Travel insurance provides comprehensive coverage to protect against loss of luggage, flight cancellation, and any medical emergency during travel. However, many travelers pay less attention to travel insurance because they are unaware of these benefits of travel insurance. Choosing Asian countries as your overseas travel option greatly influences travel insurance purchasing behavior.
According to PolicyBazaar data, only 25 percent of Indians traveling abroad buy their travel insurance in advance when planning a trip , while most of them wait till the last 3 days to buy it. . Underestimating the importance of comprehensive coverage can lead to many problems for passengers.
Travel insurance provides comprehensive coverage to protect against loss of luggage, flight cancellation, and any medical emergency during travel. However, many travelers pay less attention to travel insurance because they are unaware of these benefits of travel insurance.
Choosing Asian countries as your overseas travel option greatly influences the behavior of purchasing travel insurance, as these places do not require policy documents until the day of travel. For this reason, travelers may overlook the importance of purchasing travel insurance in advance. The data also shows that, by July 2023, more than 38 percent of Indians traveling abroad plan their trips for more than 15 days, preferring European countries.
Additionally, 26 percent people plan a trip of 7 to 10 days. The importance of adequate insurance when traveling abroad is not lost on most people, with 7 out of 10 travelers opting for coverage in excess of $1 lakh. However, the remaining 3 out of 10 choose the minimum coverage amount available.
After recovering from the outbreak of the pandemic, once again people are going on foreign trips to enjoy their holidays. There has been a lot of enthusiasm among the people about traveling abroad as more than 97 percent of Indian travelers are looking for foreign places to enjoy holidays.
According to statistics, if we talk about Asian destination, Thailand remains the most preferred choice for Indian tourists. In particular, Vietnam and Indonesia have emerged as popular travel destinations after the pandemic. In the post-pandemic period, Q1FY24 data shows that 50 per cent of Indian travelers visiting Asian countries are in the 18-35 years age group, while 24 per cent of travelers are in the 36-50 years age group. PolicyBazaar provides information about the travel insurance buying habits of Indian tourists, emphasizing the importance of raising awareness about the benefits of purchasing travel insurance before international trips.
