Travelex Travel Insurance

What is Travelex?

Travelex is a reputable, globally recognized travel insurance provider with more than 25 years of industry experience. It’s one of the highest-rated insurance providers on Squaremouth offering comprehensive coverage for a variety of needs.

Its policies are backed by Zurich Insurance Group, one of the world’s leading insurance carriers. It holds an A+ (Superior) rating from A.M. Best and an A+ rating with the Better Business Bureau, reflecting its financial strength and commitment to customer service.

Travelex offers 2 plans on Squaremouth, both of which include in-demand benefits like Trip Cancellation, Emergency Medical, Medical Evacuation, Travel Delay, and Baggage Loss. Its most popular policy, the Ultimate plan, provides strong medical coverage and is one of 5 plans on our marketplace that offers kid-friendly pricing.

While there may be more affordable plans out there, purchasing trip insurance from Travelex can ensure you’re supported and financially protected throughout your trip.

Our Take: Travelex stands out for its customer service, and its Ultimate plan, which offers very high limits on a wide variety of benefits, including Emergency Medical, Medical Evacuation, and Trip Delay, for a competitive price. Its Ultimate plan is a top family option due to complimentary coverage for kids. However, its Essential plan falls short of many base-level plans in terms of coverage.

Pros & Cons of Travelex Travel Insurance

What Customers Say About Travelex

Travelex ranks 4th among Squaremouth providers for customer service based on thousands of customer reviews since 2009, with excellent marks for service before, during, and after a trip.

What Customers Say About Travelex Benefits

Reviewers appreciate the customizability of Travelex’s plans, including the ability to add on adventure sports coverage, even for older travelers. Several reviewers also note getting substantial reimbursement for medical claims, including a $10,000 medical claim for a safari that was fully paid out without much hassle.

What Customers Say About Travelex’s Customer Service

Reviewers praise Travelex’s patient, polite, and knowledgeable staff when answering questions ahead of a trip. Customers also note strong support from Travelex’s 24/7 assistance line with situations like deciding where to go to a hospital, or finding lodging during a hurricane.

Travelex is one of the highest-rated providers for customer service during a claim. However, as is the case with any insurer, there are some complaints about slow processing, poor communication, and excessive requests for documentation. Despite these frustrations, many reviewers also note that their claims were eventually paid.

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What Does Travelex Insurance Cover?

Travelex offers 2 comprehensive travel insurance plans that include standard benefits such as Trip Cancellation, Emergency Medical, Medical Evacuation, Travel Delay, and Baggage Loss.

Benefits vary depending on the plan:

• Ultimate plan: A premium plan for comprehensive travel insurance with pre-existing coverage and high medical limits
• Essential plan: A basic plan for comprehensive travel insurance with no pre-existing coverage and low medical limits

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Travelex also offers many upgrade options, including CFAR on its Ultimate plan, so you can adjust coverage to your needs:

• Increased limit for Baggage Loss up to $5,000 per person, $1,500 per item
• Increased limit for Emergency Medical up to $500,000 per person
• Sports & activities coverage for activities like scuba diving and skiing
• Coverage for lost sports equipment, like skis and golf clubs, up to $2,000 per person
• Protection for sports equipment that’s delayed on the way to your destination, up to $1,500 per person
• Coverage for non-medical evacuations for scenarios like natural disasters and civil unrest, up to $100,000 per person
• Search & Rescue coverage up to $10,000, for travelers who become lost or missing during a trip
• Rental Car Damage protection up to $50,000
• Cancel for Work Reasons protection up to 100% of your trip cost, for qualifying reasons such as being required to work during your trip
• Cancel For Any Reason (CFAR) coverage up to 75% of your trip cost ($10,000 limit)

Do Travelex Plans Cover Pre-existing Conditions?

Yes, Travelex Ultimate offers pre-existing condition coverage. To qualify, you must purchase your policy within 21 days of your initial trip payment.

Travelex Essential, on the other hand, does not cover pre-existing conditions. Meaning medical care relating to a flare-up of an existing health issue will not be covered.

Which Plan Should You Choose?

For most travelers, the Ultimate plan will provide the best protection. Its Essential plan may be a better fit for travelers on low-cost trips.

Choose the Ultimate plan if you:

• Need adequate medical coverage for international travel
• Have a pre-existing condition
• Want primary medical coverage
• Want high limits for secondary benefits, like Trip Delay and baggage insurance

Choose the Essential plan if you:

• Are traveling domestically
• Want low-cost coverage for an inexpensive trip

Travelex is a good option for travelers who want to pay a higher premium to get high limits for Emergency Medical and Medical Evacuation, as well as a wide range of upgrades and other premium benefits.

Its Ultimate plan offers several notable benefits, including some unique features:

• 21-day window for pre-existing conditions, one of the longest periods for plans on our site
• $1 million Medical Evacuation coverage and primary Emergency Medical coverage
• Guaranteed payment to a foreign hospital so you can get admission (only 1 other provider offers this)
• Covers storm warnings, including cyclones, hurricanes, tropical storms at your accommodation, up to 120 hours before the departure date; the longest timeframe of any plan on our site.
• A very high $2,000 limit for Travel Delay that includes airline lounge access fees
• Covers an event cancelled for severe weather when it was purpose of trip, a benefit offered by only 4 other plans
• Covers cancellation for hunting trips if the government blocks hunting at your destination, offered by only 3 other plans
• Includes an adventure sports upgrade and a sports equipment upgrade
• Covers kids under 18 for free

Its Essential plan, on the other hand, is much weaker than similarly-priced plans, with lower-than-average limits for medical benefits and other coverages.

