Millennial travelers spent over $1,000 less on their vacations than other age groups during the first half of 2017, even though they take longer trips (by nearly two days) according to data from TravelInsurance.com, a travel insurance comparison site.
Here are some other key findings from the report:
- Older Millennials take shorter trips - 17 days for 31-35 year olds vs. 22 days for 18-25 year olds.
- Peru and Thailand make the list of top 10 destinations for Millennials, though these destinations are not included in the top 10 for older travelers.
- For all travelers, United States is the top travel destination, followed by the UK, Mexico, Italy, France and Spain.
The report also included some key insights on Millennial travelers and travel insurance:
- Millennials have the highest uninsured rates of any generation: Millennials are the least likely generation to be insured. According to research from the Transamerica Center for Health Studies (TCHS), nearly half of Millennials have minimized healthcare costs by skipping, delaying, or stopping care. Many travel insurance plans offer medical expense coverage that pay for the costs of treatment and hospitalization where a traveler’s normal health insurance policy won’t. Travel insurance with medical expense coverage takes care of many of the costs that out of network health plans don't cover when traveling, an especially important consideration when traveling internationally. Having medical expense coverage is absolutely essential during long trips and is one of the most popular benefits of travel insurance.
- Millennials Love Adventure: Millennials seeking adventure or more extreme activities on their vacations can purchase specialized plans that provide coverage in the event of a mishap while doing those activities. Travelers like some excitement in their vacations, including activities like scuba diving, surfing, white water rafting and mountain climbing. While many travel insurance plans won't provide coverage for riskier activities like scuba diving, bungee jumping, and back-country skiing, there are a number of plans designed specifically for hazardous activities. For those that seek adrenaline-inducing itineraries, adventure travel insurance is critical. Some policies may also cover rental of equipment in case of equipment loss, theft or delay. Check the specific policy to see if this applies.
- Millennial’s jobs are important, and tend to change frequently: New jobs, either by choice or by force, occur more frequently for younger workers. While not necessarily a bad thing, it can wreak havoc on your travel plans. While most plans will cover you in the event you or your travel companion are laid off, many will also cover for reasons that go beyond this drastic life event. This could include being relocated, an important work requirement (notarized by your employer), if your organization is involved in a merger or acquisition (that you are directly involved in), or if your office is damaged by a natural disaster. Cancel for work reasons is an optional upgrade that travelers can add to their plan, expanding the permitted types of trip cancellation reasons.
- Millennials like exotic locations. However, a huge concern about traveling to such destinations is safety; you never know what you could face while away from home. Emergency medical evacuation coverage will pay for any transportation needed, either by ambulance or by air. Additionally, some policies may provide for transportation of a family member or traveling companion to accompany the injured or ill party. In the event of security issues, when the US State Department recognizes a terrorist attack, policyholders are able to cancel the rest of their trip and return home at no additional cost. They are also eligible for the reimbursement of any unused, non-refundable costs they had already paid, plus the additional fees, if any, of returning home early.
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