Best Travel Insurance Credit Cards In Canada

When planning for your vacation whether locally or to foreign countries, it is advisable to charge it to your credit card. You need also to ensure that your credit card has an insurance coverage feature to enhance your safety when travelling.
Best Travel Insurance Credit Cards In Canada

Last Updated on March 31, 2021 by offerhub

Best Credit Cards with the most travel insurance benefits

When planning for your vacation whether locally or to foreign countries, it is advisable to charge it to your credit card. You need also to ensure that your credit card has an insurance coverage feature to enhance your safety when travelling.

Credit cards may have different insurance coverage which includes:

  • Travel Medical Insurance – To cover you in an event where medical care is needed.
  • Trip Cancellation Cover – To cover you in the event you need to cancel your trip.
  • Delayed Baggage Insurance – In the event of delayed arrival for your luggage.
  • Lost Luggage Insurance – To cover you when you have lost your belongings.
  • Flight Delay Insurance – To cover you in event of a delayed flight.

Offerhub Recomeds these credit cards to make the most of travel insurance benefits

  • Unlimited trips-per-year travel coverage
  • Get airport lounge access
  • High base earn rate
  • Competitive interest rates
  • Get discounts on admission to Canadian Cirque du Soleil shows and Vegas shows

Specification: BMO® World Elite®* Mastercard®*

Annual Fees

$150

Interest Rate

19.99%

Cash Advance

22.99%

Network
Card Type

Cashback

Welcome offer: Get 35,000 points and the $150 annual fee waived in the first year. That’s a total value of $400!
0
  • Receive five Scotia Rewards points for each dollar spent at eligible grocery stores, fast food, bars, or restaurants. Additionally, earn five points for each dollar spent on eligible movies, theatres, and ticket purchases.
  • Earn one Scotia Rewards point for each dollar spent on every other purchase.
  • Up to 40,000 welcome bonus points that add up to C$400 in travel money.

Specification: Scotiabank Gold American Express® Card

Annual Fees

$120

Interest Rate

19.99%

Balance Transfer

22.99%

Cash Advance

22.99%

Network
Card Type

Cashback

Earn 20,000 bonus Scotia Rewards points with your first $1,000 in everyday purchases in the first 3 months.1
0
  • Rewards for every purchase
  • Excellent travel insurance coverage
  • Multiple ways to earn welcome bonus
  • Multiple redemption options
  • Air Canada baggage discounts

Specification: TD® Aeroplan® Visa Infinite* Card

Annual Fees

$139

Interest Rate

19.99%

Cash Advance

22.99%

Network
Minimum Income

$60000

Card Type

Travel Rewards

Welcome offer: Get 35,000 points and the $150 annual fee waived in the first year. That’s a total value of $400!
0

Credit Card Travel Insurance

Travel Insurance refers to the coverage for the cardholder, their spouse, and any dependent child travelling with you. This type of coverage considers accidents taking place while using common carriers like planes, trains, or buses at any stage of your journey from the airport/station/terminal to the end of your trip. The maximum amount that the card will cover varies with different credit cards. The credit card travel accident insurance covers;

  • Loss of life.
  • Loss of speech, hearing or sight.
  • Permanent disability.
  • Loss of limbs.

However, there are a few cases in which this insurance will not cover you. Such include;

  • Intentional self-inflicted injuries including suicide.
  • Pregnancy complications.
  • Body malfunctioning.
  • Disease/ Illness.

Delayed Baggage Insurance

Delayed baggage insurance covers you in the event when your travel baggage is delivered in time. This may include a maximum reimbursement amount. Imagine how stressful it could be if your essentials delayed for a day or two. You will be required to incur more costs in buying clothes and other essentials to last you for a day or two. This cost can be too much depending on the delay period, but with a credit card, baggage insurance will come in handy. Delayed baggage insurance mostly covers only essential items like basic toiletries and clothing or anything in that form.

Exceptions under Delayed Baggage Insurance

Like any other insurance, delayed baggage insurance has some limitations that your policy may exclude:

  • Losses incurred when returning to your residence.
  • Expenses incurred after your luggage arrival.
  • Expenses incurred after 96 hours of arrival.
  • Luggage not checked.
  • Quarantine or detained luggage.
  • Money, securities, tickets or other documents.
  • Losses resulting from any criminal act.

You may be reimbursed to the maximum amount for all expenses incurred on essentials due to delayed baggage.

Credit Card Lost Luggage Insurance

Credit card lost luggage insurance covers your missing luggage while in transit with a common carrier. You may be reimbursed up to a certain amount for any of your checked lost belongings. Losing your belongings during travel can turn out to be very costly, but you can be well covered with travel rewards credit card. Most credit card lost luggage offer coverage up to a given amount per person. This extends to your luggage, your spouse’s and your dependent children’s luggage travelling with you. The reimbursement can be limited to a fixed amount per lost item.

Exclusions for A Lost Luggage Insurance Coverage

Exceptions from lost luggage insurance coverage differ from one credit card to the other. You need to consider your credit card and its exceptions. Below are some common exceptions;

  • Lost animals.
  • Hearing aids and other wearables.
  • Contact lenses and prescription glasses.
  • Money, credit cards, and other negotiable instruments.
  • Tickets and other documents.
  • Perishables and consumable goods.
  • Loss of jewelry, watches, or gems.

