Founded in 1996, Travelex Insurance Services was acquired in 2016 by Cover-More Group, an industry leader in Australia.
Travelex 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 have received high financial strength ratings from A.M. Best, while Transamerica is currently unrated.
Travelex doesn't have as many coverage options as some competitors. It offers two main travel insurance policies called Travel Basic and Travel Select.
Travelex is a good option for families because your kids can be covered at no additional charge. Although Travelex isn't the only travel insurance company to offer this coverage, it does make the company advantageous for parents planning family vacations.
Travelex offers a Cancel For Any Reason (CFAR) upgrade with all of its plans. You can find similar trip cancellation coverage upgrades through other providers. However, some insurers only offer this kind of upgrade with certain policies.
While some competing insurance providers don't offer extreme sports coverage, Travelex does. Add-on waivers for things like scuba diving and hang gliding are available. Adding a waiver to your travel insurance policy means that your medical and emergency transportation bills are covered even if you got hurt while doing a risky activity.
The Travel Select plan 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 insurance 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.
Inclusion of pre-existing condition coverage with your travel insurance plan is an advantage of choosing Travelex. However, be sure to understand the terms and conditions of this coverage.
Travelex offers a 15-day refund policy. The insurance provider's longer refund period makes it standout from competitors. Some companies in the industry have a 10-day refund policy.
Travelex has not received many reviews on BestCompany.com. Given the small number of reviews, conclusions about the customer experience and satisfaction are unavailable. However, it is promising that the insurance provider has received some positive reviews and ratings.
When compared with other travel insurance providers, 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.