InsureMyTrip Sales Data:
The online travel insurance aggregator InsureMyTrip.com announced results of its sales data analysis of consumer travelers showing a more cautious, cost-conscious market for 2009 vacations. InsureMyTrip found the following results in examining its 1st Quarter 2009 sales data versus the same 1st Quarter of 2008.
- Extended vacations of two to four weeks saw the largest decline at nearly 15%.
- Trips costing more than $2,000 fell by 25%. Overall, average trip costs decreased 12%.
- Travel insurance customers are now buying closer to scheduled departure. Insurance is now purchased 62 days before departure, a decrease of 11%.
- Surveyed consumers said they were insuring 68% of trips lasting eight days or more, but only 30% of week-long trips and 18% of weekend trips. Insurance take-up rises dramatically with the length of the trip.
Jim Grace, the President and CEO of InsureMyTrip.com gave his analysis of the survey. “Money is tight for a lot of people right now and job security is a concern for some,” said Grace. “Taking less costly, shorter vacations, holding out for super-saver deals, and making sure that any travels are protected with travel insurance, are practical strategies for dealing with the new ‘normal’ of travel today. We are encouraged to see that people are in fact getting back to traveling and that travel insurance is now a ‘must have’.”