Skift Take
Lack of education about travel insurance remains the biggest obstacle for brands’ selling it. Companies must therefore inform consumers on why they need the product regardless.
Only 25% of Indians traveling abroad purchase travel insurance well in advance while making travel arrangements, while the majority of them wait until the last three days to buy it, according to data compiled by insurance aggregator Policybazaar.
“Early buying allows travelers ample time to carefully review and select a travel insurance policy that offers the specific coverage they need. Besides focusing on coverage limits, deductibles, and exclusions, travelers must ensure the policy covers the destinations they plan to visit and any specific activities they intend to do, such as adventure sports,” Manas Kapoor, business head of travel insurance, Policybazaar.com told Skift.
What Influences this Behavior? A major chunk of Indian travelers visit Asian countries, where policy documents are not required until the day of the trip. This practice can lead to travelers overlooking the importance of securing insurance well in advance.
Benefits of Travel Insurance: To provide protection against baggage loss, flight cancellation, and medical emergencies.
Key Findings:
As of July 2023, over 38% of the people traveling abroad plan their trips for more than 15 days, mostly for European countries, followed by 26% of them planning to stay for 7-10 days. 7 out of 10 people understand the importance of having an adequate sum insured while traveling abroad, choosing over 1 lakh dollars as the sum insured. While the rest of them choose almost half of it, which is the minimum coverage one can opt for. International leisure travel has rebounded to pre-pandemic levels, with over 97% of travelers exploring foreign destinations. Thailand continues to be the most preferred Asian travel destination fo