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Travelex Travel Insurance Review for 2024

Travelex review
KEY TAKEAWAYS
  • Travelex offers six travel insurance plans with varying levels of coverage.
  • These plans are tailored to various budgets and travel requirements, this allowing you to customize your policy depending on your travel needs.
  • Cancel-for-any-reason (CFAR) coverage, car rental coverage, and adventure sports coverage are available as optional add-ons.
  • According to our sales data, Travelex insurance plans have an average cost of $83 for a 20-day trip, making it an attractive option for budget-conscious travelers without compromising on reliability.
  • To easily view all travel insurance plans available, try using an online comparison tool.
SUMMARY

Travelex is a reputable travel insurance company with nearly five decades of experience. 

With six distinct plans to choose from, Travelex provides travel insurance for the budget-conscious traveler.

Rated 4.5 out of 5 stars on Squaremouth, Travelex is an industry-leading travel insurance provider.

Read on to see what Travelex offers and what previous customers had to say about their Travelex travel insurance experience.

Pros & Cons

Pros

  • Extra coverage for travel companions
  • Comprehensive plans
  • Plans offerring domestic protection at a single flat-rate price
  • Good for budget travelers

Cons

  • Lower medical coverage limits than others
  • Won’t cover non-medical evacuations
Budget-Conscious Travel Plans
GET A QUOTE via Squaremouth’s secure website
4.43

Is Travelex legit?

Travelex is a legitimate company that has 47 years of trading experience.

It’s been BBB-accredited since 1999, ensuring that you have a hassle-free experience when purchasing coverage or filing a claim. 

Additionally, all Travelex policies are underwritten by Berkshire Hathaway Specialty Insurance Company, which has the highest possible AM Best rating. A high AM Best rating indicates strong financial performance, reducing the risk that a company will go out of business and be unable to pay your insurance claim.

Here’s a look at the main highlights and benefits of Travelex insurance.

Bottom line: Main highlights of Travelex travel insurance

Before you purchase Travelex insurance, make sure you’re familiar with these main features.

Travelex travel insurance plans & coverage

Travelex offers six travel insurance plans, giving you extra flexibility as you plan your trip.

1

Travel Basic:

The Travel Basic plan includes 24/7 travel assistance, trip cancellation insurance and coverage for emergency medical and dental expenses. As the lowest-cost plan, Travel Basic only comes with $15,000 in medical coverage and up to $10,000 for trip cancellation and interruption coverage.

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2

Travel Select:

Travel Select includes everything in the Travel Basic plan, but there are five optional upgrades, such as car rental collision and flight-related accidental death and dismemberment. This plan also has a higher limit on medical expenses: $50,000.

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3

Travel America:

Travel America is designed for domestic travel, so it costs less than many travel insurance plans. It includes up to $50,000 in medical coverage, roadside assistance and car rental collision coverage. You can also purchase a three-day preexisting condition waiver or share your benefits with up to eight travelers.

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4

Travel Med:

Travel Med includes up to $10,000 in medical coverage, up to $1,000 in baggage coverage and up to $1,000 in trip delay coverage. It doesn’t include trip cancellation coverage or other post-departure benefits.

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5

Flight Insure:

Flight Insurance is a type of Travelex insurance designed for consumers who want flight-related accidental death and dismemberment coverage only.

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6

Flight Insure Plus:

Flight Insure Plus goes a step further, adding protection for emergency evacuations, baggage delays, emergency medical expenses and missed flight connections.

See More See Less

Here are our top picks for the best Travelex plans

Best Comprehensive Travelex Plan

Travelex Insurance Services

GET A QUOTE via Squaremouth’s secure website
4.43
Preferred Plan
Travel Select
Covers COVID
YES
Medical & Evacuation Limits Per Person
$50,000 / $500,000
Best for Budget-Conscious Travelers

Travelex Insurance Services

GET A QUOTE via Squaremouth’s secure website
4.43
Preferred Plan
Travel Basic
Covers COVID
YES
Medical & Evacuation Limits Per Person
$15,000 / $100,000
Best for Flight-related Travel Concerns

Travelex Insurance Services

GET A QUOTE via Squaremouth’s secure website
4.43
Preferred Plan
Flight Insure Plus
Covers COVID
YES
Medical & Evacuation Limits Per Person
$10,000 / $100,000
Travelex Insurance Services
Travelex Insurance Services Travel Select
Travelex Insurance Services
Travelex Insurance Services Travel Basic
Compare plans from providers side by side
Type of medical coverage
Primary
Primary
Emergency Medical
$50,000
$15,000
Medical Evacuation & Repatriation
$500,000
$100,000
Covers COVID
YES
YES
Pre-Existing Conditions
Waiver Available
NO
Extension Of Coverage
YES
YES
Non-Medical Evacuation
NO
NO
Trip Cancellation
100% trip cost
100% trip cost
Trip Interruption
150% trip cost
100% trip cost
Travel Delays
5+ hours
5+ hours
Missed Connection
3+ hours
3+ hours
Baggage Loss
YES
YES
Baggage Delay
12+ hours
12+ hours
24 Hour AD&D
$25,000
$10,000
Flight Only AD&D
Optional Add-on
Optional Add-on
Common Carrier AD&D
NO
NO
Sports & Activities
Some Sports
Some Sports
Sports Equipment Loss
YES
YES
Sports Equipment Delay
$200
NO
Sports Fees
YES
YES
Rental Car Damage
NO
NO
Money Back Guarantee
YES
YES
24 Hour Assistance Service
YES
YES
Cancel For Any Reason
Optional Add-on
NO
AMBest Rating
Better Business Bureau Rating

Optional add-ons

In the insurance industry, the term “add-on” refers to optional coverage that isn’t included with your original plan. If you pay for an add-on, you’ll get extra Travelex insurance benefits.

