Discover the Latest Summer 2024 Travel Insurance Trends

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Apr 02, 2024, 06:15 ET

MINNEAPOLIS, April 2, 2024 /PRNewswire/ -- As peak travel season is near, Yonder Travel Insurance, an unbiased travel insurance comparison site, reveals more travelers are prioritizing flexible cancellation benefits to mitigate increased travel risks. Yonder also relays insightful summer 2024 travel trends based on customer data.

Rise in Cancel for Any Reason Policies Purchased

Compared to sales for summer travel in 2023, Cancel for Any Reason (CFAR) policy sales are up 92% for Yonder customers taking trips this summer. To be more precise, 27% of Yonder travelers vacationing this summer opted for CFAR coverage to mitigate any risk of their travel plans falling through.

CFAR is a travel insurance upgrade that allows travelers to cancel for any reason at all and receive a 50-75% reimbursement of their insured trip costs.

"Given the deterioration of global peace, increased travel advisories, and specific cancellation concerns, travelers are looking for greater flexibility in canceling their trips via CFAR coverage," says Terry Boynton, co-founder and president of Yonder Travel Insurance.

Average CFAR Policy Premiums Based on Age

Because Cancel for Any Reason coverage is an upgrade, there's an added cost to include this with your travel insurance. Yonder provided an age-based breakdown of the average premium per person for a CFAR policy below using the average trip cost of $7,565 for 2024 summer travelers.

Age 30: $146.58 (2.0% of trip cost)
Age 40: $194.70 (2.6% of trip cost)
Age 50: $296.87 (4.0% of trip cost)
Age 60: $587.52 (7.8% of trip cost)

Top 5 International Destinations for Summer 2024

Yonder Travel Insurance customers are visiting a diverse range of international destinations this summer, spanning across continents, which may come as a surprise and demonstrates the broad appeal of these locations.

Portugal
Brazil
Japan
South Africa
Italy

In contrast, popular 2023 summer vacations included various warm-weather islands and European countries.

Decrease in Average Trip Length from Last Summer

Last year, Yonder travelers were taking an average of 12-day trips. This year, that average is 10 days, an 18% decrease in trip length from 2023.

The experts at Yonder Travel Insurance have poured over hundreds of policies from the best travel insurance providers in the US to provide the best travel insurance recommendation for how YOU travel.

Contact:
Meagan Palmer, Marketing Director
(952-358-6459)
[email protected]

SOURCE Yonder Travel Insurance