Travelex Insurance Review: Is it for All Travelers?

Travel insurance is an essential purchase before you leave for your trip. No matter where you are heading abroad, you need to make sure that you have the vital financial coverage and assistance needed if disaster strikes. But with so many different travel insurance companies available to US consumers, how do you know which is the right choice for you?

If you have been researching the best travel insurance services, you are likely to have come across the Travelex Insurance service. This popular and well-known insurance option is a favorite with many US travelers, but will it provide you with the coverage you need? In our Travel Insurance Travelex review below, we will talk you through the service in detail, so you can make an informed decision.

Read below to discover everything you need to know about Travelex, including how the coverage works, and what events and incidents you will be covered for during your trips.

Travelex Travel Insurance Review

Before we delve into your insurance options in detail, here is a breakdown of the essential information you need to know about this travel insurance company.

Travelex Travel Insurance has been in business for 25 years, working out of Omaha Nebraska. Their services are underwritten by TransAmerica Casualty Insurance and Berkshire Hathway Specialty Insurance companies. After being acquired by the Cover-More group (the largest insurance company in Australia,) the service has expanded to become one of the most respected names in international travel insurance.

· You can choose between 5 different travel insurance plans. These range from one-day trips to a year-long trip. You can also choose to use a flight-only plan.

· Insurance plans can be customized with various add-ons to suit your trip.

· With Travelex Travel Insurance, you will also access a 24/7 hotline and assistance service while you are abroad.

· Insurance claims can be claimed on the Travelex App or through the website online.

· Plan coverage can begin almost immediately, with insurance kicking in the day after you make your payment.

What Plans Are Available with the Travelex Insurance Service?

Travelex offers a variety of travel insurance plans to cater to different travel styles and budgets. Here's a breakdown of their current offerings based on information from their website: 

 

1. TripProtect:

• Focus: Comprehensive coverage for trip cancellation, interruption, travel delays, medical emergencies, and baggage loss or damage.
• Ideal for: Travelers seeking extensive protection for various travel disruptions.
• Highlights:
  • Trip cancellation/interruption coverage for a wide range of reasons (e.g., illness, weather, job loss)
  • Medical coverage up to $250,000 (depending on plan level)
  • Emergency medical evacuation and repatriation
  • Baggage and travel document loss/damage coverage
  • 24/7 travel assistance hotline

2. TripLite:

• Focus: Value-oriented plan offering essential trip cancellation/interruption coverage and medical benefits.
• Ideal for: Budget-conscious travelers seeking basic protection for unexpected events.
• Highlights:
  • Trip cancellation/interruption coverage for covered reasons
  • Medical coverage up to $100,000 (depending on plan level)
  • Emergency medical evacuation and repatriation
  • 24/7 travel assistance hotline

3. Travel Select:

• Focus: Offers a balance between cost and coverage for trip cancellation/interruption, medical emergencies, and baggage protection.
• Ideal for: Travelers seeking moderate coverage at a reasonable price.
• Highlights:
  • Trip cancellation/interruption coverage for covered reasons
  • Medical coverage up to $50,000 (depending on plan level)
  • Emergency medical evacuation and repatriation
  • Baggage and travel document loss/damage coverage
  • 24/7 travel assistance hotline

4. Basic Trip Cancellation:

• Focus: Offers basic trip cancellation/interruption coverage for a limited set of reasons.
• Ideal for: Travelers with pre-booked, non-refundable trip components seeking protection against specific cancellation reasons.
• Highlights:
  • Trip cancellation/interruption coverage for covered reasons (e.g., illness, injury, death)
  • Limited coverage compared to other plans

5. Cruise Travel Insurance:

• Focus: Tailored coverage for cruise vacations, including trip cancellation/interruption, medical emergencies, and cruise-specific benefits like a missed port of call coverage.
• Ideal for: Cruise passengers seeking comprehensive protection for their cruise trip.
• Highlights:
  • Trip cancellation/interruption coverage for covered reasons
  • Medical coverage up to $100,000 (depending on plan level)
  • Emergency medical evacuation and repatriation
  • Cruise-specific benefits like a missed port of call coverage and onboard medical expenses

6. Travel America Plan:
 

• Focus: Designed for short domestic trips within the United States, offering basic coverage at an affordable price.
• Ideal for: Travelers taking short getaways within the U.S. who want essential protection without extensive coverage.
• Highlights:
  • Trip cancellation/interruption coverage for limited reasons
  • Medical expenses coverage
  • Emergency medical evacuation and repatriation
  • Baggage loss/damage coverage
  • Roadside assistance
  • Security deposit protection

Key differences from other plans:

• Typically lower premiums compared to comprehensive plans
• More limited coverage options
• Focus on domestic travel within the U.S.

