Thrill-Seeking Millennials Turn To Adventure Sports On Vacation
- From bungee jumping to shark diving, 4.3 million young Brits take part in action and adventure sports when abroad
- Despite this, 2.3 million young travellers (18 per cent) still jet off without insurance
- Scuba diving and quad biking top the list of the most popular foreign activities
- New insurance app Back Me Up offers Millennials all-in-one place, ’swipe in, swipe out’ cover including travel insurance
- Adrenaline junkies can get covered with Adventure Bolt On
More than 4.3 million (33 per cent of Millennials) take part in high-risk action sports overseas, yet almost 2.3 million (18 per cent of Millennials) still jet off without any form of travel insurance.
The findings are the result of a study1 from newly launched Back Me Up2 – an app-based insurance offering for Millennials to ‘revolutionise’ the way 18-34s interact with insurance.
Scuba diving and quad biking are the most in-demand adventure sports amongst Millennial travellers, with skiing and snowboarding, water-skiing and white water rafting completing the top five.
Top 10 most popular action/adventure sports amongst 18 – 34 year olds:
- Quad biking/ All Terrain Vehicles
- Skiing and snowboarding
- White water rafting
- Cross-country / mogul / downhill skiing
- Jet boating
- Shark diving
- Paragliding/ Parascending / Gliding
Back Me Up, powered by insurance giant Ageas, has been built in partnership with a Millennial panel and provides cover designed specifically to chime with the lifestyles of young, independently-minded people.
From Kindles to Go Pros, young travellers simply upload a photo of their treasured item to insure it anywhere in the world, with users able to switch possessions in and out whenever they want, with no penalty fees and charges to pay.
For a flat subscription of £15 per month, Back Me Up’s Core Cover protects:
- Three items or ‘Stuff’ – switchable at any time by uploading a photo, against accidental and malicious damage, loss and theft, with a claims limit of up to £3,000 in total each month;
- Annual mobile phone screen repair, regardless of whether the phone is one of the three items or not;
- Worldwide and UK travel cover for lost items, cancellations and medical emergencies;
- Up to £1,500 for replacement car or house keys and locks, if keys are lost or users are locked out.
Back Me Up is supported by an online Community. Users can also build their own cover, adding modular style Bolt Ons from £3 per month, which includes Adventure and Breakdown cover options.
In the past couple of years, one in five (21 per cent) travellers aged 18 – 34 years old have had a valuable item lost or stolen whilst abroad, with phones, wallets and speakers topping the list. Of these items, more than a third (34 per cent) were not covered by insurance. When asked about insurance more generally, less than a third (32 per cent) of 18-34 year olds deem insurance as necessary, with 34 per cent saying it’s ‘overpriced’, and just 12 per cent believing insurance is good value.
Paul Lynes, Managing Director at Back Me Up, commented: “Millennial travellers are constantly looking for new ways to push the boundaries of action and adventure when they go abroad. They want memorable experiences that go beyond simply relaxing on a beach, and taking part in adventure sports and capturing the moment on film as part of the ‘Instagram set’ is popular.
“We know that people want to protect the things they value, as well as travel experiences they enjoy, and that’s exactly what Back Me Up provides.”
Analysis3 by MoneyComms compared the price of Back Me Up insurance to other products on the market. Whilst there is no directly comparable competitor product in the UK market at the moment, a similar corresponding level of cover from the nearest similar competitors available would cost over £24 per month.
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