Half of Americans haven’t taken a real vacation in more than a year, and over a third (36%) took their last week-long vacation more than two years ago. That’s according to our 11th annual Vacation Confidence Index, which measures Americans’ record vacation spending and their evolving travel preferences and behaviors.
So why, you ask? Vacation time, right? But only 14% reported it’s because they can’t take time off work.
The overwhelming majority – nearly two-thirds – of those who aren’t confident they’ll take a vacation this year cite financial reasons. They either don’t have the money to spend (44%) or say they don’t want to spend their money on a vacation (19%). It’s possible some are saving up to splurge on a better vacation 1-2 years from now.
Our survey indicated one out of 10 Americans said they simply find planning a vacation too stressful and time-consuming. If only they knew better to reach out to a travel agency.
Of course, travel advisors are the best means to cost-saving itineraries with exclusive deals and upgrades. And for budget travelers who can’t afford unexpected travel expenses, trip insurance can help protect their vacation savings.
Cost Saving Tips for Insurance
Here are four cost-savings tips to tell your client when booking and insuring a trip:
1. Get Travel Insurance When Booking
Trip protection plans offered at time of booking are typically less expensive and a better value than second-chance offers available later. It’s a smart choice that prevents travelers from forgetting to buy insurance later. Plus, customers who don’t purchase a plan within 14 days of booking aren’t eligible for pre-existing medical condition benefits. And if a hurricane is identified and named before their trip is protected, they can’t be covered from the impact of what’s then a known, foreseeable event.
2. Only Buy What You Need
Pay attention to benefits and coverage limits. More isn’t always better, as your customers should avoid paying to over-insure their trip. For instance, most people are unlikely to need over $250,000 in medical evacuation benefits. A travel advisor can help select the most suitable plan benefits so budget travelers only buy what they may need.
If the customer doesn’t have any pre-paid, non-refundable travel expenses, they may not require the trip cancellation benefit. But if they’re traveling abroad, make sure they get a plan with a primary benefit for emergency medical, included on all our most popular plans. This reduces delays and uncertainty for when and how their medical bills would be covered. Additionally, frequent travelers can save money by buying one of our annual plans.
3. Cover the Kids for Free
Our most comprehensive plans, such as the Classic and Premier, include coverage benefits for kids 17 and under for free when they are traveling with a parent or grandparent. That’s money back in their pocket.
4. Use a Financial Safety Net
From hurricanes to terrorism to flight delays, travel has become increasingly unpredictable. Last-minute illnesses or storms can put a wrench in holiday travel plans. The best way to protect your customers’ vacation investment—and their health—is with a financial safety net known as travel insurance. Help your customers prepare for unexpected disruptions to their trip, potentially saving them a lot of valuable time and money, and avoiding headaches for both of you.