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Travelex Travel Insurance Coverage Review – Is It Worth It?

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Christine Krzyszton

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When you’re ready to purchase travel insurance, you’ll have a nearly endless selection of companies from which to select. You can begin, however, by narrowing your choices to those companies that are highly rated by respected insurance financial rating companies, such as A.M. Best.

One such travel insurance company is Travelex Insurance Services (TIS). TIS and its underwriter, Berkshire Hathaway Specialty Insurance Company, both receive high A++ financial ratings by A.M. Best.

TIS was founded and makes its current home, in Omaha, Nebraska. The company was born when it was part of the insurance giant Mutual of Omaha Companies, then was subsequently purchased by the prominent currency exchange company, Travelex. While the company still bears the name, Travelex Insurance Services is no longer affiliated with Travelex Currency Services, Inc.

TIS is now owned by an Australian company, Cover-More Group, which facilitates the offering of TIS insurance products worldwide.

Now that we established TIS’s solid reputation, we can move on to discover if TIS offers a travel insurance policy that will appropriately cover your specific travel loss concerns at a price that delivers good value.

In this article, we’ll offer our take on the types of policies the company offers, how it handles COVID-19-related events, and let you know how to obtain a quote. We’ll also compare Travelex with other travel insurance companies and with the coverage that comes on your credit card.

Before we start on TIS’s offerings, let’s talk briefly about why you would want to consider purchasing travel insurance.

Why Purchase Travel Insurance

Travel insurance, like other insurance, protects your personal investment from loss due to unforeseen circumstances. The greater the amount of money you have at risk, the more economic sense it makes to purchase travel insurance.

Travel insurance can also provide peace of mind. You can enjoy planning a trip and taking the journey knowing that you are protected should a covered event cause a trip cancellation or disruption.

You may want to consider purchasing travel insurance in the following situations:

  • Your trip involves several non-refundable deposits that would be at risk should your trip need to be canceled
  • Your health insurance will not cover you during your travels
  • If your only health coverage is Medicare that will not cover you abroad, except in rare circumstances
  • You’re traveling to a remote area where, if you become ill or injured, you would need to be evacuated
  • Your trip is expensive and you would lose a lot of money should you have to cancel or have a disruption during the trip
  • Your itinerary is complicated and involves several different travel providers such as airlines, hotels, tour operators, guides, ground transportation, etc.

Bottom Line: Travel insurance is not necessary for all trips but if you have a significant investment at risk or you’re concerned about having medical coverage while traveling, it’s prudent to purchase a travel insurance policy. 

Travel Insurance and the COVID-19 Virus

Temperature Check
Canceling your trip due to fear of getting the COVID-19 virus is not covered by travel insurance policies. Image Credit: Gustavo Fring via Pexels

If you’ve had to cancel a trip due to a fear of contracting the coronavirus or your destination has become inaccessible, you’ve probably wished you had purchased travel insurance.

It may be surprising, but travel insurance does not cover trip cancellations due to these reasons. Travel insurance is meant to cover unforeseen events, so once coronavirus (COVID-19) became a pandemic, it was a known event so insurance no longer applied. Think of the situation similar to buying hurricane insurance after a hurricane has been sighted — it’s not possible.

While Travelex, like other travel insurance companies, does not cover voluntary trip cancellation due to the fear of getting COVID-19 (or any other illness), there are cases where COVID-19-related claims can be covered.

Here are some situations where Travelex could cover a loss due to the virus:

  • You become ill with the virus before traveling and need to cancel your trip (trip cancellation/interruption coverage)
  • You become ill while traveling and need to be evacuated (emergency evacuation)
  • A non-traveling family member or key business partner becomes ill and you must cancel your trip (trip cancellation/interruption coverage)

If you think you might have to cancel a trip, you could purchase Cancel for Any Reason insurance (CFAR) which allows you to cancel for any reason you feel is necessary. Travelex offers CFAR coverage on its Travel Select plan for an additional fee.

To find additional travel insurance options that include Cancel for Any Reason insurance, you can use sites such as InsureMyTrip, TravelInsurance.com, and AardvarkCompare which compare several travel insurance policies that offer the coverage.

Hot Tip: If you reschedule a trip due to COVID-19, or other illness, and have purchased a travel insurance policy for that trip, you may be able to move the coverage to the new trip. Travel insurance companies, including Travelex, have become flexible in this respect. In some cases, you may also have the option of a refund. 

