Travel Insurance a Growth Industry - 5 States Considered
Americans spend about $4 billion each year on travel insurance, says the US Travel Insurance Association. That’s a lot of money.
And why not? Compared to the high cost of business and vacation travel, spending a few dollars on insurance is a smart way to protect your tip from flight cancellations, lost luggage, medical expenses and other mishaps.According to data provided by Squaremouth, a travel insurance comparison site, travelers from California, New York, Florida, Texas, and Washington spend the most to make sure they are insured while traveling.
Californians are way ahead of other states in travel insurance. They spend more than the next two states combined. Californians report spending 17% more on travel insurance this year than last year. The average trip costs Californians $3,648. That sounds like a lot, but consider this: One Californian paid $172,000 for a single trip.
The average Californian traveler is 35 to 49 years old and most frequently visits Mexico when going abroad.
While New Yorkers increased their year-over-year spending on travel insurance by 25%, their average cost per trip rates second-lowest at $2,909. Only West Virginians spend less.
This year’s a New Yorker insured a $109,232 trip. Average travelers are 25 to 40 years old and their travel plans are likely to include Israel.
Florida takes third place in insurance spending. Although they seem to spend less on trips, Floridians travel a lot, Squaremouth says. The state’s 33% increase in year-over-year travel-insurance spending is the single largest increase on this list.
Residents of the Sunshine State spend an average of $3,965 per trip, and the year’s most expensive trip cost $127,000. The average age of a Floridian traveler is between 50 and 69. Floridians love to go to Italy.
Texans spend an average of $3,475 per trip - about the same as last year. On the other hand, the most expensive trip from Texas is also the most expensive trip on the list: $175,000. Expenditures on travel insurance grew by 19% this year.
The typical Texan traveler is 40-55 years old and the most common travel location outside the US is Mexico.
People from Washington spent an average of $284 on travel insurance per trip this year - a 3% increase compared to last year. Residents of Washington spend an average of $3,799 per trip.
The most expensive trip registered in the state of Washington was $120,000, and the typical traveler is 45 to 60 years old. According to Squaremouth, Canada is the location of choice when it comes to traveling abroad.
Albert Einstein is said to have identified compound interest as mankind’s greatest invention. That story’s probably apocryphal, but it conveys a deep truth about the power of fiscal policy to change the world along with our daily lives. Civilization became possible only when Sumerians of the Bronze Age invented money. Today, economic issues influence every aspect of daily life. My job at Fortunly is an opportunity to analyze government policies and banking practices, sharing the results of my research in articles that can help you make better, smarter decisions for yourself and your family.
More from blog
Your email address will not be published.