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Pros & Cons
At its core, Faye is the first fin-tech startup providing a modern take on travel insurance. This Faye travel insurance review finds the company prides itself on offering a fully-digital experience. This digital push means its consumers can buy a policy, submit claims, and receive payouts seamlessly through a mobile app.
Faye puts your travel insurance options in the palm of your hand. However, everyone’s travel insurance needs differ. Online access is only one of the things travelers look for. So it’s essential to read the fine print before you pay for the best travel insurance for your needs. Here’s a closer look at what you need to know before buying a Faye travel insurance plan.
Travel insurance plans from Faye
Faye starts with one base plan boasting that it provides “whole trip” travel insurance to protect “your trip, your health, and your stuff.” It also offers riders to customize your coverage for a fee.
Here’s what’s included in the base plan:
Additional coverage options from Faye
In addition to the base plan, Faye offers a robust selection of riders or supplemental policies buyers can add to the plan for an additional cost. The riders are the same in the US and abroad.
These include:
- Adventure and extreme sports protection: unspecified coverage limits for medical costs if you’re injured while engaged in extreme sports. Users should read the policy to ensure their plans qualify.
- Vacation rental damage protection: applicable for short-term rentals like Airbnb and VRBO or other rentals. Faye will reimburse you up to $3,000
- Cancel for Any Reason: up to 75% of the nonrefundable insured trip cost
- Pet Plan Bundle: up to $2,500 for vet expenses and $250 for kenneling if your trip is extended unexpectedly
You can compare pricing on an April trip to France for one traveler. The base cost came back as $145.69. The price to add riders is listed on the right.
Always check your other insurance policies if you’re looking for specific coverage types not included in this list. You might be surprised at the coverage automatically available to you. For example, US auto insurance will extend to rental cars in the US. You can talk to your auto insurance company about any international travel. However, we know it can be hard to know what coverage you need. As such, Personal Finance Insider conducted a 2023 winter travel insurance survey of 971 US adults in December through Momentive AI Audience.
However, Faye offers many essential coverages automatically with riders to supplement for more unique situations.
How much does travel insurance from Faye cost?
The average cost of travel insurance can vary widely. Your premium will depend on several factors, including your trip destination, trip duration, age, insurance plan, and any additional coverage options you select beyond the plan’s limits.
To give you a better idea of what to expect, we asked the team at Faye to run a few quotes for this review.
According to its calculations, one person heading on a two-week trip to the Philippines and Thailand at a total estimated trip cost of $2,500 would pay $136.44 for Faye’s base plan. However, if travelers wanted to add on optional coverage for vacation rental damage and extreme adventure sports, the cost would increase to $202.96.
Domestically, a couple heading to Hawaii for one week with an estimated trip cost of $3,000 could expect to pay $201.02 for a base plan with no additional upgrades.
How do I file a claim with Faye?
The easiest way to submit a claim with Faye is through its mobile app. The app has a 24/7 chat feature to ensure you get the assistance you need as quickly as possible.
You can also contact Faye via phone or email. Domestic travelers should call +1-833-240-7056, while international travelers should dial +1-804-482-2122. If you wish to contact the company via email, [email protected] is the best address.
Notably, one thing that sets Faye’s claims process apart from other travel insurance providers is that any payouts you receive will be deposited directly into your Faye Wallet. The Faye Wallet works similarly to an Apple Pay account, allowing Faye’s team to process claims faster. You can immediately access the money to pay for things like dog kenneling, replacing everyday toiletries and clothes, and more.
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Compare Faye vs. AIG travel insurance
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Pros & Cons
Highlights
Additional Reading
While both Faye and AIG offer apps for travel insurance customers, AIG’s app is currently only available to those with corporate bookings. In short, vacationers lack access to the app. Faye, on the other hand, has apps for both IOS and Android users.
Faye may be the way to go if you’re more comfortable navigating the insurance process on your phone or don’t plan to take a computer. Still, AIG may provide more options if you want more control over your claim limits.
AIG offers three levels of comprehensive travel insurance with varying limits. The company also has annual travel insurance plans, which may be a good fit if you plan to go on multiple trips this year. Overall, premiums are similar between the two companies.
Compare Faye vs. Allianz travel insurance
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A+
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A+
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AM Best Financial Strength Rating
A+
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One of Faye’s main benefits is that it offers a large selection of add-on options that allow you to tailor your coverage to fit your needs. These include riders like a pet policy or an adventure sports rider.
At this time, Allianz only offers supplemental rental car insurance policies in addition to its comprehensive insurance plans.
However, AIG may present a more straightforward and comprehensive option if you’re not in the market for hyper-specialized coverage. Its base plan includes coverage for emergency medical transportation and costs, which are currently only available with Faye for an added fee. Overall, Allianz is typically the more affordable option between the two.
Compare Faye vs. World Nomads travel insurance
World Nomads Travel Insurance
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A-
World Nomads Travel Insurance
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A-
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A-
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Additional Reading
On the whole, Faye and World Nomads travel insurance are relatively similar. Both offer comprehensive insurance plans, coverage for extreme sports, and 24/7 claims assistance. However, it’s the finer details that set the two companies apart.
For its part, Faye’s most significant selling point is its mobile app and quick transfer of funds to its card. It also has the option to add on those tailored additional coverage riders, such as its pet plan bundle, cancel for any reason coverage, and vacation rental damage protection.
In contrast, World Nomads has two comprehensive plans, which means you can select your claim limits. Plus, the company allows you to extend your coverage if you stay away from home longer than you’d planned.
World Nomads premiums may also be more competitive depending on where you’re going.
Methodology
While reviewing Faye, we compared its offerings to other reputable travel insurance providers. Specifically, we compared the available plan options, add-ons, claim limits, coverages, exclusions, and typical policy costs.
Choosing the best policy for you and your co-travelers is about finding a policy with the right type of coverage and sufficient claim limits. Of course, price is a significant factor for many consumers. But specialty riders for daredevils and other details help consumers make the right decision. As such, we take all that into account. You can read more about how we rate travel insurance products here.
FAQs
Although Faye is relatively new in the travel insurance industry, it’s built an excellent reputation among its customers.
Take a look at this selection of reviews from some of the most trusted review sites:
User “Kliment,” told Consumer Affairs, “We spent 11 days traveling throughout the Middle East, incl the World Cup in Qatar. Obtaining, paying, and managing the travel policy was extremely easy and seamless. The policy was issued immediately with zero hassle or asking for tedious documentation. Much better value than previous insurers we’ve used. Highly recommended.”
Meanwhile, a reviewer named Elizabeth told TrustPilot: “Booked a trip to Argentina and Chile. The purchase process was super quick and simple. [I] also had a great experience chatting with the Faye team in-app and over email.”
Faye has two customer assistance hotlines, one for domestic and one for international travelers. Contact numbers are:
- Domestic: +1-833-240-7056
- International: +1-804-482-2122.
You can also process claims in-app with Faye’s 24/7 chat feature or via email at [email protected].
Although the company has plans to expand nationwide, its plans are available to US residents in all states except Montana, Washington, Missouri, New York, and Pennsylvania.
Faye can also not sell travel to residents of these US territories: United States Virgin Islands, Northern Mariana Islands, Guam, American Samoa, and Puerto Rico.
You’ll have 14 days after purchasing your policy with Faye to receive a full refund, as long as the trip has yet to start and no claims have been submitted.