Travelex Travel Insurance Review 2021

Last modified: December 30, 2020

Travelex Insurance Services (TIS) and its underwriter, Berkshire Hathaway Speciality Insurance Company, have impressive A++ financial ratings by A.M. Best. This implies that the company is financially strong and has enough money to pay off the claims filed by people. Currently based in Omaha, Nebraska, the company was once part of the insurance giant Mutual of Omaha Companies. 

It was later purchased by Travelex – a prominent currency exchange company. At present – even though it has retained its name – the company is not affiliated with Travelex Currency Services, Inc. It is now owned by Cover-More Group – an Australian company. Travelex travel insurance reviews suggest that the company enjoys a good reputation among people. 

Travelers should know that when they’re in a foreign country, they will require some kind of financial security to tackle emergency situations. So, when you’re planning your vacations, don’t forget to have a look at Travelex insurance services and choose a package that best suits your needs. 

In this Travelex travel insurance review, we will have a detailed look at the travel plans provided by the company, their pricing details, etc. If you have any questions, you can call on Travelex insurance’s phone number: 1-800-228-9792.

How We Reviewed 

We thoroughly analyzed Travelex’s official site to have a look at the many insurance plans that the company offers. Later, we had a look at the independent review sites to see what customers have to say about them. 

Also, when it comes to insurance companies, it is important to have a look at their financial standing. We checked Travelex travel insurance rating given by independent third parties to have a close look at how the company will perform when it comes to paying back the claims. 

Where is it Available 

The key highlight of Travelex insurance company is that it is available in all 50 states. However, coverage and rates may vary by state. On the website, you can find a Get a Quote option. By filling in your details including your state, you will be able to find out the coverage it provides. 

Travel Insurance Review 

Travelex travel insurance has different plans to choose from. Have a look at the plans on offer by the company: 

Travel Basic: 

This particular travel plan is ideal for travelers on a budget. It is most suitable for people who are planning domestic and short trips. Instead of offering credit vouchers, it offers money as reimbursement. The plan also covers missed cruise connections and side excursions. The basic plan includes: 

  • Travel assistance and concierge services 
  • Baggage delay
  • Trip cancellation, delay, or interruption
  • Emergency medical and evacuation
  • First payer, no deductibles

Travel Select 

This travel plan is the best suited for families who travel together. It also provides free insurance for kids under 21 if they’re with a covered adult family member. The key features of the plan are: 

  • Baggage delay 
  • Missed cruise connection 
  • Emergency medical and evacuation
  • 24-hour AD&D benefit 
  • 21-day pre-existing condition exclusion waiver
  • 50% or more trip cancellation reimbursement 

Flight Insure Plan

Under this coverage plan, travelers have two options: a multi-trip for people who travel more than three times a year and a single-trip coverage for travelers who travel only once or twice a year. Your coverage plan may include: 

  • Accidental death or life insurance coverage 
  • First payer, no deductibles
  • Medical, baggage, and AD&D coverage 
  • Trip coverage of up to 180 days

Travel Max 

Anything can happen during your travels and it is better to be prepared. Travel Max is the perfect plan for travelers who want to be prepared against all things bad. Here is what the plan covers: 

  • Flight accident AD&D
  • Missed cruise connection
  • Cancel for any reason upgrade
  • Accident and rental car damage coverage 
  • 30-days pre-existing condition exclusion waiver
  • Trip cancellation for business reasons 
  • Medical emergency and evacuation

Travel Insurance Pricing 

On Travelex’s website, you will find the Get a Quote option. You will have to fill in your unique details to get a Travelex insurance quote. In the table below, we have provided the quotes that the company offered to a 27-year-old single traveler for an 8-day long trip that cost $4000. 

 

Quote: United States Destination Only

$60.00

Travel Basic

$94.00

Travel Select 

$117.00

All Coverage Shared Between the Insured and Up to 7 Traveling Companions Coverage Per Person Coverage Per Person
Trip Cancellation 100% of Trip Cost up to $750 100% of Insured Trip Cost 100% of Insured Trip Cost
Trip Interruption 150% of Trip Cost up to $1,125 100% of Insured Trip Cost 150% of Insured Trip Cost
Frequent Traveler Benefit $500 $200
Trip Delay $2,000 $500 ($250/day) $750 ($250/day)
Trip Inconvenience $1,000
Missed Connection $2,000 $500 $750
Baggage & Personal Effects $2,000 $500 $1,000
Baggage Delay $1,000 $100 $200
Emergency Medical Expense $50,000 $15,000
($500 dental sublimit)
$50,000
($500 dental sublimit)
Sporting Equipment Delay $2,000 $200
Security Deposit Protection $2,000
Emergency Medical Evacuation & Repatriation $250,000 $100,000 $500,000
AD&D $25,000 $10,000 $25,000
Pet Medical Expense $1,000 ($50 deductible)
Pet Return $10,000
Travel Assistance* Included Included Included
AD&D Common-Carrier Air Only additional $200,000 additional $200,000
Car-Rental Collision Coverage $35,000 Included in the Base Plan
Adventure Sports Available
Medical Expense additional $50,000
Medical Evacuation & Repatriation additional $500,000
Eligible Destinations United States plus D.C. Only All – Except Crimea Region of Ukraine, Iran, Libya, North Korea, Syria, approved travel to Cuba All – Except Crimea Region of Ukraine, Iran, Libya, North Korea, Syria, approved travel to Cuba
Primary / Secondary Coverage Secondary Primary Primary
Pre-existing Look Back Period 60 Days 60 days 60 days
Pre-existing Condition Exclusion Waiver Purchase plan within 3 days of final trip payment Purchase plan within 15 days of initial trip deposit Purchase plan within 21 days of initial trip deposit
Kids-Included Pricing All Coverages Shared Between the Insured and Up to 7 Traveling Companions No Available (max trip cost of $10,000 per person)
Maximum Trip Cost $750 $10,000 $50,000
Maximum Trip Length 14 Days 30 Days 364 Days
Free Look Period 21 days 15 Days 15 days

