New data reveals travelers are spending more on their trips this summer than ever before. Squaremouth.com, the nation’s leading travel insurance marketplace, reports that travelers are spending an average of nearly $10,000 on their trips this summer.
Squaremouth breaks down the rise in summer travel spending and explains how travelers can protect their trips in 2024.
Summer travelers see higher trip costs in 2024
The average summer trip cost is almost $10,000 this year for the first time, marking a 7% increase over 2023 and 14% increase over 2024. This jump in trip cost is largely due to the overall rising cost of travel and inflation.
Average summer trip cost & travel insurance premiums by year
*Average trip cost data only reflects policies sold with an insured trip cost.
3 travel insurance tips to save you money this summer
Squaremouth recently reported that trip cancellation claims account for nearly half of all paid travel insurance claims. With trip costs and paid claims higher than ever, keep these 3 key travel insurance buying tips in mind to protect your summer trips.
1. Buy Coverage Early
The sooner you buy a policy, the longer you’re covered from unexpected cancellations. Consider buying a plan soon after making your first trip payment, such as a plane ticket or hotel stay.
2. Pick the Least Expensive Policy that Meets Your Needs
When comparing travel insurance, more expensive does not mean better. Each provider tailors their policies toward a specific demographic. If one policy is less expensive than another with the same coverage amounts, it’s because you likely fall in that provider’s sweet spot, not because their coverage is worse.
3. Don’t Overinsure Your Trip
Only insure the trip expenses you lose if you cancel your trip. For example, if you just pay a 50% penalty to cancel a hotel reservation, insure that amount rather than the full cost of the hotel to get a less expensive policy.
Methodology: Squaremouth analyzed expenses from thousands of travel insurance policies to identify trends amongst sales purchased with travel dates between 6/20/24 – 9/22/24. (PRNewswire)