Travelers Choosing To Prioritize Travel Insurance

Travelers are showing significant interest in protecting their trips this summer, according to a new survey of Allianz Partners USA customers, which found that 90 percent say they are likely to purchase travel insurance for their next trip.

The random sample of more than 2,600 customers who purchased a policy between late March and mid-April 2022 defined a trip as at least two nights away at a destination 100 miles or more from home. Based on the study, nine out of 10 respondents were “extremely or somewhat likely” to purchase a travel insurance policy when booking their next getaway.

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Allianz’s research also found that most customers plan to travel in the near future with summer trips planned across the US as well as to destinations in Europe and the Caribbean, among others. Six in 10 respondents say they will travel in the next one to four months and a 21 percent plan to take a trip in the next month. Domestic destinations lead the way with 46 percent traveling within the continental US European getaways (27 percent) are also quite popular while 16 percent are targeting a trip to Mexico, the Caribbean and Hawaii. Just 5 percent are planning summer travel to Canada.

Additionally, almost one-fifth of Allianz customers are planning cruises while as few as one in ten plan to take road trips.

Perhaps unsurprisingly, COVID-19 continues to be the chief concern among summer travelers. Survey respondents cited “another COVID spike causing travel issues or delays” (37 percent) and “testing positive for COVID before or during my trip” (24 percent) as their greatest worries ahead of “more expensive food and entertainment” (7 percent) and “higher fuel prices” (6 percent).

When it comes to the various modes of summer travel, air travel dominates (61 percent), edging out cruising (18 percent) and road trips (11 percent). As for the activities they’ll be participating in, many (44 percent) plan to go to the theater or attend a show while nearly one in five has circled a concert or music festival (19 percent). Meanwhile, 15 percent of respondents said they plan to attend a health-focused retreat/event or visit a theme park, 13 percent will attend a sporting event, 12 percent will attend a wedding and 9 percent will attend a conference.

“Our customers tell us that they’re eager to travel this summer and explore the destinations that they’ve waited so long to visit,” Daniel Durazo, director of external communications at Allianz Partners USA, said in a. “But they’re also taking precautions to protect their travel investment against unforeseen covered circumstances that may derail their trip. While COVID continues to be a top concern, travel can provide coverage for covered epidemic insurance illnesses, medical emergencies and individually-ordered mandatory quarantines , as well as other unexpected covered cancellations, trip interruptions, travel delays and baggage issues.”

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