The survey, conducted on behalf of Insuranks by search marketing specialists Digital Third Coast, surveyed 1,007 Americans about their travel plans in August 2022. Respondents were aged between 18 and 84, with an average age of 37. They were an even mixture of 49 per cent men, 48 per cent women, and three-per-cent transgender or non-binary.
At the time of the survey, only six-per-cent had purchased insurance for their trip – however, a further 17 per cent said they planned to buy travel insurance for an upcoming journey but hadn’t got around to it.
Of the six per cent of respondents who had purchased insurance, average premiums were US$121.18.
Insurance costs a primary consideration
Price was a key concern for respondents, with 79 per cent saying they would be more likely to buy travel insurance if it was under $50 per trip.
Additionally, 70 per cent would only pay up to that figure per trip, while a further 24 per cent would pay up to $150. The remaining six per cent would pay over $151 per trip for insurance.
Despite this, almost half (48 per cent) would consider purchasing travel insurance in light of recent airline disruption. Of those planning to travel, 71 per cent were worried about trip delays.
The survey reflects similar data reported in Expedia’s 2023 Traveler Value Index, which found that price was a higher concern for travellers than minimising coronavirus exposure for the first time since before the pandemic.