Types of Policies Available With Travelex

Travelex offers 3 core types of policies: comprehensive plans that cover single trips, plans that cover flight-related losses, and a primary medical plan. For each of the trip policies, you’ll find basic to comprehensive coverage options.

Let’s take a look at the types of coverage you can expect to find on each plan.

Single Trip Insurance Policies

Travelex Plans
You’ll find 3 trip insurance plan options with various levels of coverage. Image Credit: Travelex

The example above depicts coverage with 2 available plans for a $2,000 international trip and a third plan that would cover domestic trips, for illustration purposes. Let’s look at the key coverages for each plan.

Travelex’s most comprehensive trip policy, Travel Select, offers the following coverages. Terms and conditions apply.

  • Trip cancellation, interruption, and delay
  • Baggage insurance
  • Emergency medical and dental
  • Emergency medical evacuation
  • Pre-existing condition exclusion waiver included if purchased within 15 days of initial trip deposit
  • Financial default coverage is included if the policy purchased within 15 days of the initial trip deposit
  • Children 17 and under are covered for no extra charge
  • Option to add additional medical and sports adventure coverage as well as car rental insurance, Cancel For Any Reason coverage, and a higher accidental death/dismemberment limit

You’ll have the opportunity to review the exact coverage limits and the terms and conditions prior to purchasing.

The Travel Basic trip policy offers the following:

  • Trip cancellation, interruption, and delay
  • Baggage insurance
  • Emergency medical and dental
  • Emergency medical evacuation

The following coverages are also included in the Travel Basic plan when the policy is purchased within 15 days of your initial trip deposit.

  • Cancel for Work Reason coverage
  • Financial default coverage
  • Pre-existing medical condition exclusion waiver

Finally, the Travel America plan is a comprehensive option that can be purchased to cover domestic trips within the 50 United States of 14 days or less.

Travelex Travel America Plan
Travel America benefits. Image Credit: Travelex

With similar coverage to the Travel Select plan, one noticeable difference is that the Travel America plan offers secondary emergency medical coverage versus primary.

Kids are included in coverage for no extra charge, but coverage limits do apply and are shared with other travel companions (up to 7).

Also included in the Travel American plan is coverage for your pets.

To insure an eligible trip, the Travel America plan costs just $60, regardless of the traveler’s age.

Travel Basic, Travel Select, and Travel America plans are single-trip policies. Travelex does not offer annual multi-trip policies.

The policies above were quoted on the basis of a trip costing $2,000. Actual coverage limits will be based on your actual total trip costs.

Hot Tip: Did you know that your credit card may already come with some insurance benefits? Explore the best credit cards for trip cancellation, delay, and baggage insurance.

Flight Insurance Policies

Travelex Flight Insurance
Image Credit: Travelex

You’ll have 2 options for purchasing flight insurance. Flight Insure and Flight Insure Plus plans offer primary flight insurance that comes with flight-related coverages.

The best plan, Flight Insure Plus, offers the following benefits.

  • Accidental Death and Dismemberment, up to $1,000,000
  • Trip delay coverage up to $100
  • Baggage and personal effects up to $1,000
  • Baggage delay of up to $500
  • Emergency medical and dental up to $10,000
  • Emergency evacuation up to $100,000
  • Travel assistance and concierge service 24/7

One coverage notably absent from the flight insurance policies is the lack of coverage for flight cancellation. Plus, the basic Flight Insure plan does not cover baggage, medical and dental coverage, or medical evacuation. It is basically an Accidental Death and Dismemberment policy with a $100 trip delay benefit.

Post-departure Medical Plan

Travelex Med Plan
If your primary concern is medical coverage, the Travel Med plan is an affordable option. Image Credit: Travelex

If you’re looking for essential medical coverage during your travels, Travelex offers Travel Med, an affordable primary medical plan that will cover you for up to 30 days.

All of the international travel insurance policies offered by Travelex have primary coverage, which means you do not have to file a claim with other insurance first. Also, none of its trip policies have deductibles that need to be paid for coverage to apply. Add-on coverage such as car rental insurance may have deductibles.

Bottom Line:

Travelex offers 3 levels of single-trip travel insurance policies, 2 flight insurance policy options, and a medical plan. International single-trip plans provide primary coverage that does not require you to file a claim with other insurance first. Also, none of the base policies have deductibles on core coverages. Add-on coverages may have deductibles.

