The company noted that, according to its current travel insurance policy data for travel bookings, the average trip cost for its customers in 2024 was US$8,815, with an average trip length of around 9.5 days.
Yonder also found that the top five destinations for its customers in 2024 were:
- The British Virgin Islands
- French Polynesia
- The Bahamas.
This, it stated, suggests that travellers are seeking out destinations in warmer climates.
The average policy premiums for travel insurance coverage bought by Yonder customers for the coming year averages around 6.7 per cent of the cost of the trip (approximately $590 based on the average trip cost).
Most travellers booked their trips around eight months in advance, and then purchased their travel insurance within a month of paying their first deposit.
The swift purchase of insurance post-booking may be due to increased awareness of the value of travel insurance to protect against unexpected events – awareness of the benefits of insurance has remained high since the Covid-19 pandemic.
Yonder suggested that it may also be to obtain time-sensitive benefits – such as its cancel for any reason (CAFR) benefit – which must be purchased within 21 days of the deposit date.
“Although travellers are booking trips for later in 2024, they understand how important it is to consider travel insurance earlier in the travel planning process,” said Terry Boynton, Co-Founder and President of Yonder.