Optional add-ons include:

Things not covered by Travelex travel insurance

Travelex doesn’t cover the following:

Cost of Travelex travel insurance plans

According to sales data from visitors to our website, Travelex insurance plans cost an average of $83 for a 20-day trip.

How much you’ll pay for travel insurance depends on several factors:

To help you set realistic expectations, we requested several quotes from Travelex. Your true costs won’t be exactly the same as the costs shown below, but these examples should help you budget appropriately. 

We asked for quotes based on the following criteria:

Example Quotes for Travelex

Quote Travel Basic Travel Select
1 $171 $231
2 $342 $462
3 $208 $283
4 $174 $238
5 $44 $62
Passport and Plane Ticket

Travelex travel insurance reviews from customers

Travelex has an overall rating of 4.5 out of five stars on Squaremouth.

Nearly 80% of reviewers gave the Travelex four or five-star ratings, while just 2% gave the provider a one-star rating.

We sorted through client feedback to see what customers have said about Travelex in their reviews. We’ve included topics that were commonly mentioned below.

What customers like

Many Travelex insurance reviews mention:

  • friendly customer service agents
  • a smooth claims process
  • fast reimbursement

Carla was also pleased with the claims process. She wrote,

“The claim procedure was very straightforward. The rep I spoke to was very helpful and explained things thoroughly. I appreciated her telling me how long it would take to process - the time frame she gave me was accurate!”

KT from Colorado said,

“Smooth, easy and no questions asked with foreign currency receipt claim.”

What customers don’t like

Some negative feedback from customers mention:

  • Unclear policy terms
  • Long wait times for reimbursement

Charles said, 

“Policy would be more helpful if there were a clear descriptive summary of what documents are required and why when filing a claim….”

Joey had trouble getting reimbursed for an unusual situation. He said,

“… I used them in the past on a trip where I made a claim and it was like using forensic accounting to get reimbursed.”

Keep in mind, the points mentioned in negative reviews are quite common among most travel providers. It’s always important to review the fine print to understand what the plan covers as well as keep clear documentation when filing a claim. This can help expedite the claims process.

Is Travelex travel insurance worth it?

Yes, Travelex insurance is a worthwhile investment.

It’s ideal for budget-conscious consumers who don’t need all the bells and whistles of a more expensive policy. Additionally, Travelex offers several plans, giving you extra flexibility.

The Travel Basic and Travel Select plans are well-suited for both domestic and international trips. 

You can even get flight-related accidental death and dismemberment coverage only by purchasing Flight Insure or Flight Insure Plus. Keep in mind, though, flight insurance may not be as worthwhile since it offers more limited coverage. Therefore, you may be better off opting for one of Travelex’s other plans.

If you’re looking for higher coverage limits, we recommend having a look at plans from these top travel insurance companies:

  1. Tin Leg
  2. Seven Corners
  3. Generali Global Assistance
  4. AXA Assistance USA
  5. Trawick International

Here are our top picks for the best alternative plans

Advertiser Disclosure
Best For High-limit Medical Coverage

Tin Leg

GET A QUOTE via Squaremouth’s secure website
4.6
Preferred Plan
Gold
Covers COVID
YES
Medical & Evacuation Limits Per Person
$500,000 / $500,000
Best for Premium Coverage

AXA Assistance USA

GET A QUOTE via Squaremouth’s secure website
4.22
Preferred Plan
Platinum
Covers COVID
YES
Medical & Evacuation Limits Per Person
$250,000 / $1,000,000
Best For High Reimbursement

Seven Corners

GET A QUOTE via Squaremouth’s secure website
4.37
Preferred Plan
Trip Protector Elite
Covers COVID
YES
Medical & Evacuation Limits Per Person
$250,000 / $1,000,000
Passport and Plane Ticket

FAQ: Travelex travel insurance

Who is Travelex owned by?

The Cover-More Group owns Travelex. Cover-More is a subsidiary of Zurich Insurance Group.

Does Travelex cover canceled flights?

Some Travelex insurance plans cover canceled flights as part of your trip cancellation, trip delay or trip interruption benefits. Check the terms of your policy to find out if you qualify for this type of coverage.

Does Travelex have a deductible?

Standard Travelex insurance has no deductible, so you can start using your benefits as soon as you have a covered loss. If you had a deductible, you’d have to pay a portion of your expenses out of your own pocket before getting reimbursed. You may have to pay a deductible if you use one of the optional add-ons.

How do I file a Travelex claim?

To file a claim by phone, call Berkshire Hathaway Specialty Insurance Company at 855-205-6054.

Leigh Morgan
Leigh Morgan Personal Finance

Leigh Morgan is a seasoned personal finance contributor with over 15 years of experience writing on a diverse range of professional legal and financial topics. She specializes in subjects like navigating the complexities of insurance, savings, zero-based budgeting and emergency fund development.

In the last five years, she’s authored over 300 articles for credit unions, digital banks, and financial professionals. Morgan is also the author of “77 Tips for Preventing Elder Financial Abuse,” a book focused on helping caregivers protect the elderly from financial scams.

In addition to her writing skills, she brings real-world financial acumen thanks to her previous experience managing rental properties as part of a $34 million real estate portfolio.