Other drawbacks to Travelex include a $10,000 cap on CFAR for the Ultimate plan, which means it’s not the best choice for insuring high-cost luxury trips. Travelex’s adventure coverage is also very restrictive without the optional upgrade and doesn’t cover skiing.

How Does Kids Free Pricing Work?

Travelex’s kids-free pricing covers 1 child under the age of 17 for free for each adult on your itinerary, making it one of our best travel insurance plans for families. To qualify, you have to enroll your children on your policy when you purchase coverage. If you add upgrades to your plan, each child will be charged the corresponding upgrade cost.

How Does Travelex’s CFAR Insurance Work?

Travelex’s CFAR insurance can reimburse up to 75% of your prepaid, nonrefundable trip costs if you have to cancel your trip for a reason that’s not covered by your standard Trip Cancellation benefit. You must insure 100% of your trip costs and cancel at least 2 days ahead of your departure, which are standard requirements for CFAR. You must purchase coverage within 21 days of your first trip deposit, which is a very long window compared to most plans.

However, it has some limitations that many CFAR plans don’t have: Coverage is limited to $10,000 per person, and you must purchase at least 30 days in advance of your departure date.

Does Travelex Offer Annual Travel Insurance?

Travelex only has 2 comprehensive travel insurance plans to choose from, and doesn’t offer annual travel insurance for multiple trips in a year. This limit on plan types is a potential downside for those wanting more options for different styles of travel.

How Do You Buy a Travelex Policy?

You can purchase Travelex insurance through Squaremouth by using our quote form, or calling our customer service department at 1-800-240-0369.

To get a quote, you’ll need to supply basic trip details, including:

• Your destination
• Travel dates
• Names and dates of birth of all travelers on your itinerary
• The date of your first trip payment
• Your total prepaid, non-refundable trip costs

It’s important to purchase coverage early to ensure that you qualify for time-sensitive benefits like CFAR and pre-existing condition coverage. If you make additional travel purchases after you’ve purchased a policy, Travelex will allow you to adjust your trip cost for an additional premium.

>> Learn how to calculate your total trip cost

How Much Does Travelex Insurance Cost?

Travelex travel insurance costs around $300 on average, slightly below the average premium for a comprehensive travel insurance plan.

However, pricing varies significantly by plan and age. Essential is relatively low-cost, while its Ultimate plan costs more than average, especially for people over 65. The Ultimate plan’s premium is 9% higher than average for people under 65, and 67% higher than average for people 65 and older.

Despite the higher cost, the Ultimate plan can be a great value considering the provider’s customer-service track record, robust coverage, and flexibility. It’s possible to find plans from other providers with better built-in coverage, but these plans may often cost more

Travelex vs. Competitors

Travelex Ultimate offers very high Emergency Medical and Medical Evacuation limits, primary medical coverage and a generous, long 21-day window to purchase pre-existing condition coverage. However, it can cost more than some plans with similar limits in some cases.

WorldTrips Elevate offers the same limits for a slightly lower price on average. Tin Leg Adventure has the same $1 million Medical Evacuation limit for a slightly lower average price. It also includes the best activity coverage on our site automatically in the policy without an upcharge. IMG Travel LX is more expensive, but has higher limits, including Emergency Medical, and automatic CFAR and Interruption For Any Reason (IFAR).

Travelex vs. Cruise Line Insurance

While Travelex doesn’t offer cruise-specific travel insurance, its Ultimate plan is among the top 10 most-purchased travel insurance policies for cruise vacations. Benefits like CFAR, a high limit for Medical Evacuation and adventure sports coverage make it a strong option for cruises.

If you’re trying to decide between the Ultimate policy and the insurance offered by your cruise line, the Ultimate plan will likely offer better value for the price.

Travelex’s advantages include:

• Medical benefits: Travelex offers above-average coverage for Emergency Medical and Medical Evacuation. Cruise-line insurance generally has low medical limits.
• Coverage for the entire trip: Travelex covers the whole trip, while cruise-line insurance offers limited benefits outside your cruise.
• Cost: Travelex may cost much less than cruise-line insurance, which can be 2-3 times more expensive than third-party insurance.
• CFAR: While most cruise-policies automatically include CFAR that reimburses 100% of your cruise cost for any reason, reimbursement is in the form of a waiver for a future cruise. Travelex’s CFAR policy reimburses you with cash.

Is Travelex Travel Insurance Worth it?

Yes, Travelex is a worthwhile investment for travelers who prioritize strong coverage and reliable customer service over the lowest price. Its Ultimate plan is worth considering for international travel, a cruise, or an adventure trip due to its generous medical coverage and array of upgrade options. The plan’s “Kids Covered Free” pricing makes Travelex Ultimate a great deal if you’re traveling with family members under the age of 18.

However, its Travelex Essential plan is less competitive for the price. It offers just $25,000 in Emergency Medical coverage, which falls short of our minimum coverage recommendations for international and high-risk trips. This plan also doesn’t offer coverage for pre-existing conditions or CFAR.

If neither plan meets your needs, you may find stronger options elsewhere. Use our comparison platform to discover other popular travel insurance plans from top-rated providers.