A startling tendency was discovered in a recent poll of Indian tourists travelling abroad: a sizable 76% of respondents revealed they did not buy travel insurance for their most recent trip. This choice is being made for a variety of reasons, from ignorance of the advantages of insurance to the belief that it is not necessary for brief vacations or when staying with family.
The survey's significant association between vacation location preference and the perception of a need for travel insurance may be its most noteworthy finding. Travel insurance is viewed by an overwhelming 83% of visitors as being of utmost importance when arranging a trip to Australia or New Zealand. The requirement for insurance, however, is somewhat less critical when it comes to visits to the Middle East.
International visitors from Metros and Tier 1 towns in four different zones (East, West, North, and South) participated in the survey, which was carried out by Hansa Research on behalf of ICICI Lombard. It's interesting to note that the desire to buy travel insurance seems to change as one ages. Singles without as many responsibilities showed a little lower intent, considering travel insurance in 87% of cases. However, when duties increase, this ratio continuously increases until it reaches 92% for couples. For couples with children, this percentage increases even more, reaching 94%, emphasising the importance of dependents in determining insurance choices.
It's noteworthy that 73% of respondents said they fully understood the advantages of travel insurance. When it comes to choosing an international travel insurance policy, this high level of understanding is crucial. Examining purchase behaviour makes the importance of this awareness increasingly clearer. A startling 82% of clients who have a reasonable understanding of insurance decide to buy travel insurance. Those who are unaware of the benefits of the coverage, on the other hand, see a sharp decline in this number, falling to just 18%.
The main reasons people choose travel insurance are safety and the knowledge that they will be financially protected while travelling. When making this important choice, about 58% of respondents said that these factors were their top priority. It is noteworthy that although while just 24% of respondents said they have recently purchased travel insurance, the intention to do so is still strikingly high, with 92% of respondents saying they plan to do so for upcoming trips. This is a reflection of a growing understanding of the benefits and assurance that complete travel insurance can provide in the complicated and unpredictable world of international travel.
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