As travel advisors, we routinely recommend travel insurance because we repeatedly see it save the day in high stakes and high-stress situations. Generally speaking, mature travelers are the most prone to insure their travel investment; although somewhat surprisingly, Millennials are the second largest group to purchase travel insurance, ahead of Boomers and Xers. Why is that?
Millennials place a high value on experiences and realize that travel offers an unlimited variety of exhilarating experiences. The 18 – 34 age group is also on track to be the most educated generation in history. As such, and with the assistance of ever-present personal electronics, research and fact-finding is a natural path. When investigating travel, they learn of the benefits of travel insurance – from reading blogs like this, from their travel advisor, or hearing about a friend’s unfortunate experience when they didn’t have travel insurance. Being the smart and savvy researchers that they are, Millennials understand that a comprehensive travel insurance policy provides a variety of benefits, including medical coverage, emergency travel services, baggage protection, and trip cancellation and interruption coverage.
- Investment Protection – The overarching value of travel insurance is that it protects your investment from unforeseen events that could cause financial loss. To put a fine point on that, a $5,000 vacation is likely to be a bigger investment to a Millennial than a more established traveler, so a $5,000 loss would be a big deal. Travel insurance protects against that loss (for covered reasons).
- Adventure Trips – The desire for unique experiences makes adventure travel a frequent choice of Millennials, but there’s an element of risk with any adventure. Stitches or crutches might not be terribly expensive, but medical evacuation costs can run into six figures. Travel Maestro tip: If you participate in high-risk activities like sky-diving or snowboarding, you may need an Adventure Sports Rider.
- Short Trips – Many Millennial travelers take multiple short trips rather than one long vacation. If your trip is only three or four days long, a weather delay can make you miss a whole day of activities or even wipe out the whole trip. Travel insurance won’t change the weather, but reimbursement of expenses or cancellation fees will take some of the sting out of missing out.
- Cancel for Any Reason – The life stage of the under 34 set presents a host of potential reasons that you might need to cancel a planned trip unexpectedly. These include a new job, a friend’s wedding, or even (gulp) breakups. Travel Maestro tip: Cancel for any reason insurance is usually an optional upgrade that requires purchase within two weeks of your initial trip payment.
- Protect Personal Items – As a generation known to be constantly connected, Millennials are likely to travel with an array of electronics – mobile phones, laptops, headphones, etc. These items are prime targets for damage or theft. Travel Maestro tip: Always verify specific policy inclusions – coverage varies.
- International Travel – Millennials’ desire to experience new cultures and eat local foods leads to a high percentage of the age group to travel internationally. Most American medical insurance doesn’t cover members outside the U.S. but travel insurance fills that gap. It also assists in finding quality medical care, and interpretation if necessary.
- Emergency at Home – A concern for many is what would happen if a life-threatening situation happened to family back home. Travel insurance will get you home if the emergency involves an immediate family member, giving you peace of mind to enjoy your trip.
Millennials aren’t exempt from heartbreak if they have to forfeit a highly anticipated trip or from sticker shock if they incur an unexpected expense. To protect their travel investment, they are increasingly adding travel insurance to their trip plans, so they are free to experience the world.
To talk more about travel insurance, contact a Covington Vacation Advisor anytime.