How To Obtain a Quote

Trip Insurance or Flight Insurance

Trip insurance pricing can be based on several factors including the age of the traveler, state of residence, and the total cost of the trip.

Let’s look at a simple example of 1 traveler, 40 years of age for a trip to Mexico costing $2,000, with the traveler residing in Michigan.

Travelex Quote
It’s easy to obtain a quick quote on the Travelex website. Image Credit: Travelex

To obtain a fast and easy quote via Travelex, just enter your destination, the total cost of your trip, the dates you’re traveling, your state of residence, the date of your first trip deposit, and your age. It’s as simple as that.

Once you’ve entered the basic information, you’ll receive an instant quote for the single-trip policy options that apply. You can then choose optional coverages, higher coverage limits, or additional quotes for medical or flight insurance.

Travelex Single Trip Quote
You’ll have 2 trip plan options with simple pricing. Image Credit: Travelex

Simply select the policy you prefer, review the actual policies documents provided, and proceed to purchase your policy.

Selecting and purchasing a policy is also risk-free as you will then have 15 days to review the policy and determine if it meets your needs. If not, you can cancel and receive a full refund.

Bottom Line: Securing a quote, selecting a policy, and then purchasing coverage with Travelex is a very simple process. After purchase, you’ll have 15 days to review the policy and decide whether to keep it. If not, you can request a refund for the entire amount. 

How Travelex Compares — Summary

Let’s reflect on what we know so far — Travelex is a financially stable company offering competitive single-trip travel insurance policies that can cover the entire trip, the flight experience, or stand-alone medical coverage.

What we don’t know at this point is how Travelex policies compare with the coverage that comes with a premium travel rewards credit card or with other insurance companies.

Let’s take a look at how Travelex compares and whether purchasing travel insurance through Travelex is worth it.

Travelex vs. Credit Card Travel Insurance

If you have a credit card with travel insurance, it is not meant to replace a comprehensive travel insurance policy but it may provide enough coverage for an average trip.

Let’s look at how the best Travelex trip policy compares with the travel insurance that comes with a premium travel rewards card such as The Platinum Card® from American Express or the Chase Sapphire Reserve®. Make note that enrollment may be required for some American Express benefits below, so be sure to enroll through your American Express online account.

Trip Insurance

We’ve selected 2 of the top premium travel rewards cards offering travel insurance. Although premium travel rewards cards do charge a high annual fee, there is no extra charge for the travel insurance benefits that come with the cards.

SCROLL FOR MORE
CoverageAmex Platinum CardChase Sapphire Reserve CardTravelex Trip Select
Car Rental InsuranceSecondary Coverage with the option to purchase Premium ProtectionPrimary CoverageNot included, available for purchase
Trip Cancellation$10,000 per trip, $20,000 per 12-month period$10,000 per trip, $20,000 per occurrence, $40,000 per 12-month periodUp to 100% of trip cost
Trip Interruption$10,000 per trip, $20,000 per 12-month period$10,000 per person, $20,000 per occurrence, $40,000 per 12-month periodUp to 150% of trip cost
Trip Delay$500 per trip, limit 2 claims per 12-month period$500 per person, per trip$250/day up to $750 total
Lost/Damaged LuggageUp to $3,000Up to $3,000 per person, per trip$1,000
Baggage DelayN/AUp to $500 per person, per trip$200
Emergency Medical and DentalN/A$2,500 with $50 deductible$50,000 ($500 limit on dental)
Emergency EvacuationCovered, no limit statedUp to $100,000$500,000
Accidental Death and DismembermentN/AUp to $1,000,000$25,000 included with the option to purchase higher limits
Travel and Emergency AssistanceIncludedIncludedIncluded

While it may appear like you’re receiving a lot of coverage on the premium travel rewards cards, there are 2 key reasons that purchasing the Travelex trip insurance, or other comprehensive travel insurance, is a desirable option.

First, the coverage that comes with your credit card is generally secondary to other insurance. This means you will need to deal with travel providers or other insurance first, then with the credit card’s third-party administrator if you have a claim. With Travelex, you’ll be dealing directly with the insurance company.

Additionally, the Travelex Travel Select policy offers superior medical coverage. You won’t find meaningful medical coverage, other than a rare minimal limit, on any credit card.

One downside is that you would need to purchase a Travelex policy each time you travel to ensure you have coverage. This may not be an issue if you travel on just 1 or 2 major trips each year.

