Insurance Do young people ignore travel insurance?

Published on July 11th, 2013 | by Jordan

Do Younger Demographics Ignore Travel Insurance?

According to a May 2011 survey released by the Conference Board of Canada, “Canadians love to travel and have one of the highest rates of out-of-country travel on a per-capita basis in the world. Canada’s per-capita rate of overseas travel is more than twice that of the United States,” and “73% of outbound leisure travellers indicated in the April 2011 survey that they were covered in some manner by additional travel health insurance on their last leisure trip outside the country.”While that number is encouraging, let’s break it down by age to determine who (and more importantly who isn’t) protecting themselves abroad.

Who purchased travel insurance?

After a sharp increase from 52% to 66% between 2008 and 2009, the number of 18-29 year old Canadian travellers who purchased travel insurance on their last leisure trip dropped to 61% in 2010 and down even further to 59% in 2011. Alternatively, 72% of 30-49 year old travellers in 2011 indicated they had purchased travel insurance on their last leisure trip, and 79% of 50+ year old Canadians did so as well. It seems like the old “wisdom comes with age” adage rings true once again!

Why not purchase travel insurance?

When travellers who opted not to purchase travel insurance in 2011 were asked what motivated their decision, 58% indicated they either forgot, did not think about getting travel insurance, found it too inconvenient, were only going for a couple of nights, or simply didn’t know why they had to purchase it in the first place (a scary thought if you consider what’s truly at risk).

In 2011, 22% of travellers claimed that travel insurance was simply too expensive, but unexpected fees and expenses incurred by all-too-common issues like cancelled flights, lost baggage and medical emergencies can wind up costing travellers astronomically more in the long run. Don’t let ignorance or penny-pinching turn the trip of your dreams into a real financial nightmare.

Ease of use and affordability

With CAA, travel insurance is not only easy to acquire, but also affordable to purchase and flexible enough to suit any Canadian’s needs. Travellers can opt to protect themselves with a daily plan for a single trip, or a 15 to 30-day annual plan to make staying protected on multiple vacations more convenient and affordable. The latter is perfect if you find yourself crossing the border often for one-day events or US outlet shopping.

In summary

Whether it’s caused by youthful overconfidence or simple naivety, the stats back it up: travellers between 18-29 years old are significantly less likely to protect their trip and themselves with travel insurance. Given the amount of risks involved with travelling unprotected and the ease, flexibility and affordability of comprehensive travel insurance from CAA, it would be wise to encourage young travellers to rethink their decision and look more closely at what’s really at stake.

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