Review and Cost of Travelex Travel Insurance in 2024

Travel insurance is an essential aspect of trip planning, providing peace of mind and financial protection in case of unforeseen circumstances. After researching and rating 20 travel insurance providers, the MarketWatch Guides team gave Travelex a rating of 4.7 out of 5 stars. Travelex offers six travel insurance policies for both domestic and international travel, including a plan with flat-rate coverage throughout the U.S. In this review, we will delve into Travelex’s costs, coverage, customer service, and more to help you make an informed decision.

Our Thoughts on Travelex

Travelex earned a high rating of 4.7 out of 5 stars, making it our top pick for budget travelers. The provider offers below-average travel insurance costs and flat-rate travel coverage for U.S. travel, starting from just $60. One standout feature is that Travelex includes children under coverage with its Travel Select plan. However, it’s important to note that Travelex has lower medical limits compared to some other providers, which may not be suitable for travelers seeking high coverage for accidents and illnesses.

Travelex scored well in most categories in our methodology, earning full points for coverage details, cancel for any reason (CFAR) coverage, claim eligibility windows, customer service, and credit rating. However, it lost points for not covering items like jewelry, electronics, pets, and non-medical emergency evacuations. If you’re looking for budget-friendly coverage for both U.S. and international trips, Travelex is worth considering.

Pros and Cons

Pros:
– Offers the Travel America plan for a flat rate of $60
– Includes children in the Travel Select plan
– Provides five different add-on coverages

Cons:
– Offers lower medical limits than some other providers
– Available add-ons depend on your choice of plan

How Travelex Scored in Our Methodology

Based on our travel insurance methodology, Travelex scored 4.7 out of 5 stars, above the average of 4.4 out of 5 stars calculated across 20 providers. Travelex performed well in most rating categories but lost points due to its lack of certain coverage extras. The company earned one bonus point for holding accreditation with the Better Business Bureau (BBB).

Travelex Travel Insurance Review: Ratings Breakdown

To provide a comprehensive overview of Travelex’s performance, we have included a breakdown of how the provider scored in our 2024 travel insurance study. This table compares Travelex’s ratings with the average ratings of all providers in our study.

Compare Travelex Travel Insurance to The Competition

To help you make an informed decision, we have compared Travelex to other travel insurance providers in the table below. This comparison includes average plan costs, CFAR coverage, COVID-19 coverage, and BBB ratings for each provider.

Travelex Travel Insurance vs. Faye

Travelex and Faye offer similar trip cancellation, trip interruption, and emergency evacuation coverage limits for the plans we compared. However, Faye provides higher medical expense coverage and more trip delay coverage through its Travel Select plan. If you prioritize higher medical expense limits, Faye may be a better option, although it comes at a higher cost.

Travelex Travel Insurance vs. Allianz

Travelex and Allianz offer comparable trip cancellation, trip interruption, and medical expense benefits through their respective plans. Allianz provides higher lost baggage and emergency evacuation coverage, but Travelex offers higher travel delay insurance limits. Overall, Allianz’s OneTrip Premier plan provides higher coverage limits than Travelex’s comparable plan, albeit at a higher cost.

What Does Travelex Travel Insurance Cover?

Travelex offers three comprehensive travel insurance policies, one post-departure plan, and two flight-only plans. Comprehensive plans come with early purchase benefits such as pre-existing medical condition waivers, cancel-for-work coverage, CFAR coverage, and more. The provider’s post-departure plan only offers car rental collision coverage, while the flight-only plans focus on flight AD&D coverage and travel assistance.

Travelex Policy Options

Travelex’s three comprehensive plans include Travel Select, Travel Basic, and Travel America. Travel Select and Travel Basic are suitable for international travelers, while Travel America is designed for domestic trips within the U.S. Each plan offers different coverage limits and benefits tailored to the type of trip you’re taking.

Travelex Optional Add-On Coverage

Travelex provides five optional add-on coverages, including CFAR coverage, car rental collision coverage, additional medical coverage, adventure sports exclusion waiver, and flight AD&D coverage. These add-ons enhance your policy by providing additional protection for specific situations or activities not covered in the standard plans.

How Much Does Travelex Cost?

The average cost of a Travelex policy is $212, which is below the average cost of $221 calculated across 20 different providers. Travelex offers budget-friendly options, with the Travel America plan available for a flat rate of $60. Costs may vary based on factors such as age, destination, trip duration, and coverage limits.

Does Travelex Offer 24/7 Travel Assistance?

Travelex provides 24/7 travel assistance with all its plans, offering support for medical emergencies, flight rebooking, lost luggage, and more. The multilingual team can assist you with various travel-related challenges and ensure you receive the necessary help during your trip.

How To Buy a Policy From Travelex Travel Insurance

Purchasing a policy from Travelex is a straightforward process that can be done entirely online. You can select a plan, choose optional add-ons, provide personal information, and finalize your purchase through the website. Travelex offers clear policy information and sample contracts to help you understand the coverage and benefits of each plan before making a decision.

Customer Reviews

Customer reviews play a crucial role in understanding a company’s reputation and service quality. Travelex has received mixed reviews, with positive comments about helpful customer service representatives and fast claims payment. However, some customers have expressed dissatisfaction with the claims process, communication, and denied claims. It’s essential to consider both positive and negative feedback when evaluating a travel insurance provider.

How To File a Claim with Travelex

Filing a claim with Travelex is done through an online form on the provider’s website. You will need your plan identification number and relevant documentation to submit your claim. While some customers have reported a swift claims process, others have mentioned challenges with communication and claim denials. It’s advisable to follow the claims process carefully and reach out to customer service for assistance if needed.

Is Travelex Travel Insurance Worth It?

In conclusion, Travelex travel insurance offers budget-friendly options for both domestic and international trips, making it a suitable choice for cost-conscious travelers. While the provider may have lower medical coverage limits compared to others, its straightforward purchasing process and comprehensive coverage options make it worth considering. It’s essential to weigh the pros and cons, compare quotes from different providers, and read customer reviews to determine if Travelex is the right fit for your travel insurance needs.

Frequently Asked Questions about Travelex

– Is Travelex a reputable travel insurance company?
Travelex has over 25 years of experience in the travel industry and is underwritten by industry giants Berkshire Hathaway and Zurich, making it a reputable source for travel insurance.

– How much is a Travelex policy?
The average cost of a Travelex policy is $212, based on quotes gathered from various traveler profiles. Costs may vary depending on factors such as age, destination, and trip duration.

– How many travel insurance plans does Travelex offer?
Travelex offers three comprehensive travel insurance policies, one post-departure plan, and two flight-only plans with varying coverage options.

– What is the average cost of travel insurance?
The average cost of a travel insurance policy is $221, calculated across 20 providers using different traveler profiles. Costs can vary based on individual factors and coverage needs.

Methodology: Our System for Rating Travel Insurance Companies

Our team uses a comprehensive methodology to rate travel insurance providers, considering factors such as coverage details, cancel for any reason coverage, claim eligibility windows, customer service, and credit rating. We gather quotes, compare plans, and analyze customer reviews to provide an accurate assessment of each provider’s performance.