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Pattie Lovett-Reid

Chief Financial Commentator, CTV


Canadian millennials make up the majority of the “Destination Canada’s Free Spirits” category of travellers looking for authentic experiences, according to Dan Keon, senior director of market management at Allianz Global Assistance.

A survey by Allianz found 43.4 per cent of Canadian travellers who say they don’t buy travel insurance every time they leave the country were younger, aged 18-34. The risk of travelling without insurance is simply not worth it.

Off-the-beaten travel destinations can result in a higher increase in risk regardless of age. But the reality is an accident can happen anywhere at any time to anyone – and it isn’t driven by age, time or the destination of your trip.

Why millennials don’t get insurance, according to the survey:

1.15.8 per cent believe travel insurance is unnecessary
2. 15.3 per cent believe travel insurance is too expensive
3. 14.9 per cent believe their trip is too short to need insurance

Risk is part of life and travel, so don’t think something can happen to someone else and not you, because it could happen to you and the cost of the trip could be much larger than planned.