Travelex Trip "Insurance", Worth it?

[IMMkXLVI]

I was making theme park reservations for an upcoming Disney trip when I saw an option to add travel insurance. It opened a new age for Travelex and I was able to read some of the terms, conditions and rules for the protection plan but it wasn't clear how they address the issue of points. All references to policy limits regarding coverage(s) are in dollars. This isn't helpful when we consider that DVC is a point based system. I plan to call them and see if they can point me to the written policy and not just give me a verbal answer but I thought someone here may have experience with Travelex and will have insight into how it works, and how it fails.

 

[MICKIMINI]

I have purchased it in the past and thankfully, haven't had to use it. For $99 it was peace of mind. Good luck.

 

[erionm]

If you file a claim for points, you are reimbursed the amount of the annual dues for those points.

 

[IMMkXLVI]

If you file a claim for points, you are reimbursed the amount of the annual dues for those points.

Thanks, that is what I was beginning to think based on the policy documents I read.
If my math is correct, that equates to whatever the dues rate is for your home resort or possibly, if lower probably, the dues for the resort the reservation was made for. Take my home resort of Riviera for example, it's $8.85 per point so this is what they'd reimburse at. While something is better than nothing, it is less than half what DVC charges for one time use points which someone might need to use if a reservation was lost and by extension, points as well. It seems strange that a policy promoted by DVC and geared for members of DVC would have a benefit that doesn't really cover the cost of DVC.

 

[erionm]

Thanks, that is what I was beginning to think based on the policy documents I read.
If my math is correct, that equates to whatever the dues rate is for your home resort or possibly, if lower probably, the dues for the resort the reservation was made for. Take my home resort of Riviera for example, it's $8.85 per point so this is what they'd reimburse at. While something is better than nothing, it is less than half what DVC charges for one time use points which someone might need to use if a reservation was lost and by extension, points as well. It seems strange that a policy promoted by DVC and geared for members of DVC would have a benefit that doesn't really cover the cost of DVC.

It would be the dues rate for the points used to make the reservation.

 

[IMMkXLVI]

It would be the dues rate for the points used to make the reservation.

Thanks. That is disappointing. While the policy cost is negligible, so is the coverage which only negates part of the trip cost, the dues. It doesn't return the points. tradition trip coverage with a cash paid trip covers you for the trip cost so you're made whole and able to book another trip. This coverage doesn't achieve this. Given this is what DVC promotes, I'm doubtful a better plan exists which begs the question, why. Does it because DVC is point based? Does this make it inherently more difficult to assign a cash value? Disney themselves seem to make it easier, with the one time use points. It seems like a good reference for a per-point basis and the increase in benefits paid could be covered by increasing the policy cost. I'd rather pay 2x or possibly even 3x the current $99 if it meant my rip was covered at a more realistic "trip cost" level. It also raises the question of why DVC didn't negotiate terms with Travelex to allow for points to be reinstated/returned but I suspect it has to do with real estate laws and time share rules.

 

[erionm]

Thanks. That is disappointing. While the policy cost is negligible, so is the coverage which only negates part of the trip cost, the dues. It doesn't return the points. tradition trip coverage with a cash paid trip covers you for the trip cost so you're made whole and able to book another trip. This coverage doesn't achieve this. Given this is what DVC promotes, I'm doubtful a better plan exists which begs the question, why. Does it because DVC is point based? Does this make it inherently more difficult to assign a cash value? Disney themselves seem to make it easier, with the one time use points. It seems like a good reference for a per-point basis and the increase in benefits paid could be covered by increasing the policy cost. I'd rather pay 2x or possibly even 3x the current $99 if it meant my rip was covered at a more realistic "trip cost" level. It also raises the question of why DVC didn't negotiate terms with Travelex to allow for points to be reinstated/returned but I suspect it has to do with real estate laws and time share rules.

Unless the trip is at the end of the UY and the points were banked/borrowed, there really wouldn't been a need to file a claim for points if the trip was cancelled prior to check in unless you didn't want to deal with points in holding.

