UPDATED: Apr 6, 2018
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We Recommend Travelex
Travelex is an international insurer, part of a large group of companies, and offers insurance packages with customizable options to upgrade coverage. They have travel insurance options for individuals, families, and business travelers.
Travelex Travel Insurance was originally part of the Mutual of Omaha group of companies but was purchased by international foreign exchange service Travelex Group in 1996. In 2016 it was acquired by an Australian insurance company, Cover-More Group, but retains the Travelex name.
Travelex offers base package policies that include trip protection and medical emergency coverage, along with several add-on options that allow travelers to customize their coverage. They sell their products online as well as through travel agencies and other travel booking services.
Insurance portions of the plans are underwritten by one of three different companies; like many travel insurers, Travelex does not underwrite its own policies. The underwriting companies are Berkshire Hathaway Specialty Insurance, Transamerica Casualty Insurance Company, and Old Republic Insurance Company. All three are solid companies.
The company’s head office is in Omaha, Nebraska, where it remained after being sold off by Mutual of Omaha.
There are two package policies, both of which can be expanded with add-on coverage. Additional coverage is also available a la carte.
This is the base level travel insurance package aimed at those on a budget. It includes 100% of trip cost for cancellation and interruption as well as coverage for trip delay, missed connections, and baggage.
Medical emergency coverage is $15,000, with a medical evacuation limit of $100,000. Unlike some base level insurance plans, medical coverage on this plan is primary, and has no deductible. Accidental death & dismemberment (AD&D) coverage of $10,000 is also included. Pre-existing condition coverage is included when purchased within 15 days of initial trip deposit.
Options that can be added are rental car coverage and flight AD&D coverage.
This plan increases trip interruption coverage to 150% and has increased limits for most benefits. It also adds equipment delay coverage. Cancellation for business reasons is included in this plan.
Medical coverage, also primary, is increased to $50,000, and medical evacuation is increased to $500,000. AD&D coverage is included at $25,000. Pre-existing conditions coverage is included when the plan is purchased within 21 days of initial trip deposit.
The Travel Select plan has more add-on options than the basic plan. In addition to rental car coverage and flight AD&D coverage, this plan can be upgraded to include cancel for any reason benefits. Travelers can also add increased medical coverage and add sports coverage.
The Select plan is also a family plan, offering coverage for children 17 and under with no extra cost. There is no limit to the number of children the plan will cover, which is not always the case on family plans.
The Flight Insure plan is available at two levels, base and Plus. This plan is focused on risks of flying. The plan has three levels of AD&D coverage at $100,000, $300,000, and $1 million.
At the Plus level, it includes trip delay and baggage coverage, and also has $10,000 of medical coverage and $100,000 for medical evacuation.
We ran a quote for a 30-year-old traveler from California with a 7-day trip costing $5,000.
The Basic rate came back at $146, while the Select plan came in at $201. Neither of these rates puts Travelex on the low end for comparable coverage, and, in fact, the Basic plan is one of the more expensive we have seen. It is worth noting, however, that the medical coverage on both plans is primary, which is not always the case with other travel insurance policies. This definitely adds value to the policy and is a good reminder to always read the fine print when comparing two policies that appear similar on the surface.
With much higher coverage all around, the Select plan is Travelex’s better value, especially for anyone traveling with children, as they can be added at no charge. It has more than three times the medical coverage and five times the medical evacuation limit for a very reasonable increase in premium.
Travelex, like most travel insurers, has a 24-hour travel assistance line that can provide help in an emergency situation. This line is not direct to Travelex, but rather to a service called On Call International. Regular customer service can be reached during business hours of 8:00 a.m. to 7:00 p.m. Monday through Friday.
Claims forms can be downloaded online, but it does not appear that there is any option to actually file the claim online. While some sites have a policyholder login area from which claims can be filed, we were unable to find any sign of this on the Travelex site. In general, the access to claims and service on the website feels dated and not on par with the expectations of today’s plugged-in traveler.
Ratings and Consumer Reviews
The Better Business Bureau (BBB) gives Travelex an A+ rating, and there have been only 11 complaints filed in the past three years. Eight of those were closed in the past 12 months.
There are 220 reviews of Travelex on Consumer Affairs, and they are overwhelmingly positive. Of 166 star ratings given by reviewers in the past year, 118 are five-star and an additional 20 are four-star. Only nine ratings are one-star. The reviews repeatedly cite fast customer service and no difficulty with claims. The company appears to respond to negative reviews and all signs point to speedy resolution; which is always a positive thing to see.
The Bottom Line
Travelex travel insurance policies are a little pricier than some other options, but they offer primary medical coverage and have a very strong reputation for smooth claims handling. As with all insurance, paying a little more for good value is always worthwhile, and customers seeking peace of mind when traveling will likely find it with this company.
For a list of companies that we recommend, visit our Best Insurance Companies page.