Most people know that regardless of where they are traveling to in the world, buying travel insurance is wise. However, in the past, an awful lot of people still decided to travel without it.
But, the latest statistics produced by the US Travel Insurance Association (UStiA) demonstrate that this habit is starting to change. People are increasingly buying international travel insurance from United Healthcare and other well-known providers.
Their research shows that demand has tripled. But, it is the data behind this figure that is the most interesting for travelers and those involved in the industry.
Why people decide to buy travel insurance
To understand why more people are deciding to buy medical travel insurance we first need to determine what is prompting them to do so. What is behind their purchasing decision?
There are several factors at play here. The first is how positive about life the person buying the insurance is. If they are the kind of person who believes that something bad will never happen to them, the chances are they will not buy travel insurance. They tend to feel that it is a waste of money because they will never use it.
Others believe that they can handle any problems they may face on their own. Often, this is because they do not really understand the full consequences of dealing with an emergency, while traveling abroad.
For example, a lot of people reason that if they turn up at a hospital with a broken arm, nobody is going to refuse to fix it if they cannot pay. In the past, they were probably right. But, now, it is just as likely you will be made to wait for several hours for treatment. While a friend transfers the money needed to cover the bills. It is no longer unusual to be asked for credit card details or a travel insurance policy when you book into a hospital.
It is impossible to ignore alarming media stories of people facing financial ruin because of medical bills and repatriation bills they have racked up following an accident they had while on holiday. Wherever you look, there are people asking for help to pay medical bills they cannot afford. So, fewer travelers believe that someone else will be prepared to foot the bill for their medical treatment.
Who is buying these policies?
The survey also revealed the circumstances that are likely to prompt someone to buy travel insurance. For example, Americans that are traveling overseas are 3 times as likely to buy some sort of policy.
Also, people who travel as a group are more likely to want to buy travel insurance. The same is true if they are going on an activity holiday. If the holiday is an expensive one, most people buy some sort of travel insurance.
In short, the more that can go wrong and the more that is at stake, the more likely it is that someone will buy a policy. The last factor is whether they can afford to do so. Understandably, people who are working with a very tight budget are less likely to use some of their spending money to buy insurance.
You can read the original story, in its entirety, by clicking here. It goes into far more depth than we have been able to do, here.