What is Travelex Insurance?
Travelex insurance plans are very popular travel insurance plans specifically for trip protection and flight accidents and are available to U.S. residents traveling within the U.S. or internationally to a foreign country.
Travelex Insurance has offered trip protection insurance to travelers for more than 55 years; they are among the most experienced travel insurance providers in the industry. Travelex Insurance Services is located in Omaha, NE, USA and its parent company is Cover-More Group. Travelex insurance plans are underwritten by Berkshire Hathaway Insurance Company, NAIC #222276 (owned by Warren Buffet) and it is rated A++ “Superior” by A.M. Best.
What does Travelex Insurance cover?
Trip protection travel insurance plans from Travelex provide a wide variety of coverages, including but not limited to the benefits listed below. Each of the different coverages provides you with the necessary protection you could need when the unexpected occurs before your trip or on your trip.
A summary of the flight accident travel Insurance coverage is provided below.
Trip Protection Insurance
- Trip Cancellation
- Trip Interruption
- Emergency Medical and Dental Coverage
- Emergency Medical Evacuation
- Primary Coverage
- Travel Delay
- Pre-Existing Medical Condition Exclusion Waiver
Trip cancellation coverage is the most important part of Travelex insurance. In case you need to cancel your trip due to a covered reason such as, your family member was injured, there was a death in your family, your travel companion’s house caught fire or was flooded, you got jury duty, you were laid off, or another unforeseen circumstance, you will be able to get 100% refund of your prepaid, non-refundable trip cost.
While you are on your trip, situations can sometimes occur and you have to cut your trip short to return home early. Covered reasons could be you became sick, your traveling companion died, your house became uninhabitable due to damage caused by extreme weather, you were in a traffic accident, your travel companion can’t go because they’re required to work during the scheduled travel, and many other reasons specified in the policy wording. Trip interruption coverage would help pay for expenses related to changing your travel arrangements.
In case you get sick or injured while on your trip, emergency medical coverage can help for the medical expenses incurred. In many cases, it can also arrange for the direct billing and payment guarantee in case of larger expenses.
If you are traveling to a location and get sick or injured in an area where adequate medical facilities are not available, emergency medical evacuation can be very helpful in arranging transportation to the nearest medical facility where adequate care can be provided. This benefit can be a life saver in dire conditions.
It is very important to understand the differences between primary coverage and secondary coverage. If you have purchased travel insurance that provides primary coverage, you can simply claim with the travel insurance company. However, in the case where your insurance plan provides secondary coverage, you will need to first claim with your main insurance companies, such as: health insurance company, auto insurance company, homeowner’s insurance company, or any other applicable insurance company you may have before the travel insurance will pay anything. Secondary coverage can be quite a hassle. Fortunately, Travelex insurance provides primary coverage.
In case your travel is delayed for many reasons such as inclement weather, mechanical issues on a common carrier, and other covered reasons, travel delay coverage can provide you with compensation for the additional expenses you may incur.
Finding coverage for pre-existing medical conditions is a concern for some people. If you’re one of them, you will be relieved to know that the sooner you purchase travel insurance, the more coverage you get including the pre-existing medical condition exclusion waiver.
If you purchase Travelex insurance within a certain number of days after the initial trip deposit (15 days for Travel Basic and 21 days for Travel Select), the pre-existing medical conditions exclusion can be waived.
Additionally, Travel Select plan provides the following coverages:
- Children 17 and under covered at no additional cost
- Cancel for Business Reasons
- Optional Coverage: Cancel for Any Reason
Relatively young travelers that have minor children can be covered at no additional cost when they are included in the application with a parent/guardian (child’s trip cost cannot exceed $10,000 and/or the trip cost of the paying adult). Therefore, Travel Select from Travelex Insurance is family friendly.
Several work-related reasons to cancel your trip may come up, such as, your work schedule has changed, a crucial assignment came up or something similar. Cancel for work reasons coverage can be very useful when you least expect it.
Sometimes, you just need to cancel the trip for a reason that is normally not included in most travel insurance plans, such as, you didn’t get the visa for the destination, you suddenly discovered that your passport won’t be valid for at least 6 months after your departure date, or you simply change your mind, cancel for any reason coverage can be very useful in these and many other unexpected situations. You can add this optional coverage when you purchase provided you buy this travel insurance plan within 21 days of the initial trip deposit.
Apart from excellent trip protection travel insurance plans, Travelex also provides flight insurance, which is a very simple form of life insurance called flight accidental death and dismemberment (flight AD&D). While on the trip, if a flight crashes and the person passes away, the flight accident insurance will provide a death benefit to the beneficiary.
Travelex flight insurance is a very low-cost form of travel insurance and is not a substitute for comprehensive travel insurance.
Travelex insurance has two different flight insurance plans:
- Flight Insure
- Flight Insurance Plus
Provides coverage only for flight AD&D.
Provides coverage for flight AD&D, as well as lower amounts (compared to other types of insurance) of coverage for accident medical expense, sickness medical expense, emergency medical evacuation and repatriation, return of mortal remains, baggage delay and lost baggage.
Do I need Travelex Insurance?
For most trips, Travelex insurance is recommended.
- Even though you could have some form of travel insurance through your credit card, it usually has fewer benefits, less coverage for the benefits they do offer, and more restrictions than comprehensive travel insurance provided by Travelex insurance.
- While you already have health insurance at home, it may not provide the coverage you expect outside the U.S. Even if it does, your coverage would be considered out-of-network and you would have to pay high out of pocket expenses towards your out-of-network deductible and coinsurance. Additionally, a domestic health insurance company would generally not provide valuable international coverages such as emergency medical evacuation and repatriation of remains. Therefore, purchasing Travelex insurance is highly recommended even if you have domestic health insurance.
- You should ideally purchase travel insurance as soon as you make the first deposit for your trip. The earlier you purchase, the sooner and for a longer duration, you will have coverage to protect your trip. It is important to remember that trip cancellation coverage starts from the next day of your purchase and ends when you depart on your trip.
- Additionally, Travelex insurance can provide a lot of valuable coverages such as travel delay, baggage delay, loss of baggage, travel assistance & concierge services.
How do I enroll in Travelex Insurance?
Enrolling in any of these Travelex insurance plans is very easy. Simply click Buy Travel Insurance and choose the product you would like to purchase. You can complete your application online instantly, just have these details ready: travel dates, trip deposit date, trip costs, names of all travelers and their birth dates, and of course, payment information to purchase Travelex insurance.
As soon you complete your purchase of the Travelex insurance product you prefer, you will receive an email with the confirmation of coverage. It is highly recommended that you print out your insurance confirmation and take it with you. If you have any questions, contact us for assistance.