Huge rise in gap year travel insurance

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You may have thought that the recession was all doom and gloom, but according to new research there is another side to the huge number of job losses that are so rattling the economy.

The Daily Mail has reported that the number of older people taking out gap year travel insurance has surged in recent months. It refers specifically to American Express Travel Insurance, which has witnessed a rise of nearly 50% since August in the 30-50 age group bracket.

More travel insurance sales mean more people jetting off on extended stays abroad, and it seems that rather than sit out the recession and look for another job, many are seeing it as the perfect opportunity to take that trip that they have always dreamt about, perhaps the one that they never had the chance to take before because of work commitments. After all, there’s no point sitting around if there’s no work to find, so in many ways a recession provides the perfect time to travel.

Tom Griffiths, the founder of Gapyear.com, added his opinion when he stated that many people are using their redundancy payouts to finance their trips. He claimed that people are “getting an average of about £3,000-£5,000 as a redundancy payout”, and that this could help to finance a gap year.

Gap Year For Grownups, has also seen a 20% rise in applications in recent months. Interestingly, the company has also witnessed the growing trend of more parents accompanying kids on gap years before then going and doing their own gap year alone. According to Lauren Mackay, the brand manager at Gap Year For Grownups, this is due to people “pushing the boundaries” more.

So perhaps this recession isn’t such a bad thing after all.


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