Bottom Line:

The Travelex Travel Select policy is a good option if you are concerned about having medical coverage during your travels. It is also a good choice if you want to have primary travel insurance versus secondary travel insurance coverage that can come with credit cards.

Card Snapshots

Flight Insurance

Let’s look at the cost and coverage of purchasing flight insurance via Travelex and how it compares with the coverage that comes with a premium travel rewards credit card.

Travelex Flight Plans
You’ll have 2 flight insurance plan options from which to select. Image Credit: Travelex

Travelex offers 2 options for insuring your flight — the Flight Insure Plus plan at $39 or the basic Flight Insure plan at $17.

Let’s compare coverages on these Travelex flight insurance plans with the coverages that come complimentary on the Amex Platinum card and Chase Sapphire Reserve card.

SCROLL FOR MORE
CoverageAmex Platinum CardChase Sapphire Reserve CardTravelex Flight Insure Plus (Starts at $39)
Trip Cancellation$10,000 per trip, $20,000 per 12-month period$10,000 per person, $20,000 per occurrence, $40,000 per 12-month periodN/A
Trip Interruption$10,000 per trip, $20,000 per 12-month period$10,000 per person, $20,000 per occurrence, $40,000 per 12-month periodN/A
Trip Delay$500$500$100*
Baggage and Personal EffectsUp to $3,000 per person, per tripUp to $3,000 per person, per trip$1,000*
Baggage DelayN/A$500$500*
Emergency Medical and DentalN/A$2,500$10,000* with a $500 maximum for dental
Emergency EvacuationIncluded, no stated limit$100,000$100,000*
Travel AssistanceIncludedIncludedIncluded*
Accidental Death and DismembermentN/AUp to $1,000,000$300,000 with the option to purchase higher limits of $500,000 or $1,000,000

* These coverages are not included in the basic Flight Insure plan ($17).

There are very few advantages to purchasing flight insurance with Travelex, especially its basic plan that only offers AD&D and $100 in trip delay coverage. Also, neither the Flight Basic nor Flight Insure Plus policies come with flight cancellation/interruption coverage.

The travel insurance coverage that comes with premium travel rewards cards could be sufficient for most trips, except if you need more than $10,000 of medical coverage. You would fare better purchasing the stand-alone Travelex Travel Med policy, for as little as $30, versus flight insurance for medical coverage.

Bottom Line: The coverage that comes on premium travel rewards credit cards could be sufficient to provide coverage for most trips versus flight insurance with Travelex. One exception to this is limited medical coverage which, if important, can be obtained by purchasing the Flight Insure Plus plan or Travel Med plan with Travelex. 

Travelex vs. Travel Insurance Companies

Travelex Comparison
Travel insurance comparison sites allow you to find a policy that fits your needs and budget. Image Credit: InsureMyTrip

To compare TIS to other travel insurance companies, we obtained a quote for a 40-year-old traveling to Mexico for a week on a trip that cost $2,000. Policy prices are based on the age of the traveler(s), the total cost of the trip, and the state/country of residence.

We began by utilizing InsureMyTrip, a site that compares dozens of travel insurance companies and hundreds of policies.

The following coverages were included in the comparisons:

  • Trip cancellation $2,000
  • Trip interruption $3,000
  • Pre-existing conditions waiver
  • Travel delay and baggage delay
  • Cancel for work reasons coverage was included on the AIG quote

The Travel Insured International policy included evacuation insurance up to $1,000,000 while the other 2 quotes, were $500,000. Both the Travelex and AIG policies included up to $50,000 in medical coverage while the Travel Insured International policy included up to $100,000. Higher medical limits were available with the Travelex policy for minimal cost.

Let’s look at another comparison from Squaremouth, another popular travel insurance comparison website:

Travelex Comparison 2
Comparing 3 major travel insurance company policies with Travelex. Image Credit: SquareMouth

We found similar coverage results via Squaremouth with the exception of medical coverage. The Travelex policy had just $50,000 in coverage while Tin Leg and Seven Corners had $500,000 of coverage included. A medical upgrade to $100,000 was available for $13 on the Travelex policy.

As you can see, it pays to compare coverage with other travel insurance companies to personalize your policy coverages and find the best deal for you.

Bottom Line: The Travel Select insurance policy offered by Travelex, as priced in our limited sampling, held its own competitively against other travel insurance companies with similar products for the same trip. However, in general, the policy as quoted offered less medical coverage overall and lower emergency medical evacuation limits. On the plus side, higher medical limits could be added to the Travelex policy for just $13 more in premium. 

