Yonder Travel Insurance 2024 Trends Show Travelers Buy Early for Pricey, Warm Destinations

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Nov 28, 2023, 06:15 ET

MINNEAPOLIS, Nov. 28, 2023 /PRNewswire/ -- As 2023 is coming to a close, bookings for 2024 travel are on the rise. Yonder Travel Insurance has analyzed current 2024 travel insurance policy data, unveiling insightful travel trends for the upcoming year.

Yonder customers are opting for warm destinations in 2024. Here are the top five travel destinations they plan on visiting:

British Virgin Islands
Mexico
Guatemala
French Polynesia
Bahamas

Yonder data shows that travelers are also spending around 40% more on their trips than in 2023, raising the average trip cost in 2024 to $8,815. That being said, travelers are pleasantly surprised to find out that the cost of travel insurance is only usually 4-8% of their trip cost amount. Policy premiums for travel insurance average around 6.7% of the cost of the trip.

Most travelers are booking their trips around 8 months in advance. After making their first deposit or payment towards their trip, most travelers are then purchasing travel insurance within a month. This is likely to obtain time-sensitive benefits and increased knowledge about buying travel insurance early to protect against unexpected events.

Given current world events, many travelers have increased concerns their trips could be affected in 2024. The most common time-sensitive benefit Yonder customers acquire is Cancel for Any Reason, also known as CFAR, a benefit that must be purchased within 1-21 days from the deposit date and would protect 50-75% of their trip investment if they canceled for any reason at all.

The most common types of trips Yonder customers are taking in 2024 include cruises, tours, and vacations, and will be traveling for a total of 9.5 days.

"Although travelers are booking trips for later in 2024, they understand how important it is to consider travel insurance earlier in the travel planning process. Many of our customers are booking yacht charters, safaris, volunteer-based trips and tours, or aiming for a well-deserved break from reality," says Terry Boynton, co-founder and president of Yonder.

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