Research shows one third of Irish consumers have never had travel insurance
July 8, 2019
- 18-44 year olds least likely to take out travel insurance, with 43% stating they have never had a policy
- Women more likely than men to purchase travel insurance
- 45% of travel insurance claims were for medical costs
The Competition and Consumer Protection Commission (CCPC) has released research examining Irish consumers’ experience of the travel insurance sector. The study found that one third of Irish consumers have never had travel insurance and results suggest that gender and age are important factors when it comes to buying travel insurance.
The research highlights that women are more likely than men to buy a policy, with 71% of the women surveyed having had a travel insurance policy in the past, compared to 59% of men. The 18-44 year old age group were least likely to have taken out travel insurance, with 43% of consumers in this age group having never had a travel insurance policy. However, a clear majority (79%) of those aged over 45 have bought travel insurance.
The research highlights that although the cover and benefits of a travel insurance policy are important considerations, one in five consumers stated that they were not aware of the benefits of their policy. Unsurprisingly, one in four consumers focused on price when choosing a travel insurance provider and 35% use search engines to research their options.
One fifth of those polled stated that the policy excess was a key factor in choosing their policy. The excess is the first part of any insurance claim that a customer must pay in the event of a successful claim on their policy. The excess on any insurance policy is important, but particularly for travel insurance where the amount of a loss can be low, such as in cases where a consumer is the victim of theft. In cases where a policy excess is high, a consumer may find that they do not receive any money as a result of their claim, or receive less than they anticipated.
Given the time of year, the CCPC is debunking some myths around travel insurance to help consumers understand the costs, risks and benefits of travel insurance.
Commenting on the launch of the campaign, Áine Carroll, Director of Communications and Policy in the Competition and Consumer Protection Commission said:
“Our research shows that although the majority of people have had a positive experience with taking out, and sometimes claiming on travel insurance, one third of consumers reported that they have never actually taken out a policy. Travel insurance can give you some protections if something goes wrong and can save you a lot of money in the long run.”
Download a copy of the CCPC travel insurance research.
Get more information on what to consider before buying a travel insurance policy.
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