Additional Considerations:

• Plan Add-Ons: Travelex allows you to customize your plan by adding optional coverage for specific needs, such as Cancel For Any Reason, pre-existing medical conditions, or specific sports activities.
• Quote Comparison Tool: Use the Travelex website's quote comparison tool to get personalized pricing for various plans based on your trip details.

By understanding the current plan options and considering your specific needs, you can choose the Travelex travel insurance plan that best suits your travel arrangements.

Which Travelers Will Benefit from the Travel Insurance Travelex Service?

Travel insurance is essential for every traveler, but no service is the best fit for every kind of trip. So, who will benefit most from taking out Travelex Insurance service?

Those Looking for Family Travel Insurance

If you are looking for coverage for your family while you travel, then Travelex is a great option. In contrast to some other insurance services, your children aged under 18 can be added for free with no extra fee tagged on.

Older Travelers Looking for No Age Limit Travel Coverage

This insurance service does not have an age limit for policyholders and offers comprehensive insurance for travelers of all ages. This is in contrast to some providers, who will not insure travelers aged 65 and over.

If you Need Insurance for Travel with a Pre-Existing Condition

This is another aspect where Travel Travel insurance stands out from the crowd. This company’s look-back period is just 60 days, in comparison to most companies that offer 180 days. You can also opt-in for a pre-existing medical condition waiver to make sure you are covered while traveling.

What is Covered in Travelex Travel Insurance?

Travelex offers a range of coverage options depending on the chosen plan. Here's a general overview of what can be included:

Essential Coverages:

• Medical Expenses: Covers medical costs incurred due to illness or injury while traveling.
• Emergency Medical Evacuation and Repatriation: Provides for transportation to receive necessary medical care and return home if required.
• Trip Cancellation and Interruption: Offers financial reimbursement for prepaid, non-refundable trip components in case of covered cancellations or interruptions.
• Baggage Loss and Damage: Protects against financial losses due to lost, stolen, or damaged baggage.
• Travel Delay: Provides coverage for expenses incurred due to significant travel delays.

Additional Coverages (may vary by plan):

• Accidental Death and Dismemberment (AD&D): Pays a lump sum benefit in case of accidental death or loss of limbs.
• Rental Car Collision Damage Waiver (CDW): Provides coverage for damage to a rental car.
• Adventure Sports Coverage: Offers protection for specific adventure activities.
• Cancel For Any Reason (CFAR) Coverage: Allows cancellation for any reason, often with restrictions and additional costs.

Note: The specific coverages and limits vary depending on the chosen plan. Always review the policy details carefully to understand the extent of your protection.

It's essential to consider the following when choosing a plan:

• Destination: Certain destinations may require specific coverages.
• Duration of trip: Longer trips may necessitate more extensive coverage.
• Activities: If you plan on engaging in adventurous activities, ensure the plan covers them.
• Budget: Determine the level of coverage you need and compare costs across different plans.

By carefully evaluating your travel plans and needs, you can select the Travelex plan that best suits your requirements.

Potential Limitations of Travelex Insurance

While Travelex offers comprehensive coverage for many travelers, it's essential to consider potential limitations before making a decision.

• Per-Item Limits for Baggage: Like most travel insurance providers, Travelex imposes per-item limits on baggage coverage. This means that if you lose a high-value item, you might not be fully reimbursed. Consider purchasing additional coverage or relying on your homeowners or renters insurance for valuable belongings.
• Medical Coverage Caps: While Travelex offers medical coverage, the maximum amount may not be sufficient for extensive medical treatment or prolonged hospital stays. It's crucial to assess your individual needs and consider whether the offered coverage aligns with your risk tolerance.
• Specific Exclusions: As with any insurance policy, Travelex has exclusions. Certain activities, pre-existing conditions, or circumstances might not be covered. Carefully review the policy details to understand the limitations.

It's essential to compare Travelex with other providers to determine the best fit for your specific needs. Consider factors such as coverage limits, deductibles, and policy exclusions when making a decision.

Takeaway: Travelex Insurance Review: Is it for All Travelers?

If you are looking for affordable and extensive coverage for your trip, then Travelex Insurance service is one to consider. The company offers insurance to a wider range of travelers, such as families traveling together, those aged 65 and above, and those with pre-existing medical conditions.

The travel insurance Travelex offers will keep you financially protected in a wide variety of different emergency circumstances while you travel and reimburse you for a variety of different costs if disaster strikes while you are abroad.