According to a new report from AAA, 38 percent of Americans are likely to purchase travel insurance for future international trips, and that number is on the rise. AAA said that its sales of domestic and international travel insurance increased more than 20 percent over the past year.
While each traveler has their own reason for purchasing travel insurance, most are out to protect their monetary investments. About 88 percent of respondents said trip cancellation protection was the most important priority when selecting travel insurance.
Respondents also considered purchasing travel insurance if their trip was booked very far in advance (61 percent) or if they were concerned about their health or the health of a family member (69 percent). Others were convinced by family and friends that it was a good idea (57 percent).
Travel insurance can do much more than protect money spent on a trip. Select plans can cover rebooking fees, meals, or accommodation in the event of cancelled or delayed flights. Travel insurance can also fill in gaps in health insurance. Without insurance, a night in a hospital abroad can cost up to 12 times more than a night in a five-star hotel.
“The relatively small upfront cost of travel insurance can pay back dividends in the event of sudden and unforeseen circumstances before or during a vacation,” Bill Sutherland, senior vice president of AAA Travel and Publishing, said in a statement. “As policies and coverage options vary, travelers should consult a knowledgeable travel agent to explore their travel insurance options.”
No matter your motivation, if you’re considering purchasing insurance for a trip, check out Travel + Leisure’s guide to everything you need to know about travel insurance.