 

Customer Satisfaction and Financial Strength Review 

Regardless of how amazing the plans offered by an insurance company are, their reputation comes down to what customers are saying about them. Through Travelex travel insurance complaints, we will be able to find out some of the common problems that customers face with them. In addition, it is also important to tell the financial stability of the company. Only a financially secure company will be able to pay people’s claims. Travelex BBB rating and Travelex AM best ratings will tell how financially strong the company is. 

Name Rating
BBB Rating A+
AM Best Rating A++
Trust Pilot 4.5

 

Customer Support 

Travelex has a great customer support system. For anything related to the Travelex travel insurance claim, you can call the company’s given phone numbers. Also, on the homepage of the site, you will see the Get Help option. Once you click it, the page will allow you to send a message to the company and get your problem resolved. The Travelex claim department also provides an easy way to file the claim through the app. You can also file it online and keep a track of it.

Comparison with Competitors

In this section, we have a look at how Travelex performs in comparison to its competitors: 

Travelex vs Travel Guard 

Between the two companies, Travelex has a higher overall rating. From price and reputation to extra benefits, Travelex scores better. However, when it comes to coverage, Travel Guard is ahead of Travelex. When it comes to financial strength, both companies score the same. 

Travelex vs Allianz 

Both companies have the same scores regarding coverage and financial strength. Travelex performs better than Allianz when it comes to price and reputation and extra benefits. 

Travelex vs Generali Global Assistance

The two companies are almost the same with regards to financial strength. Generali Global Assistance also performs well when it comes to coverage. However, in terms of reputation and extra benefits, Travelex is way ahead. 

Pros & Cons

The Pros

  • Kids under 17 get free coverage
  • Four plans to choose from
  • Coverage available for seniors

The Cons

  • Expensive than other insurance companies
  • Claims may vary by states
  • Their plans are too basic when it comes to medical coverage

Final Verdict

Before you set out to buy travel insurance, it is important to search for a reliable company. Travelex is a financially strong company that provides brilliant travel plans – all of which provide you with some peace of mind when you’re in a foreign country. The company and its underwriter have an A++ rating, which means that when it comes to claims, Travelex will be able to pay off its liability easily. 

Many people often ask why it is necessary to purchase travel insurance. In this section, we have listed some of the reasons that suggest that buying a travel insurance plan is a good option: 

  • Foreign trips are expensive. You may lose a lot of money if you have to make last-minute cancellations or if there is a disruption during the trip. 
  • Your domestic health insurance will not cover you during foreign travels
  • If the trip includes non-refundable deposits or several travel providers, it would be a good option to get yourself covered as any disruption in your plan will result in a loss. 
  • If you’re traveling to a remote area, it is essential to get travel insurance to pay for your medical expenses, if needed. 
  • Travelex will not bear your losses if you had to cancel your trip because you feared that you would catch the coronavirus. However, the company will bear the loss if:
  • You become ill while traveling and needed to be evacuated 
  • You become ill before traveling (with the virus) and had to cancel the trip for the very reason
  • Your non-traveling family member or key business partner is ill and you have to cancel the trip.

FAQs

Is Travelex a reputable company?

Travelex has been in business for more than 20 years. It has strong financial backing. In the world of travel insurance, Travelex does enjoy a good reputation.

How do I file a claim with Travelex?

Filing a claim is quite straightforward. On the website, you will find the File a Claim option. The online option is given to make the claim filing process easy. On the page, you will be asked to enter your plan number. Once you click ‘Submit’, you will be told what other steps you have to take for your claim. Also, you can use the Travelex claim app to expedite the process. 

If I’m visiting multiple countries, what should I put as my destination?

If you’re visiting more than one country during your trip, you should write the name of the destination where you’ll spend most of your time. If you’re spending almost the same time in every country, you will be covered in other countries as well, provided that you visit them during the specified departure and return date.

Can I cancel my Travelex insurance policy?

If you’re not satisfied with your plan during the 15 days free look of purchasing the plan, and have not left for the trip or filed the complaint, the company will refund your policy.

If I have health insurance, do I also need a travel insurance plan?

Health insurance comes with many limitations when it comes to health coverage in a foreign country. Domestic health insurance will not pay for an excavation back to the US. As a result, you will be stuck in a country until you’re unable to fly out commercially. So, even if you have domestic health insurance, it’s better that you get travel insurance before your trip.