Allianz vs Travelex: Which Travel Insurance Is Better?
Allianz and Travelex sell to the same traveler and answer the same question differently: Allianz puts its money into the free-kids rule on Prime and Premier, Travelex into Ultimate’s $250,000 of medical and $1,000,000 of evacuation. This page puts the plans side by side from the insurers’ own plan documents, says which one wins for each kind of trip, and shows the numbers that decide it.
The plans side by side
| Plan | Emergency medical | Evacuation | Cancel for any reason | Pre-existing waiver window | Kids free |
|---|---|---|---|---|---|
| Allianz OneTrip Basic | $10,000 | $50,000 | No | 14 days | No |
| Allianz OneTrip Prime | $50,000 | $500,000 | Cancel Anytime upgrade, 80% back | 14 days | Yes |
| Allianz OneTrip Premier | $75,000 | $1,000,000 | Cancel Anytime upgrade, 80% back | 14 days | Yes |
| Travelex Essential | $25,000 | $200,000 | No | None | No |
| Travelex Advantage | $50,000 | $250,000 | No | None | No |
| Travelex Ultimate | $250,000 ($50,000 in New Hampshire) | $1,000,000 | Upgrade, 75% back, up to $7,500 | 21 days | One per adult |
Limits are per person. Read the medical column first: it is the one that separates these two companies, and it is the one that pays the bill that can pass $100,000. The Allianz review and the Travelex review go plan by plan.
Where each one wins
| The trip or the traveler | Pick | Why |
|---|---|---|
| A cruise or a trip outside the US | Travelex Ultimate | $250,000 of medical and $1,000,000 of evacuation. Allianz Premier carries $75,000 of medical. |
| A domestic trip with children | Either | Allianz Prime and Premier make children free; Travelex Ultimate makes one child free per adult. For two adults and two children the result is the same. |
| A mid-priced plan | Allianz OneTrip Prime | Travelex Essential and Advantage cap cancellation at $10,000 and carry no waiver; Prime has full cancellation, free kids and Cancel Anytime. |
| Cancel for any reason | Allianz | Cancel Anytime refunds 80 percent. Travelex’s upgrade is on Ultimate only, refunds 75 percent capped at $7,500, and has to be bought 31 or more days before departure. |
| A traveler with a pre-existing condition | Travelex Ultimate, or Allianz | Ultimate waives the exclusion within 21 days of the first payment; Allianz within 14 days on every plan. Travelex Essential and Advantage have no waiver. |
| Price | Travelex, on the comparison | Priced next to the other plans when you enter the trip once, with a 21-day free look. Allianz sells only direct. |
The numbers that decide it
Medical and evacuation. Allianz’s best plan, OneTrip Premier, carries $75,000 of medical and $1,000,000 of evacuation; Travelex’s best plan, Ultimate, carries $250,000 ($50,000 in New Hampshire) of medical and $1,000,000 of evacuation. For a trip outside the US the floor is $100,000 of medical and $250,000 of evacuation; for a cruise, a remote trip or a traveler over 65, $250,000 and $500,000.
Cancel for any reason. Allianz: Cancel Anytime, Allianz’s version of cancel for any reason, refunds 80 percent of the trip cost, the highest share on the market, on OneTrip Prime and Premier only; it has to be added when you buy. Travelex: Cancel for any reason is on Ultimate only, refunds up to 75 percent capped at $7,500, must be bought within 21 days of the first payment and at least 31 days before departure.
Pre-existing conditions. Allianz: The pre-existing condition waiver applies when you buy within 14 days of the first trip payment. Travelex: The pre-existing condition waiver is on Ultimate only, when you buy within 21 days of the first trip payment and insure the total trip cost; Essential and Advantage have no waiver.
Children. Allianz: Children 17 and under are free on OneTrip Prime and Premier (not for Pennsylvania residents). Travelex: One child 17 and under is free per insured adult on Ultimate, as long as the child’s trip cost is no more than the adult’s.
Free look. Allianz: 15 days after purchase for a full refund if the trip has not started. Travelex: 21 days after purchase (30 in some states) for a full refund if you have not departed or filed a claim.
See Travelex priced next to the plans that beat Allianz
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Allianz sells only direct and is not on the comparison. Travelex is on the CoverTrip comparison, priced next to the other plans when you enter the trip once. Travel insurance is priced by the trip cost, the ages of the travelers and the trip length, and a package plan usually costs 4 to 8 percent of the trip cost, so the way to compare these two is to enter the trip once, note the price of a plan with the limits you need, and hold Allianz’s direct quote against it. Same price on the comparison as buying direct.
What the plans say
Allianz’s strengths are the free-kids rule on Prime and Premier, an 80 percent Cancel Anytime refund, annual plans and a standalone rental car plan; its weak spot is the medical limits: $50,000 on Prime and $75,000 on Premier, thin for a cruise or a trip abroad. Travelex’s strengths are Ultimate’s $250,000 of medical and $1,000,000 of evacuation, one free child per adult on Ultimate, the longest free look on the comparison, 21 days; its weak spot is Essential and Advantage: a $10,000 cancellation cap, no waiver and no cancel for any reason, so budget plans in the strict sense. Both refund 100 percent of the insured trip cost for a listed cancellation reason, both include a 24-hour assistance line, and both are underwritten by large insurers; the difference between them is the limits and the upgrade rules above, not the paper.
Questions people also ask
Is Travelex better than Allianz?
At the top, yes: Travelex Ultimate carries $250,000 of medical against $75,000 on Allianz Premier and gives one free child per adult. In the middle, no: Travelex Essential and Advantage cap cancellation at $10,000 with no waiver, and Allianz Prime is the stronger mid-range plan.
Which is better for a cruise, Allianz or Travelex?
Travelex Ultimate: $250,000 of medical and $1,000,000 of evacuation with the waiver when bought within 21 days. Allianz Premier’s $75,000 of medical is thin for a ship far from a hospital.
Does Travelex have cancel for any reason?
On Ultimate only: 75 percent of the trip cost up to $7,500, bought within 21 days of the first payment and at least 31 days before departure. Allianz’s Cancel Anytime refunds 80 percent with no dollar cap on OneTrip Prime and Premier.
Related: Allianz review · Travelex review · cruise travel insurance guide · family travel insurance guide · Cancel For Any Reason guide · all company reviews
Plan limits and upgrade rules on this page are from the insurers’ plan pages and policy documents for Allianz and Travelex, checked 12 September 2026, and from the CoverTrip reviews of each company. Price guidance is from the plans on the CoverTrip comparison.
See Travelex priced next to the plans that beat Allianz
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Damian TysdalDamian Tysdal is the founder of CoverTrip and a licensed travel insurance agent since 2006. He believes travel insurance should be easier to understand, and started the first travel insurance blog in 2006. About CoverTrip.