Millennials more likely to jet off travelling with their family
Important:
Travel insurance rules continue to change as a result of the coronavirus pandemic. We’re working hard to keep up and make sure our guides are up to date, however some information may not be accurate during the pandemic. It’s even more important to double-check all details that matter to you before taking out cover. Please know that some policies may not be available through Finder at this time. Here are some helpful tips:- If you're buying a policy today, it's unlikely that you'll be covered for border closures
- If your travel plans go against government advice, your policy will most likely be voided and you won't be covered
Meanwhile, baby boomers are still splurging on travel insurance.
Despite their differences, millennials and baby boomers are both packing their suitcases during the winter in search of some summer heat.
New research from InsureandGo has revealed some surprising travel habits from baby boomers and millennials.
Unsurprisingly, Mum and Dad are travelling quite differently to the kids, but not in the way you might expect.
While millennials are more likely to travel solo than their baby boomer counterparts (67% to 55%), they're also more likely to take out a family policy.
“It’s no surprise that millennials are more likely to travel solo but what is interesting is that millennials are three times more likely to travel on a family policy than baby boomers, suggesting intergenerational travel is becoming more popular for millennial travellers,” said head of sales, digital & marketing at InsureandGo, Jonathan Etkind.
However, boomers still enjoy some company, reported to be almost twice as likely to travel as a couple (42% to 24%).
When it comes to taking out insurance, they're also more likely to splurge on top-tier policies and take out a little extra protection against unforeseen circumstances.
“As would be expected, we do see that baby boomers tend to opt for the more comprehensive policies that can provide additional coverage for things such as income loss and curtailment, and higher limits for claimable items like baggage,” added Etkind.
Millennials apprehension to taking out comprehensive insurance seems surprising given their travel fears. A finder.com.au survey in June 2017 revealed that 77% of Gen Y’s are afraid of flying. 61% of those surveyed also admit to being concerned about flight cancellations. This seems warranted given that 15% of millennials have experienced a significant travel delay of 6+ hours.
But despite all their differences, there’s still one thing that binds boomers and millennials together - a distaste for the cold. Both groups are packing their bags over June and July in an attempt to escape the winter blues.
An overwhelming majority of those surveyed were also able to correctly identify what a PDS is used for (88% of millennials compared to 86% of baby boomers). After all, it's just a bit of light reading.
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Finally, some good news! Domestic travel is picking up, so some insurers have started offering cover again 🦘 Just remember, you won't be covered for any pandemic related claims if you do take out domestic travel insurance.
International travel insurance is limited and sometimes unavailable at this point.
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