We Recommend Travelex
In business since 1971, TravelSafe is among the older travel insurance companies in the U.S., and also offers policies in Canada. According to the company website, they are the only privately-owned travel insurance company in the country; TravelSafe is owned by the Chester Perfetto Agency in Reading, PA.
TravelSafe policies are sold online as well as through travel agencies and other travel services. There are individual and group plans available at two levels, and the company partners with Seven Corners travel insurance to offer their Liaison Majestic long-term coverage plan.
There are two travel insurance package policies available from TravelSafe. Each can be enhanced with add-on coverage.
This is the budget plan for travelers who want base level coverage for a variety of potential risks. It offers 100% trip cancellation and interruption coverage and puts more limits on the acceptable reasons for cancellation than does the higher level plan. This plan includes basic coverage for trip delay, missed connections, and baggage.
Emergency medical coverage for this plan is $35,000, which is high for a basic plan, and the coverage is primary. Medical evacuation coverage is not equally impressive, however, set at $100,000, which is standard for a base-level travel package.
The Classic plan increases most of the coverage levels, including 150% for trip interruption and higher limits for trip delay, missed connections, baggage, and more. This plan offers a wider array of acceptable reasons for trip cancellation than does the basic plan.
Medical coverage is high again, at $100,000, and again is primary coverage. The medical evacuation coverage is increased dramatically, up to $1,000,000, and the plan also includes $25,000 for non-medical evacuation.
There are three options that can be added on to either the Basic or the Classic plan. These are:
- Rental car coverage of $35,000 in primary damage benefits
- Air flight accidental death and dismemberment coverage, with choice of $100,000, $250,000, or $500,000
- Extended personal property coverage of $1,000 for electronics and sports equipment rentals
Cancel for Any Reason
While TravelSafe lists Cancel for Any Reason coverage in various locations on their website, and mentions it in their FAQ section, it is not listed as an option on the plan description pages. Previously, this company offered a Classic Plus plan that included this benefit; that plan does not appear to be available at the time of this review, nor did we see any plan that is similar. It was not until we got to sample quotes that the option to add Cancel for Any Reason appeared for the Classic Plan. This option covers 75% of trip costs.
We ran our standard sample rate for a 7-day trip with a cost of $5,000, quoting a 30-year-old traveler from California.
The Basic plan returned a rate of $181, which is one of the highest we have seen anywhere for a base-level package. This plan does offer higher emergency medical coverage than the average budget plan, which generally comes in at $10,000 – $15,000. Other than the higher emergency medical coverage there does not seem to be other factors about this plan that make it stand out for the cost, however.
The Classic plan came in at $240, which goes up to $440 when you add the cancel for any reason option. Even without that addition, we have seen plans with similar or better coverage for less elsewhere.
Rental car coverage adds $7 per day, Flight AD&D ranges from $10-$50 depending on coverage amount, and extended personal property adds $15. These rates are the same when added to either package.
TravelSafe has 24-hour assistance for policyholders, but as with most such companies that is just for urgent needs during travel. Claims can be submitted either online or over the phone. The online system is handled by a third-party administration service also utilized by several other companies. Claim status can also be viewed online.
The TravelSafe website has an easy to locate and informative claims page that covers most of the information needed to file any sort of claim. The claims procedure and processing time are likely to vary depending on which of the three underwriting companies is responsible for the policy. It is well worth asking when buying a policy from this company which of the three affiliated companies will be underwriting your coverage – and taking the time to check out that reputation of that company.
Ratings and Consumer Reviews
The Better Business Bureau (BBB) does not have a file for TravelSafe, but there is a file for the parent company, Chester Perfetto. Chester Perfetto has an A+ rating with only three complaints in the past three years. That cannot be said to apply to TravelSafe directly, but the reputation of a parent company always has some bearing on subsidiaries.
We found 13 reviews of TravelSafe on Consumer Affairs. They seem to be evenly distributed, with five reviews that earned five stars, and four reviews at one star; the rest fell in between. Some of the reviews appear to reflect some confusion between TravelSafe and the travel agency, Chester Perfetto, that owns the insurance arm.
Overall, there simply is not a lot of reviews, and while that is usually a good sign, it is not always helpful to forming an opinion.
The Bottom Line
TravelSafe offers limited package choices that are on the expensive side for the coverage they provide. Most travelers will find good coverage with slightly better rates from other companies. It is likely that a customer may also get more peace of mind from a company with a stronger reputation. While there does not seem to be any red flags surrounding TravelSafe, there is too little in the way of information to strongly recommend them.
For a list of companies that we recommend, visit our Best Insurance Companies page.