Trip Delay and Trip Cancellation insurance is something we all want, but it's not easy to find out what you actually get for what you pay for.
We previously wrote that Berkshire offers insurance for certain revenue tickets (booked together).
However, many of these itineraries (often on one carrier) are so simple that I would not bother with additional insurance and just take the risk.
Chase includes a (generous) trip delay insurance with the Chase credit card which we detailed here.
But if you have more complex itineraries (that Berkshire wont cover) or if you book tickets on a risky airline, how can you get more insurance?
Enter Travelex. The company is a leading provider of travel insurance in North America and internationally, with more than 55 years in the industry.
We take a look at Travelex and their main travel insurance plans, to see if their products are worth writing home about.
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Tell me about the Travelex travel insurance plans
Travelex has five travel insurance plans:
The main plans for individuals and families are Travel Basic, Travel Select and Travel Max, which each offer simple, customizable or luxury protection for travelers, depending on the level of cover needed. Whichever plan you choose, the website is easy to use and guides you along the way of which plan best suits your needs. You can also add optional upgrades, depending on the plan that you choose, such as 'Rental Car Damage' or 'Cancel for Any Reason'.
What does Travelex travel insurance cover?
Trip delay, baggage delay and missed cruise connections are all covered by Travelex, with average to above-average benefits. The more expensive plan you buy, the higher the benefit amount and this also applies to the other travel and medical benefits.
The amount in emergency medical benefits is pretty low compared to other major travel insurers, but if you anticipate no medical difficulties during your trip, the better-than-average travel benefits can make up for this, especially the Trip Cancellation and Interruption protection.
(For medical benefits, we highly recommend the American Express Medical Travel Benefits Coverage which is cheap and comprehensive).
Trip Cancellation and Interruption protection is designed to compensate you for your loss if you cancel or interrupt your trip for a covered reason. Whether you buy a Travel Basic, Travel Select or Travel Max plan with Travelex, 100% of your insured trip is covered for trip cancellation. Plus with a Travel Basic plan, 100% of trip interruption is covered and this is increased to 150% for Travel Select or Travel Max plans.
This cover includes flights as part of your insured trip, where you are insured in the event of flight delays or cancellation due to bad weather, mechanical breakdown or airline strike. During an extended airline delay, this insurance will cover you for hotel stays, meals and local transportation costs.
The amount of coverage differs, depending on which plan you buy:
– With the Travel Basic plan, you are covered for a trip of up to 30 days, for up to $10,000 each of trip cancellation and trip interruption.
– With the Travel Select plan, you are covered for a trip of up to 180 days, for up to $25,000 of trip cancellation and $37,500 of trip interruption.
– With the Travel Max plan, you are covered for a trip of up to 180 days, for up to $50,000 of trip cancellation and $75,000 of trip interruption.
If trip cancellation or interruption occurs, you need to contact Travelex as soon as possible. For some reasons, particularly medical, you need to contact them immediately, before making any alternative plans yourself.
Is airline bankruptcy covered?
Travelex recognizes that airline (and other) carriers can often run into financial difficulties and as such, their Trip Cancellation cover includes financial insolvency. This is defined as the complete suspension of operations due to insolvency, whether voluntary or involuntary, provided it occurs more than 14 days following your effective date for the Trip Cancellation Benefits.
This is an excellent benefit that many other insurers now refuse to include in their travel insurance plans (or they provide a list of risky carriers that won't be covered).
What about the other Travelex travel insurance plans?
The Business Traveler plan is for business travelers aged 65 or younger. It has added benefits for professionals including baggage cover for business property and substantial Medical Evacuation benefits. You can read more about the plan here.
Flight Insure Plus is a supplementary plan for accidental death or life insurance benefits while traveling, with single trip or multi-trip cover. It provides insurance for flight accidents, emergency medical expenses and emergency medical evacuation and more. You can read more about this plan here.
Travelex is a well-known, solid travel insurance provider.
The Travelex customer service would not tell us, however, if they cover missed connections due to several tickets booked individually. They were referring us to an actual claim – they do not 'validate' hypothetical claims 🙁
Airline bankruptcies should be covered though. There seems to be no exceptions in their terms and conditions to NOT pay out.
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