More Americans are taking summer vacations this year—68%, a six percent rise from 2016, according to our annual survey findings.* This good news for the travel industry comes with even better news for you: although nearly half of travelers are planning to stay in the U.S. (46%), summer’s travel trends call for trip protection. Find out how Americans’ summer travel habits can benefit from protection this season, helping you sell more insurance, earn more commission and improve overall customer satisfaction.
46% of U.S. travelers are booking their summer trips at least four months in advance. If your clients book ahead and have to change their plans, their prepaid travel arrangements may be non-refundable or subject to cancellation penalties or fees. Travel insurance can help your clients recover their prepaid costs if they have to cancel or interrupt because of a covered reason, like a flight delay from adverse weather, involuntary termination of employment or school year extension.
Credit Card Coverage
Our survey findings revealed most Americans are relying on their credit card company for travel insurance. We recommend travelers review their credit card coverage before assuming it will suit their needs. Only around 15% of credit cards offer coverage for trip cancellation, most cards don’t cover pre-existing conditions and cards typically only cover the cardholder. Travel insurance plans from Generali Global Assistance can cover up to 10 travelers, can provide coverage for pre-existing medical conditions if certain requirements are met and include trip cancellation coverage for covered events, among other advantages.
Home sharing’s popularity continues to rise, particularly among millennial travelers with 59% saying they’d rent a privately owned home or apartment this summer, compared to 38% of the general public. 55% of travelers are choosing to stay in a hotel (still the most popular lodging choice) but this number fell two percent from last year. If your clients are exploring home sharing options, they may find cancellation policies can vary between listings sites and home owners. Travel insurance can help provide peace of mind for new home sharers accustomed to free cancellations up until a day or two before check-in. Should your clients need to cancel their home share reservation due to a covered reason, travel insurance provides coverage.
Canada, Mexico, the Bahamas, Italy, France and the Olympic Games in Tokyo are the favored foreign destinations for those wanting to travel internationally, according to our annual survey. Highly recommended for international trips, travel insurance provides medical coverage and 24/7 emergency assistance services for travelers. International travelers may also be spending more than the average American vacation budget ($2,643), standing to lose more should they have to cancel or interrupt their plans because of a covered reason.
Remind your clients about the ways travel insurance can help protect their summer vacation plans this year and beyond so they can relax and enjoy themselves and so you can make the most of the season. Generali Global Assistance plans can be purchased up until the day before departure and our customer service team is happy to answer any coverage questions that you have. To set-up a customized training or to discuss ways to improve insurance sales at your agency, contact your dedicated account manager.
*All statistics are based upon Generali Global Assistance’s annual summer travel trends survey, unless otherwise noted.
Travel insurance plans are administered by Customized Services Administrators, Inc., CA Lic. No. 821931, located in San Diego, CA and doing business as Generali Global Assistance and Insurance Services. Plans are available to residents of the U.S. but may not be available in all jurisdictions. Benefits and services are described on a general basis; certain conditions and exclusions apply. Travel Retailers may not be licensed to sell insurance, in all states, and are not authorized to answer technical questions about the benefits, exclusions, and conditions of this insurance and cannot evaluate the adequacy of your existing insurance. This plan provides insurance coverage for your trip that applies only during the covered trip. You may have coverage from other sources that provides you with similar benefits but may be subject to different restrictions depending upon your other coverages. You may wish to compare the terms of this policy with your existing life, health, home and automobile policies. The purchase of this plan is not required in order to purchase any other travel product or service offered to you by your travel retailers. If you have any questions about your current coverage, call your insurer, insurance agent or broker. This notice provides general information on Generali Global Assistance’s products and services only. The information contained herein is not part of an insurance policy and may not be used to modify any insurance policy that might be issued. In the event the actual policy forms are inconsistent with any information provided herein, the language of the policy forms shall govern.
Travel insurance plans are underwritten by: Generali U.S. Branch, New York, NY; NAIC # 11231. Generali US Branch operates under the following names: Generali Assicurazioni Generali S.P.A. (U.S. Branch) in California, Assicurazioni Generali – U.S. Branch in Colorado, Generali U.S. Branch DBA The General Insurance Company of Trieste & Venice in Oregon, and The General Insurance Company of Trieste and Venice – U.S. Branch in Virginia. Generali US Branch is admitted or licensed to do business in all states and the District of Columbia.