New research we have published about travel insurance trends shows a significant change in consumer priorities. We asked 1,500 respondents what they would look for in a travel insurance policy, if travelling in 2021.
The most important aspect of travel insurance for consumers looking to travel this year is cancellation due to Covid restrictions (35%), followed closely by medical cover, including Covid cover (20%).
Unfortunately, though, the majority of respondents (42%) said they didn’t plan to travel at all in 2021, so they wouldn’t have any need for travel insurance.
Delays were no longer a major worry for consumers, with only 5.5% of respondents who indicated they’d need travel insurance, stating it was the most important aspect of a travel insurance policy.
Those in the 65 year plus age group were most likely to say they would not travel in 2021, (50.5%). In contrast, only 36% of 18 to 24 year olds surveyed said they would not travel – making this group the most likely to travel in 2021.
Respondents aged between 35 and 44 years were most likely to rank ‘cancellations due to Covid restrictions’ as their priority. Respondents aged 45 and over weren’t as worried about cancellation cover, presumably because health concerns take priority for travellers in this age group.
With the travel insurance market already hit with claims and low customer satisfaction in 2020, the results of the survey show that 2021 isn’t going to be an easy ride back to normality for either the travel or insurance industries. For brands offering travel insurance, the policies on sale need to be clear and up-front with what they offer customers in terms of cover. If ‘Covid cover’ is added, it could help the travel industry get moving again in 2021, giving consumers more confidence to travel.