 

[IMMkXLVI]

Unless the trip is at the end of the UY and the points were banked/borrowed, there really wouldn't been a need to file a claim for points if the trip was cancelled prior to check in unless you didn't want to deal with points in holding.

We're new to DVC but already I can see that availability really diminishes the closer you get to the desired check-in date. The points in holding have a 60 day limit on them which can really affect how and where you plan a reservation to use them. It can also, depending on the point levels involved, mean using untainted points on a reservation you'd otherwise not make. I just hope to never find myself in such a scenario but I have to admit, it would be a toss up which is the lesser bad outcome, loss of $12 per point (and by extension, the points themselves) or dealing with the points in holding hassle. There is the option of the Disney Collection but I haven't used it so I have no experience with it, to know if it has a lot of pitfalls that can dictate how you use points in holding.

 

[jekjones1558]

I always buy the insurance. It covers all points in a membership, no matter how many you own. It also covers other things. I haven't read the policy lately but years ago we had to cancel a trip last minute when my DH had a serious illness. The insurance paid for our canceled airline tickets.

 

[dwg]

We always take the DVC insurance. It covers everyone on the trip (I think up to 7 people) and I am not sure if taking other trip insurance outside of DVC is an option since the trip is paid for with points. We like to use at least some points when cruising so emergency evacuation is important to us.

One point I do not think was mentioned on this thread is that the insurance works by use year. So for instance if you are using points from more than one use year to book your trip you need to have insurance to cover each use year. At least that is what I was told by Travelex and Disney. I am assuming that if you only had insurance for one use year you would only get reimbursed for the annual dues related to that use year.

 

[IMMkXLVI]

We always take the DVC insurance. It covers everyone on the trip (I think up to 7 people) and I am not sure if taking other trip insurance outside of DVC is an option since the trip is paid for with points. We like to use at least some points when cruising so emergency evacuation is important to us.

One point I do not think was mentioned on this thread is that the insurance works by use year. So for instance if you are using points from more than one use year to book your trip you need to have insurance to cover each use year. At least that is what I was told by Travelex and Disney. I am assuming that if you only had insurance for one use year you would only get reimbursed for the annual dues related to that use year.

I have contracts all within the same UY but that is useful information should we add a contract outside of December.

One thing not clear from reading Travelex TOS/T&C, is the is the trip protection per trip or per contract? We have 300 Riviera points across two contacts, same UY. The coverage is per reservation? What if we have 2 reservations for one "trip"? Which happened last time when the trip was split between rooms with lagoon view and standard view.

It's certainly inexpensive coverage though not sure it is of any value for us. I don't like flying. Not because of the plane or the airlines/airports. No, if that were all it was, I LOVE flying. What I dislike are the fellow passengers. I invariably always get someone sneezing on or near me with the manners of an uneducated 3yr old. How a grown adult could sneeze into the open air of a crowded space and think nothing of it is mind boggling. We have TSA Precheck but with early morning flights, RDU never has a dedicated Precheck line so off come the shoes and out comes the tablet. Meh.

I'd happily drive, put the car in self driving and just keep my hand on the wheel. I can set the cruise and not have to touch the brake to adjust for traffic speed. The car will even come to a stop and accelerate while I scratch my foot, assuming I had an itch of course.

8 hours later I'm there and I won't have a cold to look forward to in 3 days thanks to the man that never learned during the pandemic how to respectfully sneeze in public.

Travelex won't help me with plane tix because I won't have any. Not sure what other cost would be incurred with a cancelled trip other than the effect it has on the points.

 

[erionm]

One thing not clear from reading Travelex TOS/T&C, is the is the trip protection per trip or per contract? We have 300 Riviera points across two contacts, same UY. The coverage is per reservation? What if we have 2 reservations for one "trip"? Which happened last time when the trip was split between rooms with lagoon view and standard view.

