Although it is no longer directly connected with its namesake company, Travelex Insurance Services is still one of the most popular travel insurance companies in the industry. Offering four main products, Travelex specializes in low-cost coverage for those traveling for their vacation, primarily on airplanes.
Is Travelex Insurance Services on your radar? If so, are they the right choice for your travel insurance needs?
We did the research and break down the coverage so you can make the right choice for your next international adventure.
About Travelex Insurance Services
Travelex Insurance Services was originally founded as the travel insurance arm of the Mutual of Omaha companies, and is still headquartered in Omaha, Nebraska. In 1996, British company Travelex Group purchased the travel insurance provider, rebranding the company under the same name as their money exchange service. That relationship only lasted for 20 years, when Travelex Insurance Services was sold to Australia’s Cover-More Group, the nation’s largest company specializing in travel insurance, medical assistance and employer assistance.
Although the Cover-More Group is an Australian company and is traded on the Australian Stock Exchange, Travelex Insurance Services provides travel insurance products to travelers all over the world. The company specializes in comprehensive travel insurance plans, as well as those tailored specifically for flights.
How Is Travelex Insurance Services Rated?
Although Travelex Insurance Services was once part of Mutual of Omaha, neither their original parent company nor their current parent company underwrite their insurance policies. Rather, polices are underwritten by Berkshire Hathaway Specialty Insurance Company, formerly known as Stonewall Insurance Company.
A.M. Best Rating Services gives Berkshire Hathaway Specialty Insurance Company their best rating, A++ Superior, with a stable outlook for the future.
While Berkshire Hathaway is underwriting Travelex Insurance Services’ four primary products, this should not be confused with Berkshire Hathaway Trip Protection. The two products are completely separate from one another, with different insurance benefits, coverage levels, and insurance terms.
For customer service, Travelex Insurance Services has received high ratings by both non-profit Consumer Affairs and travel insurance comparison shopping site Squaremouth. At Consumer Affairs, Travelex Insurance Services received an overall satisfaction rating of 4.5 starts out of five, with many expressing their satisfaction with having questions answered by insurance agents, as well as the claims process. Squaremouth users give the insurance provider an overall rank of 4.45 stars out of five, with over 49,000 plans sold.
Negative comments on both websites revolved around the price of the travel insurance plans, as well as overall customer service for denied claims. Negative reviews claimed their plans did not cover certain emergencies during trips, while older travelers claimed that the insurance plans were higher priced based on age.
What Travel Insurance Products Does Travelex Insurance Services Offer?
Travelex Insurance Services offers four main plans for travelers: two comprehensive travel insurance policies, and two that revolve strictly around the flight experience. All insurance plans offer a free 15-day look period with free cancellation if you have not departed on your trip or filed a claim, extra benefits for early purchase (including a pre-existing condition waiver), primary coverage for all travelers on the plan, trip delay benefits on all travel insurance plans. Depending on what type of trip you are taking and the activities you plan on doing, each travel insurance plan offers something different to consider.
Please note: all schedules of benefits are subject to change. For the most up-to-date coverage information, contact Travelex Insurance Services.
- Travelex Travel Basic: The lowest level of travel insurance available, Travelex Travel Basic is an entry-level travel insurance plan which balances benefits with value. Travelers under this plan can receive up to 100 percent of their insurance trip costs up to a maximum of $10,000 for covered cancellation or interruption reasons, or $200,000 for all travelers on the same plan. Additionally, if you are paying for your trip on points or miles, you may qualify for a frequent traveler benefit of $200 for redepositng fees if you are forced to cancel your trip for a covered situation.
This plan also comes with a trip delay benefit of $250 per day, with a maximum benefit of $500. Baggage delay benefits are capped at $100, with a maximum lost baggage and personal effects benefit of $500.
Medical expense coverage is capped at $15,000, with an additional $500 in emergency dental benefits. In the event you may need emergency evacuation, or a traveler’s remains need to be returned home, those benefits max out at $100,000. These benefits are only in effect if you are traveling at least 100 miles from your primary home.
If you are able to purchase within 15 days of your initial travel payment, you may also qualify for three additional benefits: the pre-existing condition exclusion waiver, and trip cancellation or interruption due to financial default or work reasons. Optional benefits include air common carrier accidental death and dismemberment, and car rental collision coverage.
Read the schedule of benefits
- Travelex Travel Select: For travelers who are planning a longer trip, plan on participating in hazardous activities while traveling, or want a higher level of coverage, Travelex also offers Travelex Travel Select. Much like the Travelex Travel Basic, this trip insurance plan offers many similar benefits, but with higher limits and more options.
This plan offers up to $50,000 of trip cancellation coverage, and a trip interruption benefit of up to 150 percent of the trip costs. Other benefits exclusive to this plan includes up to $1,000 for return air in the event of a trip interruption if the original airfare cost was under $700, up to $200 to refund license fees and up to $200 for delayed sporting or golf equipment.
The benefits for other common travel situations has increased as well. Under this plan, you could receive up to $250 in reimbursement per day in trip delay with a maximum of $750, up to $750 to cover a missed connection, and up to $200 for delayed baggage. If your bags or other personal items are lost, you could receive up to $1,000 to recover those items.
