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Why young Kiwis aren’t skimping on this aspect of travel

Why young Kiwis aren’t skimping on this aspect of travel

Young people tend to be more risk averse when it comes to international travel, and one travel insurance company sees a significant increase in policies being sold to the demographic.

According to Allianz Partners, in the June-September quarter of this year, policies sold to 18- to 30-year-olds increased 53%, and policies sold to 31- to 40-year-olds increased 98%. did. 2019 period.

In a survey conducted on behalf of insurance companies, 41% of 18- to 34-year-olds said they were “very likely” to buy travel insurance for international travel since the pandemic. The sample size of the survey was her 500 New Zealanders over the age of 18.

Auckland student Janice Jiang, 20, decided to take out travel insurance for a cruise holiday in Australia with friends.

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Since the pandemic, young people have become cautious about traveling.

Earlier this year she went to Melbourne without travel insurance. But after some of her peers contracted Covid-19 while there, she saw the benefits of being covered, even for a trip across Tasman.

“Some people had travel insurance and were fine with extending accommodation or changing their return flight, but those who didn’t have to [pay for it] yourself,” she said.

With Covid-19 cases on cruise ships making headlines, travel insurance for her next trip seemed like a no-brainer.

“I wanted the reassurance that I could go home and be okay in case I got Covid, or that if I got really sick I could get treatment over there. .”

Janice Jiang is one young traveler who recognizes the value of travel insurance.

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Janice Jiang is one young traveler who recognizes the value of travel insurance.

Mr Jiang said he used to think of insurance as “horribly expensive”.

“But when I actually looked at the plans, I was surprised by the price.

Allianz Partners has provided a reference cost range for comprehensive travel insurance for 25 year olds without pre-existing medical conditions. This number is based on her 7-day trip that cost over $100, but there were many variables that could have made the premium cheaper or more expensive.

For trips to Australia, costs ranged from $35 to $40. In the UK it was $80-$90. In the US, it was between $135 and $155.

David Wallace, New Zealand chief sales officer at Allianz Partners, said there is a growing awareness of what can go wrong while traveling, including Covid infections, quarantines and dealing with lost luggage.

Transportation costs were also increasing, so any disruption could have a bigger impact on the wallet than before.

Wallace said the key is to make sure you get insurance at the same time you book your trip.

“Many people believe that travel insurance will take care of them while traveling, but as we have seen, many people have to delay their trip due to illness or injury before they travel. That’s why it’s important to get insurance in advance and get insurance to protect the investment they’re making.”

Also, if travel insurance was beyond someone’s budget, “they may not have the budget to travel at all.”

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