Millennials and Gen Zers trend toward travel insurance

According to a new survey by Bank of America, millennial and Generation Z consumers are far more likely to pay for additional travel insurance than their older counterparts.

While 73% of U.S. travelers of all ages are willing to pay for travel insurance, 87% of Gen Zers and 83% of millennials are prepared to shell out the extra bucks necessary to secure their trips.

This is a respective increase of 14% and 18% for Gen Z and Millennials since BoA last surveyed about travel insurance in March 2022.

This trend toward travel protections is likely partially due to the younger generation’s less-flexible schedules when compared to Generation Xers and Baby Boomers, said BoA analysts.