Medical coverage also offers higher limits: the Travelex Travel Select plan offers up to $50,000 in medical expense coverage, with up to $500 of emergency dental coverage. Emergency evacuation and repatriation of remains is also increased to a maximum of $500,000. When you purchase within 21 days of making your initial trip payment, you can also qualify for extra coverage, including the pre-existing condition exclusion waiver and trip cancellation or interruption due to financial default. This plan does not offer trip cancellation or interruption due to work reasons.
Optional coverage includes Cancel for Any Reason insurance, which would allow you to cancel your trip for an uncovered reason and receive 75 percent of your travel payments back, and additional Accidental Death and Dismemberment Insurance for travel on an air common carrier. If you plan on participating in an adventure sport, such as rock climbing, an additional adventure sports coverage plan can be added to this coverage.
- Travelex Flight Insure: Unlike the other Travelex travel insurance plans, Flight Insure covers only what may go wrong while flying to your destination. Flight Insure is the lower of the two available plans, with three options for Accidental Death and Dismemberment coverage while flying aboard a common carrier: $300,000, $500,000, or $1 million in coverage.
This travel insurance plan also offers up to $100 in coverage for trip delay, as well as travel assistance. Although the level of coverage is minimal compared to what you may receive through your credit cards, it is a primary insurance product — meaning it would pay out for your claim before other forms of insurance are exhausted.
Read the insurance brochure.
- Travelex Flight Insure Plus: Where Flight Insure is a basic flight insurance product, Flight Insure Plus is a more robust package offering a higher level of coverage. Once again, insurance coverage begins with selecting your level of Accidental Death and Dismemberment coverage when flying a common carrier: $300,000, $500,000, or $1 million.
From there, Flight Insure Plus offers much more coverage than the basic level of insurance. In addition to up to $100 in trip delay coverage, this level of coverage also comes with up to $1,000 in baggage and personal effects coverage, up to $500 in baggage delay coverage, up to $10,000 in emergency medical coverage with a $500 dental sublimit, and $100,000 in emergency medical evacuation and repatriation.
Although this plan does offer medical insurance benefits, it does not offer a pre-existing condition waiver for early purchase. Instead, the plan comes with a 180-day pre-existing condition look-back period: if you have a medical situation happen in the last 180 days from your trip, it may not be covered under this plan.
Like Travelex Flight Insurance, this is a primary insurance product. Therefore, this plan may be applicable before any other insurance plans are exhausted, depending on your situation.
What Won’t Travelex Insurance Cover?
As with every insurance plan, Travelex Insurance Services plans have several coverage limitations. If your situation falls under one of these categories, your travel insurance may be denied.
- Intentionally self-inflicted injury: If you or someone under your plan experiences an episode of mental, nervous or psychological disorder and attempts to self-harm, it will not be covered by travel insurance. If you are concerned about this, it is important to consider a safety plan and evaluate if a trip is possible.
- Normal pregnancy or childbirth: As with most travel insurance policies, normal pregnancy or childbirth abroad is not covered under Travelex Insurance Services policies. However, unforeseen complications from a pregnancy may be covered in certain situations.
- Participation in professional-level athletic events or motorsports: If you are a professional-level athlete, you should already know that a basic travel insurance plan will not cover any injuries from competition.
- Mountain climbing: If you need pick-axes, anchors, bolts, crampons, carabineers, or other specialized equipment to climb a mountain, then a basic plan may not cover your adventure. Consider adding on an adventure sport add-on to your insurance plan if you want to scale mountains.
- Injuries as a result of drug or alcohol influence: Believe it or not, accidental overdoses from alcohol and drugs contribute to more tourist deaths than shark attacks every year. If you get injured due to drinking or taking drugs, you may not be covered under this plan.
- Travel taken against the advice of doctors: if your doctor advises you not to travel, it may be a good idea to stay home. If you travel anyways, travel insurance may not be able to help you: if it is found you traveled against a doctor’s advice, then your claim could be denied.
- Participation in civil disorder: There are better ways to help while abroad than participating in a protest or other civil disorder. If you get injured or killed due to a civil disorder or act of war, this travel insurance plan may not cover your claim.
- Medical tourism: Although many travelers leave the United States to seek lower costs on operations, it’s a serious gray area for insurance companies. While some health insurers may cover medical tourism procedures, Travelex Insurance Services will not cover injuries from medical tourism.
How do I File a claim With Travelex Insurance?
If you have a Travelex Insurance Services plan, how you file a claim will depend on who you purchased your plan from. For the plans above, many claims can be initiated online by visiting the Travelex Insurance Services website and submitting your plan number. You can find this information on your Travelex Policy, Description of Coverage, or Confirmation of Coverage.
While most can be submitted online, others require you to download and mail forms in for processing. If you have questions about how your claim will be processed, contact Travelex Insurance Services directly at 1-800-228-9792.
Who Is Travelex Insurance Best for?
Overall, Travelex Insurance Services offers four plans with varying levels of coverage, which means you should carefully evaluate your trip and activities before purchasing a travel insurance plan. From our analysis, we believe the best Travelex Insurance Services plan is their Travelex Travel Select, because it offers the most robust coverage with good add-on options. If you are planning a long or expensive trip, especially to places where medical care may not be immediately accessible, Travelex Travel Select is a plan you may consider for their balance of medical coverage and service-based coverage.
Before purchasing other Travelex Insurance Services plans, be sure to understand what other coverage levels you may already have. Because two plans cover flights only, while the Travelex Travel Basic plan has low maximum limits for trip delay and baggage delay, plans in effect from credit cards or other plans may offer more coverage without an additional purchase.