As the summer season heats up, so are economic concerns for the travel industry. However, increased gas costs and airfare may not impact the travel industry as much as you think.
According to the Conference Board of Canada, there was a recent surge in Canadian auto travel to the US. In the survey, many travelers also indicated an intention to make longer versus frequent and shorter trips. When asked about their destinations this summer, travelers say they're choosing to spend their longest vacation traveling within Canada. Recent news also shows continued increases in gas sales, a strong indication that Canadians have not made significant lifestyle changes and will continue to drive this summer.
As you can see, traveling isn't just about flying. For me, summer road trips have always been about spending time with the family and sightseeing. Despite increases in gas costs, traveling by car is still more cost effective for families and is still a very popular and flexible way to travel. The open road also means no check-in times, flight connections, or luggage fees – which have been rising – allowing travelers to truly get back to the basics of rest and relaxation.
But before you hit the road, remember the importance of proper travel protection. Thousands of Canadians travel outside of their province or territory of residence each year but those who go without travel insurance do so at great risk to their health, finances and peace of mind. Additionally, did you know that Travel Underwriters also offers Rental Car Protection that covers everything from scratches and dents, to collision and theft of rented vehicles? No matter how safe a driver you may be, accidents can happen on and off the road.
Michael Arbetov, CFP, FMA
Insurance And Financial Advisor
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