WARWICK, R.I., March 20, 2023 /PRNewswire/ — People of all ages journey however, totally different age teams have totally different wants, desires, and issues when vacationing. So, InsureMyTrip analyzed the journey habits of policyholders in 4 age teams using knowledge over the past three years*:

• Child Boomer: 58-76
• Gen X: 46-57
• Millennial: 27-45
• Gen Z: 6-26

In keeping with the findings, vacationers in every age vary have totally different spending habits, are visiting totally different locations, and are buying journey insurance coverage at totally different charges.

Prime Worldwide Locations by Age Group

It seems all 4 generations love a deal.  Mexico is without doubt one of the least expensive holidays with a mean journey price of $3,323. Nevertheless, Boomers and Gen X are keen to splurge a bit with journeys to Italy (avg. $6,984).

Child Boomer:

1. Mexico
2. Italy
3. United Kingdom

Gen X:

1. Mexico
2. Bahamas
3. Italy

Millennial:

1. Mexico
2. Costa Rica
3. Bahamas

Gen Z:

1. Mexico
2. Costa Rica
3. United Kingdom

Common Journey Price by Age Group  

This will likely come as no shock, however Child Boomers spend considerably extra on holidays than the opposite generations – particularly Gen Z.

Child Boomer: $6,126

Gen X: $5,060

Millennial: $4,141

Gen Z: $2,788

Common Variety of Vacationers by Age Group

These within the latest era, Gen Z, are likely to have only one traveler named on a coverage, whereas the opposite generations have a tendency to purchase plans for not less than two vacationers.

Child Boomer: Two (2)

Gen X: Two (2)

Millennial: Two (2)

Gen Z: One (1)

Share of Journey Insurance coverage Insurance policies Bought by Age Group

Older People and millennials seem extra apt to buy journey insurance coverage.

Child Boomer: 39%

Gen X: 23%

Millennial: 26%

Gen Z: 7%

Why to Think about Journey Insurance coverage at Any Age

A standard false impression about journey insurance coverage is that it’s for and caters towards older People.  Nevertheless, a coverage may be helpful to Boomers and Gen Zers alike. 

Listed here are two essential journey insurance coverage advantages that vacationers of all ages might wish to take into account:

• Emergency Medical: This protection is essential for these touring overseas. Most home medical health insurance plans is not going to cowl medical payments outdoors of the house nation.
• Cancel for Any Purpose: The add-on/elective profit provides vacationers the flexibleness to cancel a visit for one thing aside from a coated motive (e.g., concern). There are eligibility necessities, but when these are met, it’s possible you’ll be reimbursed 50%-75% of your insured, pay as you go, nonrefundable journeys prices should you cancel at lease 48 hours earlier than your departure.

Vacationers can evaluate plans on InsureMyTrip.com. Complete journey insurance policy can cowl your pay as you go, non-refundable journey price, together with flights and lodging, along with offering strong key advantages together with journey cancellation, emergency medical protection, emergency medical evacuation, journey interruption, journey delay, baggage protection, and 24/7 emergency help. Sometimes, these plans will run 4-8 % of a complete journey price.

Media Contact:
Meghan Kayata
[email protected] 

*Methodology: InsureMyTrip analyzed journey insurance coverage insurance policies bought for journeys departing between January 1, 2020 — December 31, 2023. Technology age ranges outlined by InsureMyTrip knowledge group.

About InsureMyTrip 

It is easy. InsureMyTrip finds you the appropriate journey insurance coverage plan, each time. InsureMyTrip is the authority on journey insurance coverage. We’re dedicated to empowering vacationers to make the very best insurance coverage choices by leveraging our expertise, knowledge intelligence, and experience. InsureMyTrip is rated A+ by the Higher Enterprise Bureau. 

SOURCE InsureMyTrip