|
TRAVEL GUARD UPDATEMarch 2008 - Luxury Travel Issue NEW!
Subscribe to RSS Feeds and receive up-to-the-minute Travel Guard news. Welcome to the March edition of TRAVEL GUARD UPDATE, a monthly review of key issues for the travel media. These brief items - including news updates, tips and guidance - are designed to keep today's travelers up-to-date on the changing travel landscape and help them make more informed decisions on their travel investment. Travel Guard invites your comments and suggestions on any areas you'd like to see covered in this regular update. E-mail your thoughts to us at cmccormick@mmgmardiks.com. *Editor’s note: Despite the weak economy affecting some travelers, luxury travel seems to be booming, with more luxe hotels and resorts being built and upscale travelers demanding more customization in their travel. Many are looking for experiences so special, that only a lucky few can be a part of it. This month we look at these high-dollar trends. For more information on any of the below topics, please contact Colleen McCormick (cmccormick@mmgmardiks.com or 212-219-7560, ext. 6770). For more information on travel insurance programs, visit Travel Guard's Web site: www.TravelGuard.com. In this month's issue:
PULSE-POLL: LUXURY TRAVEL FOCUS
TRAVEL TIP: INSURANCE OPTIONS FOR LUXURY TRAVEL
EXCEEDING EXPECTATIONS: LUXURY CUT SHORT PULSE-POLL: LUXURY TRAVEL FOCUS Luxury Boom: Luxury travel continues to thrive, as illustrated by the fact that 77.5 percent of travel agents polled recently in a Travel Guard survey stated that they have seen an increase in clients booking luxury travel for 2008. Just over 46 percent have seen a moderate increase, while slightly more than 31 percent have noted a large increase in luxury bookings. Despite economic concerns, only 7.4 percent noticed a decrease in the luxury travel market. Luxe Destinations: The most popular destination for those booking luxury vacations is Europe, according to 44.7 percent of polled agents. Another 29.9 percent say that the Caribbean is the most popular locale for luxury vacations. Other hot luxe spots include Asia/Pacific (8.6 percent) and Mexico (8.4 percent). Big Cash: The cost of these luxury vacations is an average of $5,000+, according to 66.3 percent of agents in the survey. Ten grand or more is the dollar amount clients are spending on luxury vacations, say another 37.3 percent of agents. Nearly 13 percent of agents are seeing clients spending $20,000+ on luxury vacations, while a lucky few are booking trips costing $50,000+ (2.5 percent) and $100,000+ (.3 percent). Spend Patterns: Most clients spend most of their money on hotel/accommodations for their luxury vacations, according to 63.3 percent of agents in the survey. Customized experiences (personalized, private itineraries, tours, etc.) are also a big-ticket item, according to another 30.7 percent of agents. Additionally, just over 66 percent of polled agents are finding that most luxury vacations are being booked by couples, with another 18 percent finding that Baby Boomers are booking the most luxury travel. Other markets booking the most luxury travel include families (10.6 percent), group travelers (4.7 percent) and singles (.5 percent), according to the polled agents. Customize It: Just over 64 percent of agents in the survey have seen an increase in clients looking for more customization (private tours, activities, etc) when booking luxury trips. Another 35 percent have seen no change, and only 1 percent say customized itineraries are not a priority for their clients. Insure It: All agents polled in the survey—that’s 100 percent—say they recommend travel insurance to clients booking luxury vacations which may help cover the significant investment made in their luxury trip. TRAVEL TIP: INSURANCE OPTIONS FOR LUXURY TRAVEL The dollars and sense of luxury travelers is that if they are investing a large sum of money on their vacation, they’ll want to spend a small amount extra to cover their investment with travel insurance. Enhanced coverage through Travel Guard makes a travel insurance plan even more appealing to big spenders. The 'Cancel for Any Reason' option reimburses 50 to 75 percent of the trip cancellation penalty (based on plan purchased) if the insured cancels a covered trip for any reason, up to 48 hours prior to departure. Cancel for Any Reason, which must be purchased within 15 days of initial trip deposit, is offered as an optional, add-on coverage to Travel Guard's Cruise Tour & Travel, ProtectAssist and My Travel Guard insurance plans. Also, the maximum trip cancellation coverage limit has been raised to $100,000 on select plans available through Travel Guard, for those travelers that are seeking coverage for the ultimate in high-priced travel plans. Additionally, most Travel Guard plans offer a 24-hour/7-day-a-week hotline for anytime access to travel assistance services such as lost luggage tracking, emergency medical assistance, pre-trip health and safety advisories, live e-mail and phone messaging to family and friends and cash transfers. It's like having a personal assistant while on vacation, and even the most luxurious traveler appreciates this added value.** For more information on Travel Guard's complete line of travel insurance and assistance services plans, visit www.TravelGuard.com.
EXCEEDING EXPECTATIONS: LUXURY CUT SHORT
Kevin B. of Berlin, Conn. was en route to his month-long tour and luxury vacation to Tanzania, Africa, when he received a call that changed his travel plans and his life. Kevin's mother had passed away. Kevin quickly re-arranged his flights to return home immediately. Fortunately, Kevin purchased a travel insurance plan through Travel Guard prior to his trip in order to protect the large pre-payments for his luxury vacation. Shortly after he returned home, Kevin contacted Travel Guard to file a claim for the portions of his trip that were missed. Within a few months, Travel Guard reimbursed Kevin more than $42,000 for the airfare, tour, and lodging costs associated with the trip he was not able to enjoy. Had Kevin not planned ahead, he would have lost his pre-paid trip deposits and would not have been able to re-schedule his vacation.* *The scenario summarized above is offered only as an example. Coverage depends on the actual facts of each case and the terms, conditions and exclusions of the policy. Anyone interested in plans provided through Travel Guard should request a copy of the description of coverage for a description of the scope and limitations of coverage. The travel Insurance plans offered through Travel Guard are underwritten by National Union Fire Insurance Company of Pittsburgh, Pa, a Pennsylvania Insurance Company (NAIC #19445), with its principal place of business at 70 Pine Street, New York, NY 10270, currently authorized to transact business in all states and the District of Columbia. The Policy will contain reductions, limitations, exclusions and termination provisions. All coverages may not be available in all states. Travel insurance through Travel Guard may include coverage for trip cancellation, travel interruptions and delays, emergency medical expenses, medical evacuation expenses, and lost or delayed baggage. Travel Guard's plans also includes 24-hour travel emergency service* for emergency medical assistance, last-minute or emergency travel changes, lost luggage tracking, pre-trip travel advice, and more. *Assistance services provided by Travel Guard Assist.
|