom

Gen X:

  1. Mexico
  2. Bahamas
  3. Italy


  1. Mexico
  2. Costa Rica
  3. Bahamas

Gen Z:

  1. Mexico
  2. Costa Rica
  3. United Kingdom

Average Trip Cost by Age Group  

This may come as no surprise, but Baby Boomers spend significantly more on vacations than the other generations. In fact, trip spend decreases with each following generation:

  • Baby Boomers: $6,126
  • Gen X: $5,060
  • Millennials: $4,141
  • Gen Z: $2,788

Percentage of Travel Insurance Policies Purchased by Age Group

It should also be no surprise that the oldest generation—Baby Boomers—are most likely to purchase travel insurance policies of the four groups (39 percent). Then, while Gen X and Millennials purchase insurance at a similar rate, Millennials make use of travel insurance at a higher clip—26 to 23 percent. By far the lowest, only 7 percent of Gen Z purchases travel insurance. Similarly, it’s the only cohort that has just one traveler named per policy, while the other generations tend to buy plans for at least two travelers.

Source: InsureMyTrip

Related Stories

Stats: Long-Lead Travel Planning is Back

Trafalgar Unveils New Findings on Women Travelers

Stats: Travel Agency Air Ticket Sales Up 54% in February YoY

Stats: Senior Travelers Making a Return in 2023