Travel insurance is an essential aspect of trip planning, providing peace of mind and financial protection in case of unforeseen circumstances. After researching and rating 20 travel insurance providers, the MarketWatch Guides team gave Travelex a rating of 4.7 out of 5 stars. Travelex offers six travel insurance policies for both domestic and international travel, with options for flat-rate coverage throughout the U.S. In this review, we will delve into Travelex’s costs, coverage, customer service, and more to help you make an informed decision.
Our research team found that Travelex earned its high rating due to its budget-friendly options, with below-average costs and flat-rate coverage for U.S. travel starting at just $60. The provider’s Travel Select plan includes children under coverage, making it a great choice for families. However, Travelex does have lower medical limits compared to some other providers, which may not be ideal for travelers seeking high coverage for accidents and illnesses.
Travelex scored well in most categories, earning full points for coverage details, cancel for any reason (CFAR) coverage, claim eligibility windows, customer service, and credit rating. However, it lost points for not covering certain items like jewelry, electronics, pets, and non-medical emergency evacuations. Overall, if you are looking for budget-friendly coverage for both U.S. and international trips, Travelex is a provider worth considering.
Pros of Travelex include offering the Travel America plan for a flat rate of $60, including children in the Travel Select plan, and providing five different add-on coverages. On the other hand, cons include lower medical limits compared to other providers and add-ons depending on your chosen plan.
In terms of cost, our research found that the average cost of a Travelex policy is $212, which is below the average cost of $221 calculated across 20 different providers. The provider’s Travel America plan is offered for a flat rate of $60, making it an affordable option for domestic travel.
Travelex offers 24/7 travel assistance with all plans, providing support for medical assistance, emergency cash transfers, flight and hotel rebooking, and more. The provider’s purchasing process is straightforward, allowing you to buy a policy entirely online without the need for a customer representative.
Customer reviews of Travelex are mixed, with positive feedback on helpful customer service representatives and fast claims payment, but negative comments on claims-related communication, long claims processes, and denied claims. It’s important to consider these reviews when making your decision.
In conclusion, Travelex travel insurance is worth considering for budget-conscious travelers looking for comprehensive coverage. While it may have lower medical limits than some providers, its affordable pricing and straightforward purchasing process make it a viable option for many travelers. Remember to compare quotes and read customer reviews to ensure you find the right travel insurance policy for your needs.