Most travel insurance policies will cost the typical consumer anywhere from 4-10 percent of the total cost of a trip, depending on who is traveling and what the traveler seeks to cover.
But a recent study by Aon Affinity shows that while 29 percent of Americans are willing to pay up to 5 percent of the cost of their trip for travel insurance coverage, only 14 percent would pay up to 10 percent.
Beth Godlin, president, Aon Affinity Travel Practice, said travel agents and consumers should place the bulk of their decision making attention on the purpose of a trip and potential risks, versus the price.
“It is important to evaluate the specific travel plans when purchasing travel insurance. The type of travel and your own risk tolerance comes into play. You can weigh the financial risk of being forced to cancel and lose any prepaid trip costs or paying for a medical emergency on your own against having travel insurance designed to protect you and your investment,” she said.
The survey reached 2,261 U.S. adults, with 1,731 who had traveled for leisure in the past 12 months. It was conducted September 26-28, 2017.