Week of November 3, 2022 – Mexico is the most popular destination abroad – Forbes Advisor

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Travel Insurance Highlights This Week

  • The most popular destination for travel is currently the United States.
  • Average spending on future trips is up from last week at $4,318
  • The most popular duration for future trips is 18 days.

Travelers who booked trips last week (October 23 to October 29) had the United States, Mexico and Israel in mind. These are currently the most popular destinations based on travel insurance policy sales.

The average cost of travel insurance for the top 10 destinations increased by $25.53 compared to the previous week. The current average cost of travel insurance is $275 per trip.

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Top 10 travel destinations and costs

National or international trips

Many Americans who purchased travel insurance last week plan to travel outside the United States: 91% of travel insurance sales were for international travel.

The average cost of a trip for international travelers was $4,187. For domestic travelers, the average trip cost was $3,340.

International travelers paid an average of $275 for their travel insurance plans purchased last week, and domestic travelers paid an average of $198.

Average travel time and cost

People who purchased travel insurance last week are planning trips that will last an average of 16 days.

Travelers aged 75 to 79 and those aged 85 and over plan the longest trips, at 22 days.

Travelers aged 80 to 84 spend the most on their trips with an average of $3,010 per person. The overall average cost of the trip based on travel insurance sales last week was $2,218.

Top traveler concerns

Last week, travelers were most interested in these issues and types of coverage, based on searches when purchasing travel insurance.

What does travel insurance cover?

The best travel insurance policies contain a mix of cover types, including

  • Trip cancellation : Reimburses non-refundable, prepaid travel expenses if you cancel for a reason stated in your travel insurance policy.
  • Cancel for any reason: This option extends trip cancellation coverage. It allows you to receive reimbursement for the money you lose, no matter why you cancel a trip.
  • Travel medicine: Pay for ambulances, hospital and doctor’s bills, lab work, medicine and x-rays if you need medical attention while traveling.
  • Emergency Medical Evacuation: Pays for emergency medical transport to the nearest adequate treatment center.
  • Travel delay: Provides compensation for meals, hotels, transportation and other reasonable expenses if you are delayed for a reason covered by your policy, as long as the delay is after the required waiting period.
  • Luggage: Reimburses you for the depreciated value of lost, stolen or damaged baggage and personal items covered by your policy.

Who needs travel insurance?

If you are making large, non-refundable deposits for travel, you may want travel insurance as a financial safety net in case you lose money. For example, trip cancellation insurance under travel insurance generally covers money you lose when you have to cancel a trip due to illness, injury, hurricanes and other common travel issues.

Travel insurance is also a good idea if you are traveling overseas, as many US health insurance plans have limited or no coverage outside the country, including Medicare. The travel medical insurance portion of a policy can be crucial if you become ill or injured while abroad.

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