Five states responsible for nearly half of all travel insurance purchases

Five states responsible for nearly half of all travel insurance purchases | Insurance Business

Five states responsible for nearly half of all travel insurance purchases

Residents of five states are responsible for nearly half of all travel insurance purchases, according to a new study by travel insurance comparison site Squaremouth.

California, New York, Florida, Texas and Washington state topped the list for spending on travel insurance, Squaremouth found.

Californians spend twice as much on travel insurance as residents of any other state. California residents spent more on travel insurance in the past year than residents of the next top two states combined. The average cost of a trip for California residents was $3,648, according to Squaremouth. The state posted a 17% year-over-year increase in travel insurance spending.

While New York is near the top of the list in travel insurance spending, New Yorkers had the second-lowest average trip cost of all US states, coming in ahead of only West Virginia. The average cost of a trip for New Yorkers was $2,909. The state saw a 25% year-over-year spike in travel insurance spending.

Floridians are spending less this year on trips, but traveling more, Squaremouth reported. Floridians spent an average of $3,965 per trip. Travel insurance spend in the state was up 33% annually.

The average trip cost for Texans held steady this year at $3,475, but the state posted a 19% year-over-year spike in travel insurance spend.

Residents of Washington State tended to buy the most expensive travel insurance policies at an average of $284 per policy. Average trip cost for Washingtonians was $3,799. Travel insurance spending in the state rose 15% year over year, Squaremouth reported.