A latest evaluation by Policybazaar has make clear the travel insurance habits of Indian vacationers, revealing that a good portion procrastinates on buying journey insurance coverage till simply days earlier than their worldwide journeys. The info collected as of July 2023 highlights varied traits in Indian travellers‘ insurance coverage behaviour.
In response to the findings, solely 25 per cent of Indian travellers going overseas purchase their journey insurance coverage nicely prematurely. On the similar time, the bulk desire to buy it inside the final three days earlier than their journey commences. This pattern raises issues as travellers typically underestimate the significance of getting complete protection in place from the outset.
Whereas journey insurance coverage is broadly acknowledged for offering safety in opposition to baggage loss, flight cancellations, and medical emergencies, many travellers stay unaware of its lesser-known advantages. This lack of knowledge might contribute to the procrastination in buying insurance coverage.
One issue that doubtlessly influences this behaviour is the frequent selection of Asian locations by Indian travellers, the place coverage paperwork will not be required till the day of the journey. This observe can result in travellers overlooking the significance of securing insurance coverage nicely prematurely.
The info additionally highlights that, as of July 2023, over 38 per cent of Indians touring overseas plan their journeys for greater than 15 days, with a choice for European nations. Moreover, 26 per cent plan shorter stays of seven to 10 days.
The significance of an enough sum insured whereas travelling overseas isn’t misplaced on the bulk, with 7 out of 10 travellers choosing protection exceeding 1 lakh {dollars}. Nevertheless, the remaining 3 out of 10 select the minimal protection quantity out there.
The center of the battle lies within the time-consuming and infrequently unpredictable visa processing occasions. Travellers have discovered themselves caught in limbo, with journey plans hanging within the steadiness because of delays attributable to embassies’ backlogs or stringent software overview processes. Tour operators and repair suppliers, however, grapple with irate prospects and operational setbacks because of circumstances past their management. Learn extra to grasp the difficulty..
Regardless of the challenges posed by the pandemic, the passion for worldwide leisure journey has rebounded to pre-pandemic ranges, with greater than 97 per cent of Indian travellers exploring overseas locations for leisure. By way of Asian locations, Thailand continues to be essentially the most most well-liked selection for Indian vacationers, as per the info. Notably, Vietnam and Indonesia have emerged as common journey locations post-pandemic.
Within the post-pandemic period, statistics for Q1FY24 reveal that fifty per cent of Indian travellers visiting Asian nations belong to the age group of 18-35 years, whereas these within the age bracket of 36-50 years account for twenty-four per cent of travellers.
Policybazaar’s insights present info on the journey insurance coverage habits of Indian vacationers, emphasising the significance of elevating consciousness about the advantages of buying journey insurance coverage nicely prematurely of worldwide journeys.
