In contrast to the image of spring breakers as reckless, hard-drinking, carefree sorts who pay no heed to notions of safety, TravelInsurance.com has reported that US millennials heading off on spring trips this year are – generally – travelling insured. The comparison site has found that while all areas of the travel insurance market have grown over the past 12 months, millennials are a particularly fast-expanding demographic, and for spring break specifically, they are choosing Europe over more party-inclined destinations like the Caribbean, as well as treating themselves to longer and more expensive trips.
Breaking down the site’s data, 60 per cent of millennials purchasing travel insurance are doing so as individuals rather than couples, with 40 per cent booking as a duo. Millennials also tend to buy their coverage closer to their date of travel, with purchases occurring an average of 28 days prior to their holiday beginning, as opposed to an average of 60 days for other segments.
“Millennials value travel as much as any market segment, and they are demonstrating that this spring,” said TravelInsurance.com co-founder Stan Sandberg. “However, there are unique circumstances for this demographic that can make travel investments riskier. By purchasing travel insurance, younger travellers are covered if their health insurance doesn't provide coverage while on vacation or when a job change makes heading out all but impossible. Millennials are getting smart about how they spend their money, and they know protecting their travel investment is a smart choice.”