InsureMyTrip Survey Reveals Majority of Travelers Concerned About Losing Money Due to Trip Cancellations

WARWICK, R.I., Feb. 25, 2025 /PRNewswire/ -- As travel costs continue to rise, more travelers are becoming concerned about the financial risks associated with trip cancellations. According to a recent survey conducted by InsureMyTrip, 52% of travelers worry about losing money if they need to cancel their trip. With the average cost of a vacation reaching $6,891 in 2025, the potential financial loss can be significant.

Survey Question:

Are you concerned about losing money if you should need to cancel your trip?

Survey Results:

• 52% Yes, I always get trip cancellation coverage.
• 43% Sometimes, depending on how much I spend on my trip. 
• 5% No, I only purchase emergency medical coverage.

Rising Travel Costs

The cost of vacations has steadily increased over the last four years.

• 2022: $5,144
• 2023: $5,629
• 2024: $5,743
• 2025: $6,891

The Value of Travel Insurance

As travelers pay more for vacations, they have more to lose if they need to cancel or cut a trip short, so travelers are encouraged to consider purchasing travel insurance. A comprehensive travel insurance policy typically costs only 4% - 10% of the total, prepaid, nonrefundable trip cost.

While no one plans to cancel their trip, the financial protection provided by travel insurance ensures that travelers don't risk losing their entire investment if unforeseen circumstances arise.

Travel Insurance Plan Options

Comprehensive Travel Insurance Plans offer a wide array of benefits including:

• Trip cancellation
• Trip interruption
• Travel delays
• Baggage loss/delay
• Emergency medical
• 24-hour assistance services

Media Contact:
Meghan Kayata
Press@insuremytrip.com 

Methodology

The InsureMyTrip survey was conducted online and sent to adults identified as policyholders or those interested in travel insurance. The survey was conducted from January 27, 2025 – February 5, 2025, generating 1,646 completed responses.

About InsureMyTrip

You like options. We do too. It's simple. InsureMyTrip finds you the right travel insurance plan, every time. As the authority on travel insurance, InsureMyTrip is committed to empowering travelers to make informed decisions by leveraging technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.

View original content:https://www.prnewswire.com/news-releases/insuremytrip-survey-reveals-majority-of-travelers-concerned-about-losing-money-due-to-trip-cancellations-302384844.html

SOURCE InsureMyTrip