Founded in 1996, Travelex Insurance Services was acquired in 2016 by Cover-More Group, an industry leader in Australia. The company is headquartered in Omaha, Nebraska and offers travel insurance in the form of medical and trip insurance benefits like trip cancellation and baggage loss benefits. Plans are underwritten by Berkshire Hathaway Specialty Insurance, Old Republic Insurance Company, and Transamerica Casualty Insurance Company. The first two companies are rated A++ and A+ in the AM Best Financial Strength Ratings, while Transamerica is currently unrated.
Travelex offers two main travel insurance policies called Travel Basic and Travel Select. Keep reading our Travelex insurance review for pros and cons of going with this company for your travel medical insurance and travel assistance on your next flight or vacation.
Travelex is a good option for families, because, like a few AIG and Allianz plans, your kids can be covered at no additional charge.
Travelex offers much more customizable limits than Allianz.
Travelex offers a Cancel for Any Reason (CFAR) upgrade on all plans, similar to John Hancock’s coverage.
While competing insurance providers like Allianz don’t offer extreme sports coverage, Travelex does. Add-on waivers for things like scuba diving and hang gliding are available. This means that your medical and emergency transportation bills are covered even if you got hurt while doing a risky activity
Travelex was the first of its kind to introduce a waiver for pre-existing medical conditions. The Travel Select policy includes a pre-existing conditions waiver with a 60-day lookback period. If an ongoing health issue occurring during the 60 days prior to your policy’s start date precludes you from travelling, your policy will still cover your cancelation if you purchase it within 21 days of the initial trip payment.
A pre-existing condition waiver is available with the Travel Basic plan as well, with the only difference being that your policy must be purchased within 15 days of your initial trip payment.
Travelex offers a 15-day refund policy, while other providers that we researched, including GeoBlue and Allianz Global Assistance, only have a 10-day refund policy.
When compared with other travel insurance providers like John Hancock, lower limits for medical expenses and emergency evacuation are built into Travelex’s standard travel insurance policies and rates; however, you can buy an add-on to double your insurance coverage.
While other travel insurers offer several pre-set plans to choose from, Travelex only offers two standard travel insurance plans: Travel Basic and Travel Select. However, this provider offers more optional and customizable coverage.