Final Thoughts

Travelex Insurance Services is a stable, financially viable company that you can depend on for your travel insurance needs. Its Travel Select product, the best of its policy offerings, is competitively priced and has all the coverage you need to be protected during your trip.

One downside is that TIS does not offer a multi-trip or annual travel insurance policy option — a popular choice for those who travel frequently.

If you have a family, the Travel Select policy can be a good option as children 17 and under are covered for no extra charge. Also, a note for seniors — we were able to obtain a quote for a traveler up to 100 years of age.

When we look at how Travelex flight insurance compares, we can find the same, or better, coverage on premium travel rewards credit cards. One exception to this is medical coverage. If you are concerned at all about being covered for medical when traveling abroad, you should purchase travel insurance.

And speaking of medical coverage, don’t ignore Travelex’s stand-alone Travel Med policy with a premium of as little as $30 covering your entire trip.

There is one final advantage of purchasing primary travel insurance coverage with a travel insurance company such as Travelex. You will not have to file a claim with another insurance company first or deal with the credit card company’s third-party claims administrator before coverage kicks in.

All information and content provided by Upgraded Points is intended as general information and for educational purposes only, and should not be interpreted as medical advice or legal advice. For more information, see our Medical & Legal Disclaimers.

For the car rental loss and damage insurance benefit of The Platinum Card® from American Express, car rental loss and damage insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the commercial car rental company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. geographic restrictions apply. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

For the trip cancellation and interruption insurance benefit of The Platinum Card® from American Express, the maximum benefit amount for trip cancellation and interruption insurance is $10,000 per covered trip and $20,000 per eligible card per 12 consecutive month period. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

For the trip delay insurance benefit of The Platinum Card® from American Express, up to $500 per covered trip that is delayed for more than 6 hours; and 2 claims per eligible card per 12 consecutive month period. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

For the baggage insurance plan benefit of The Platinum Card® from American Express, baggage insurance plan coverage can be in effect for covered persons for eligible lost, damaged, or stolen baggage during their travel on a common carrier vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one-way or round-trip) is charged to an eligible card. Coverage can be provided for up to $2,000 for checked baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the common carrier. The coverage is also subject to a $3,000 aggregate limit per covered trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each covered person with a $10,000 aggregate maximum for all covered persons per covered trip. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For rates and fees of The Platinum Card® from American Express, click here.

Frequently Asked Questions

Is travel insurance worth it?

If you are worried about losing your investment should you have to cancel your trip or your trip is disrupted, travel insurance is worth it. It can also be worth it if you’re concerned about being covered for medical reasons while traveling.

Is Travelex a good travel insurance company?

Yes, Travelex Insurance Services is a highly-rated insurance company. Prominent insurance financial rating company A.M. Best rates Travelex as A++. The company offers a variety of travel insurance policies including 3 single-trip plans, 2 flight insurance plans, and a stand-alone medical plan.

Its best plan with the most comprehensive coverage is the Trip Select plan. Securing a quote, understanding the coverage descriptions, and purchasing a policy is simple. Additionally, the instructions for filing a claim are clear and concise. The company is also rated 4-star by Consumer Affairs.

Does travel insurance cover canceling my flight?

There are limited reasons a travel insurance policy would cover canceling a flight. Some of these would include severe weather, having to cancel due to your own illness or the illness of a family member, and certain legal obligations. A travel insurance policy will contain a list of covered reasons for cancellation but voluntary cancellation is not included. To receive coverage if you should decide to cancel your trip for any reason you deem necessary, you should purchase Cancel for Any Reason insurance.

How does Cancel for Any Reason insurance work?

Most travel insurance policies do not cover voluntary flight cancellations. Travel insurance policies contain a limited list of reasons for flight cancellations to be covered. Canceling a flight because you are afraid of getting sick or because your destination is inaccessible are not reasons that are covered. In order to be covered for these situations, you would need to purchase Cancel for Any Reason insurance. The coverage is an add-on to a travel insurance policy and may only be available within a specified period before you travel.

The coverage normally does not cover your entire loss, just a percentage. The greater the percentage, the higher the cost of the coverage. You will also need to cancel within the specified period of time, such as no later than 2 days prior to your departure. In the end, however, if you do want to cancel your trip because you do not want to travel, you would be able to recoup some of your trip expenses.

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About Christine Krzyszton

Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, detailed content for UP.

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