A recent Allianz survey of 4,300 of its U.S. travel insurance customers has found that 44 percent, or more than four in 10 customers, anticipate traveling before the end of 2020. Leading the customers who won’t travel this year, 30 percent of the survey respondents don’t know when their next trip will be.
The survey also found a subtle correlation between customer age and when customers plan to travel next. Older customers were more likely to report that they don’t know when they will travel next, compared to younger customers. Specifically, the survey found that 31 percent of customers ages 55 and up said they don’t know when they will travel again vs. 26 percent of customers under the age of 55 who provided the same answer. Twenty-five percent of customers under the age of 55 said they will travel within the next 1 to 3 months, compared to 17 percent of customers ages 55 and up who plan to do the same.
When asked how they will travel next, 65 percent of Allianz customers indicated they will fly, while 28 percent will drive. For those planning to book an airline seat, 36 percent of all respondents planned to fly domestically while 28 percent were going to fly to a domestic destination. For those hoping to leave the country, European landmarks tied with sandy beaches in Mexico, the Caribbean and Hawaii as the top destinations.
“Our survey has found that our customers are eagerly awaiting the day that they can resume traveling to their favorite destinations,” said Daniel Durazo, director of marketing and communications at Allianz Partners USA in a press statement. “While our customers plan to enjoy domestic trips now and in the near future, international trips will be on many a wish list in 2021. In fact, the majority of our customers who say they don’t plan to travel this year have indicated that their next trip will be to an international destination.”
Due to the uncertainty surrounding COVID-19, Allianz is allowing its customers to use a previously purchased travel insurance policy any time within 770 days of the purchase date, so that it can be used for a new or rescheduled trip. Customers moving their existing plan must change their plan coverage dates prior to traveling and prior to any loss for which they are seeking coverage. In addition, if the customer takes advantage of this option to insure a new or rescheduled trip that was paid for with a travel supplier voucher, any amount paid by a travel supplier voucher would be considered part of that customer’s insured trip payments.
Although travel insurance products generally do not cover pandemics, Allianz Travel has made several temporary accommodations to provide coverage for trip cancellations, trip interruptions and emergency medical care for those who become ill with COVID-19, and has temporarily extended refunds of travel insurance premiums to customers whose travel suppliers have canceled their trips due to COVID-19.
For more information please visit, allianztravelinsurance.com.
Don’t miss this feature from Recommend’s June issue, “The Importance of Travel Insurance Post-COVID-19.”And, check out the July/August issue for info on how countries are preparing to welcome back travelers.we