ST. PETERSBURG, FL January 15, 2013 – America’s fastest growing travel insurance comparison site, Squaremouth, released national statistics today revealing insights into the company’s most popular sales trends for 2012.
What is Squaremouth?
Squaremouth is a website that compares travel insurance products from every major U.S. travel insurance provider. Established in 2006, the company has grown from $1 million in sales to $10 million in 2012. Squaremouth provides an unbiased platform where each product sells based on coverage benefits rather than brand recognition.
What is in this report?
The data contained in this report is intended to provide an overall snapshot of travel trends based on people who purchased travel insurance policies in 2012. The report includes average totals from nearly 47,000 travel insurance policies purchased through Squaremouth.com. The data reveals trends in the following categories: average trip length and cost, percentage spent on foreign and domestic travel, top five states that purchase travel insurance and percentage of sales by age group.
Vacation time decreases while cost increases
Americans are spending $336 a day on vacation, up from $280 a day in 2006. Their vacations are also shorter, dropping from an average 18 days in 2006 to 15 days in 2012.
Over the past seven years, travel insurance costs have remained consistent
In 2012, travelers spent an average of 5.5% of their total trip cost on travel insurance, up from 4.8% in 2006, an overall increase of less than 1%.
Travel insurance buyers are getting older
In 2006, the 50-60 age group dominated sales with 19.54% of the overall market. Since 2010, the 60-70 age group has consistently purchased more policies, indicating people are insuring their vacations more often as they get older.
More travel insurance trends and statistics are available at https://www.squaremouth.com/press-room/squaremouths-2012-u-s-travel-trends-fact-sheet/
Squaremouth’s travel insurance outlook reveals overall growth in the travel and travel insurance industries since 2006. However, Americans are taking shorter, more expensive trips. Despite an increase in the overall trip cost, the average trip length has decreased among people purchasing travel insurance.
Another notable trend for 2012 is travel insurance buyers are getting older. 60-70 year olds have accounted for the largest part of the market over the last three years, a shift from 2009 when 50-60 years olds dominated sales. Although younger travelers are increasingly aware of the benefits of travel insurance, this trend indicates the population of travel insurance buyers is predominantly older.
Squaremouth is America’s fastest-growing travel insurance comparison site, providing the tools to instantly quote, compare and buy policies from every major provider. The company is headquartered in St. Petersburg, FL, with offices in Fort Wayne, IN. For more information on Squaremouth or its extensive network of partner sites worldwide, visit www.squaremouth.com.
About our Zero Complaint Guarantee
The cornerstone of Squaremouth’s commitment to customers is the guarantee to remove any provider with a customer complaint that cannot be resolved to Squaremouth’s satisfaction. Squaremouth offers the broadest selection of insurance, with an emphasis on quality, follow-up care, and independent evaluations from insurance industry watchdog, AM Best.
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