It covers all trips made during the UY. If you have multiple contracts under a single membership number, they are all overed under a single policy.

 

[Lumpy1106]

Stated coverage is one thing - has anyone ever received reimbursement for an actual claim? IME - and this is other non-Disney trips; the insurance is usually more trouble than it is worth. The list of exclusions is a mile long and the insurers are masters at denying claims. I'll get trip insurance for a cruise but that's about the end of the list. Yes the cost is minimal, but also it can be a case of you get what you pay for.

 

[erionm]

We purchase the Travelex insurance, but have never needed to file a claim.

 

[dwg]

I have contracts all within the same UY but that is useful information should we add a contract outside of December.

One thing not clear from reading Travelex TOS/T&C, is the is the trip protection per trip or per contract? We have 300 Riviera points across two contacts, same UY. The coverage is per reservation? What if we have 2 reservations for one "trip"? Which happened last time when the trip was split between rooms with lagoon view and standard view.

It's certainly inexpensive coverage though not sure it is of any value for us. I don't like flying. Not because of the plane or the airlines/airports. No, if that were all it was, I LOVE flying. What I dislike are the fellow passengers. I invariably always get someone sneezing on or near me with the manners of an uneducated 3yr old. How a grown adult could sneeze into the open air of a crowded space and think nothing of it is mind boggling. We have TSA Precheck but with early morning flights, RDU never has a dedicated Precheck line so off come the shoes and out comes the tablet. Meh.

I'd happily drive, put the car in self driving and just keep my hand on the wheel. I can set the cruise and not have to touch the brake to adjust for traffic speed. The car will even come to a stop and accelerate while I scratch my foot, assuming I had an itch of course.

8 hours later I'm there and I won't have a cold to look forward to in 3 days thanks to the man that never learned during the pandemic how to respectfully sneeze in public.

Travelex won't help me with plane tix because I won't have any. Not sure what other cost would be incurred with a cancelled trip other than the effect it has on the points I have two contracts with the same use year also. My point has to do with booking a trip using a combination of points that were banked or borrowed in addition to the current use year points. Regardless of what use year points are used in they always maintain the use year that they were originally assigned. For instance you have 200 points added at the beginning of each use year. Your trip will use 300 points. 200 from your current use year and you banked 100 points from the previous use year. To cover all of the points you will need 2 Travelex policies at $99 each to cover all the points used for the trip. One for the current use year points and one for the points that were banked into the current use year.

I also have 2 contracts with the same use year. I was original trying to explain that if you bank or borrow points in addition to using your current use year points in order to cover all of the points you would need to Travelex policies since the policies are based on the original use years of the points. If you banked points from 2023 use year to your 2024 use year and also used points originally assigned to your 2024 use year, you have used points from two different use years as points retain their original use year. Therefore to cover all of the points you will need 2 Travelex policies at $99 each. One for each use year that the points originally came from.

The DVC (Travelex) Insurance is for as many trips you take with your points during the use year on the policy. My contracts both have the same contract number with a different suffix number to distinguish the 2 contracts. They were purchased at the same time but broken up into 2 contracts. I am assuming from your post that your contracts do not have the same number so I do not know the answer regarding how the insurance works if using points from multiple contracts on the same DVC account.. That would probably be a question for DVC or Travelex.

Here is another similar tread from January 23 https://www.disboards.com/threads/dvc-trip-insurance-travelex.3906818/ that might be helpful.

 

[IMMkXLVI]

I also have 2 contracts with the same use year. I was original trying to explain that if you bank or borrow points in addition to using your current use year points in order to cover all of the points you would need to Travelex policies since the policies are based on the original use years of the points. If you banked points from 2023 use year to your 2024 use year and also used points originally assigned to your 2024 use year, you have used points from two different use years as points retain their original use year. Therefore to cover all of the points you will need 2 Travelex policies at $99 each. One for each use year that the points originally came from.

