Trip Insurance is a Growing Industry

Growing travel difficulties, whether they are related to weather, the economy or international unrest, are prompting US consumers to purchase travel insurance. One recent study indicates up to ½ of consumers have purchased such insurance and up to 1/​3 will purchase the insurance this year.

Here are the chief reasons behind the purchase:

  • Trip cancellation 53%
  • Illness 19%

Other details about trip insurance purchases that could help your client increase sales are:

  • There’s a correlation between age and purchase of trip insurance with older consumers more likely to buy.
  • Consumers tend to buy trip insurance when they are making travel arrangements.
  • At least half of consumers attempt to get more than one quote, often using online resources.

Share this data with your travel industry clients and develop an improved ad campaign to increase sales of trip insurance.

Marketing Daily, 6.17.2008

Kathy Crosett
Kathy is the Vice President of Research for SalesFuel. She holds a Masters in Business Administration from the University of Vermont and oversees a staff of researchers, writers and content providers for SalesFuel. Previously, she was co-​owner of several small businesses in the health care services sector.