What
A recent AAA Travel survey finds that 38 percent of Americans are likely to purchase travel insurance for international travel. Nine out of 10 of these travelers report that trip cancellation protection is the most valuable benefit of insurance. The top influences on whether a traveler decides to purchase insurance are trip cost (70 percent) and health concerns (69 percent).
Why It Matters
Typically, clients recruit a travel agent when the trip in question is expensive and complicated — these also happen to be two great criteria for purchasing travel insurance. In addition to being well-versed in the many ways insurance can protect travel investments, advisors would be wise to get familiar with the different policies and coverage options available.
Fast Facts
- AAA Travel data shows an increase in demand for international travel and AAA members option to protect more expensive vacations.
- AAA’s travel insurance sales have increased by more than 20 percent since last year.
- Last year, travel insurance sales increased by 13 percent compared to 2016.
- Last year, AAA members insured trips that were about 18 percent more expansive than in 2016.
- AAA encouraged travelers to consider the ways travel insurance can help. Travel insurance can recoup costs associated with misplaced luggage, medical expenses, flight delays and cancellations and trip postponements or cancellations.
- For this survey, AAA interviewed 1,003 American adults in June 2018.
What They Are Saying
“More than 30 million family travelers will visit an international destination this year, 9 percent more than just two years ago,” said Bill Sutherland, senior vice president of AAA Travel and Publishing. “There are just too many unknowns, like family emergencies and natural disasters, which can throw an unexpected wrench into a planned vacation. Travelers are increasingly not taking chances and they’re choosing to invest in the value and peace of mind that travel insurance can provide, for international as well as domestic and cruise vacations.”
The Details
AAA Travel
www.aaa.com