The DVC (Travelex) Insurance is for as many trips you take with your points during the use year on the policy. My contracts both have the same contract number with a different suffix number to distinguish the 2 contracts. They were purchased at the same time but broken up into 2 contracts. I am assuming from your post that your contracts do not have the same number so I do not know the answer regarding how the insurance works if using points from multiple contracts on the same DVC account.. That would probably be a question for DVC or Travelex.

Here is another similar tread from January 23 https://www.disboards.com/threads/dvc-trip-insurance-travelex.3906818/ that might be helpful.

Between your comments here and in the other thread, I am beginning to change my mind on the value of Travelex.

For the pre-existing condition waiver, the Travelex has to be purchased when exactly?

Extra Coverage
(when the insurance plan is purchased within 3 days of payment of the Insured’s billing statement for Maintenance Charges or the Effective Date of this plan is the date following the termination date of a previous plan purchased through the same Property Management Company)
• Pre-Existing Medical Condition Exclusion Waiver
COVID illness not excluded. Some policies exclude cancellation for COVID.

Right now it is UY December 2023 that I am in. I'm guessing 12/1/24 will put me in UY December 2025. If I have a trip scheduled for 01/25 and I buy the coverage today, is that a policy that expires next month? even if I use the Travelex link in the 2025 reservation details page of DVC?

I wonder, is there coverage for non DVC stays? lol, I expect not but had to ask. We have a few reservations lined up to use a combination of DVC and Hilton's timeshare near WDW because I was forced to cancel a DVC reservation. A conference I must attend was scheduled for the week I booked GF and even this far out, the week before/after are unavailable so, I cancelled all together and went with Hilton. IF my wait list comes through, I'll switch back or use both in a hybrid trip.

 

[dwg]

For the pre-existing condition waiver, the Travelex has to be purchased when exactly?

Travelex uses the calendar year the use year starts so for use year 2025 I believe you need to buy the insurance the first 3 days of January regardless of how you pay your dues.

Right now it is UY December 2023 that I am in. I'm guessing 12/1/24 will put me in UY December 2025. If I have a trip scheduled for 01/25 and I buy the coverage today, is that a policy that expires next month? even if I use the Travelex link in the 2025 reservation details page of DVC?
I always get confused about use years. The sure way to tell is to go onto your dashboard on the DVC website. My use year is August. My 2025 use year doesn't start until next August. I think on 12/1/24 you will be given your 2024 use year points. I do not think that your 2025 use year points are available until next December. I think the points you get on 12/1/2024 are your 24 use year points and would fall under the 2024 Travelex use year but please do not take my word for this. It does get confusing for me.

I wonder, is there coverage for non DVC stays? lol, I expect not but had to ask. We have a few reservations lined up to use a combination of DVC and Hilton's timeshare near WDW because I was forced to cancel a DVC reservation. A conference I must attend was scheduled for the week I booked GF and even this far out, the week before/after are unavailable so, I cancelled all together and went with Hilton. IF my wait list comes through, I'll switch back or use both in a hybrid trip.

As long as you use points for a portion of your stay and you have the Travelex insurance that part of the stay will be covered under the Travelex policy. A side note: Until recently Travelex did not cover the cash portion of a stay when you are splitting the stay between cash and points. Unless something has changed again Travelex will now cover the cash portion. For me this applied when booking a Disney Cruise through Dvc using points for one passenger and paying cash for the other. In this case I am using a combination of cash and points on the same reservation. Not sure how that would work in the parks.

 

[jazzsmith]

Well, I wouldn't neglect it anyways. I agree that it’s a smart idea to request the written policy directly from Travelex to clarify how points are addressed under their coverage. Sometimes contacting customer service numbers, like hastings direct number for similar inquiries, can help get the specific details you need. It’s always good to double-check the terms to ensure your unique situation is properly covered. Sharing your findings here could also help others with the same concerns.

 

[bobbiwoz]

We intend to buy it for the DVC MC in 2025. Because it’s booked through DVC, Travelex covers it, even without using points. Have to buy it before we pay the 2025 dues.