5 Reasons Millennials Are Leading the Travel Protection Boom

Summary: Millennials are driving the evolution of travel insurance with their focus on flexibility, safety, and smart spending. Here’s why this generation is embracing travel protection, and how it meets their needs.

Millennials are driving the evolution of travel, , and their habits are powering a surge in travel protection purchases. According to Hotel Agio, Millennials are the largest travel-spending generation, with average trip costs exceeding $4,000 in 2023. 82% travel at least once a year, and 97% share their trips on social media. They travel more frequently than other age groups, some plan more than 5 trips per year

With higher spending and more frequent travel, the stakes are higher when plans go wrong.

Here are five reasons Millennials are leading the travel insurance boom:

1. They’re Financially Savvy

Millennials understand the importance of protecting their travel investments. Rising inflation and unpredictable global events have made non-refundable costs, such as flights, accommodations, and tours, riskier than ever.

According to our most recent travel survey, one-third of travelers worry about being stranded or unable to return home, which can lead to major financial losses. Travel protection offers a safety net against certain cancellations, delays, and other covered emergencies, helping to protect your trip investment.

Our Preferred Plan is our best option for Millennials looking for a middle of the road option, with coverages such as: trip cancellation, interruption, delay, and more.

2. They Prioritize Experiences

For Millennials, travel isn’t just a leisure activity, it’s a core life priority. According to Hotel Agio they value immersive experiences, cultural exploration, and wellness-focused trips.

With higher spending on unique itineraries, the potential for disruption can be costly and disappointing. According to Hotel Agio, Millennials spend more on trips than any other generation, and a lot of that spending is for experiences during their trip. Travel protection helps safeguard the costs of these experiences, in case you need to cancel them for a covered reason.

Learn more: Travel Protection for Concerts and Events

3. They Expect Flexibility

Flexibility is a hallmark of Millennial travel behavior. This generation seeks control over their plans and appreciates options that adapt to changing circumstances. Trip Cancellation for Any Reason (CFAR) coverage, available only with our Premium Plan, resonates strongly with Millennials. CFAR allows travelers to cancel for reasons not typically covered, such as a change in personal priorities, providing peace of mind in a dynamic world (This coverage is N/A for residents of NY and may vary in some states).

What is cancel for any reason travel insurance?

Trip Cancellation For Any Reason coverage can reimburse up to 75% of the penalty amount for your trip if you have to cancel. The reason for your cancellation doesn't matter, but you will need to meet a few requirements.

Learn more

4. They’re Concerned About Safety

Millennials aren’t just focused on fun, they’re thinking about what could go wrong. According to our most recent travel survey, their top travel worries include:

Theft or loss: 57%
Medical issues: 55%
Trip cancellation: 53%
Natural disasters: 53%
Physical safety: 50%
Epidemics/pandemics: 47%
Terrorism: 46%

These concerns make travel protection a smart move. Our plans can help address these risks with benefits for baggage loss and delay, Medical and Dental coverage, Trip Cancellation and Interruption, and 24/7 Emergency Assistance, helping travelers when the unexpected happens.

woman on a computer while sitting at a lake dock

5. They’re Tech-Enabled Shoppers

Millennials are digital-first consumers who expect convenience and transparency when planning, and purchasing a plan. They research options online, compare coverage, and want quick, mobile-friendly tools to make informed decisions.

Generali Global Assistance meets these expectations with easy online quotes, clear plan details, and fast purchase options, all optimized for modern devices. It’s the right mix of digital convenience and peace of mind.

The Bottom Line

Millennials’ travel habits, like higher spending, frequent trips, and a focus on safety and flexibility make travel protection an essential part of their planning. Generali Global Assistance offers plans designed to meet these needs, helping provide peace of mind for your journey.

Ready to help protect your next adventure? Get a fast, free travel protection quote today.