Credit Card Flight Delay Insurance

Flight delays is a common occurrence and in most cases, delays take a few extra minutes or just an hour as a result of poor weather or busy air traffic. For many travellers, flight delays are not a big issue and they never bother about it rather they patiently wait for a short time. However, if delays prolong to some hours or even a day, it becomes costly and even tiring. In some extreme delays, you may be forced to spend more on unplanned meals or accommodations. To protect you from the costs of such an occurrence, you need to have flight delay insurance on your reward credit card. In the case of any flight delays, a credit card flight delay insurance will help you to cover the unplanned additional expenses. It may cover up to a fixed amount of expenses mostly on meals and accommodation. Flight delay insurance will only cover you when delays go beyond a given period of time. You will be reimbursed only for reasonable expenses in the form of meals, accommodation, and refreshments. The policy may consider certain causes of delays which include;

  • Extreme weather conditions.
  • Job actions or strikes from the carrier employees.
  • Equipment failure.
  • No alternative means provided within a given period of delay.

Credit Card Travel Medical Insurance

Everyone wants to have a holiday vacation that’s free from any worries. However, there is something that can always go wrong, from losing your baggage and illness abroad to having a cancelled trip. That explains why having travel insurance is crucial to protect yourself and anyone else on board from the devastating effects of emergency situations.

Like most Canadians, you could be having insurance protection yet you don’t know. Most of the reward credit cards offer travel insurance as one of the benefits. It’s not just about making purchases. These cards offer comprehensive travel insurance which includes trip cancellation insurance, trip interruption insurance, motel burglary insurance, travel medical insurance and more. Credit card travel insurance is one of the things you may need while on vacation. It’s, therefore, important that you understand how it works and every other thing involved.

Offerhub Recomeds these credit cards to make the most of travel medical insurance benefits

  • Unlimited trips-per-year travel coverage
  • Get airport lounge access
  • High base earn rate
  • Competitive interest rates
  • Get discounts on admission to Canadian Cirque du Soleil shows and Vegas shows

Specification: BMO® World Elite®* Mastercard®*

Annual Fees

$150

Interest Rate

19.99%

Cash Advance

22.99%

Network
Card Type

Cashback

Welcome offer: Get 35,000 points and the $150 annual fee waived in the first year. That’s a total value of $400!
0
  • Receive five Scotia Rewards points for each dollar spent at eligible grocery stores, fast food, bars, or restaurants. Additionally, earn five points for each dollar spent on eligible movies, theatres, and ticket purchases.
  • Earn one Scotia Rewards point for each dollar spent on every other purchase.
  • Up to 40,000 welcome bonus points that add up to C$400 in travel money.

Specification: Scotiabank Gold American Express® Card

Annual Fees

$120

Interest Rate

19.99%

Balance Transfer

22.99%

Cash Advance

22.99%

Network
Card Type

Cashback

Earn 20,000 bonus Scotia Rewards points with your first $1,000 in everyday purchases in the first 3 months.1
0
  • Rewards for every purchase
  • Excellent travel insurance coverage
  • Multiple ways to earn welcome bonus
  • Multiple redemption options
  • Air Canada baggage discounts

Specification: TD® Aeroplan® Visa Infinite* Card

Annual Fees

$139

Interest Rate

19.99%

Cash Advance

22.99%

Network
Minimum Income

$60000

Card Type

Travel Rewards

Welcome offer: Get 35,000 points and the $150 annual fee waived in the first year. That’s a total value of $400!
0

Who is covered by Travel Medical Insurance?

Of course, the first person covered by travel medical insurance is the primary cardholder. Others who are covered include your spouse and your dependent children. However, it’s important to note that travel medical insurance coverage can only be valid if your account, as the authorized cardholder, is not only open but also in good standing with the credit card company.

If you’ve used travel medical insurance coverage before, you’ll agree that your age determines the duration of coverage. If you’re 65 years and over, you’ll only be covered for about four days. However, those that are 65 years and under will be covered up to fifteen days. Well, you could be under 65, and your trip is supposed to stay longer than the fifteen days. That doesn’t mean you can be covered for as long as your trip lasts. You can always purchase additional coverage for to cover the entire period.

What’s covered?

Here’s what you’ll find in a Travel Medical Insurance Plan:

  • Reimbursement for any unexpected medical expenses as a result of emergency medical care
  • Reimbursement for diagnostic services, land and air ambulance fees
  • Reimbursement for unexpected dental expenses for any injury suffered during the trip. Doesn’t include dentures
  • Reimbursement for private nursing services, prescriptions required and medical appliances
  • Vehicle return benefit and Bedside companion benefit
  • Costs incurred in returning of the deceased.
  • Transport to bedside. Covers a round-trip flight for a family member to visit a person in hospital in another country or province.

What’s not covered?

Like any other type of insurance, there are circumstances under which travel medical insurance won’t apply. Some of them include:

  • Any circumstance that doesn’t qualify as an emergency. If there’s any medical treatment that can wait until the cardholder returns home, the travel medical insurance won’t apply.
  • When the insured person doesn’t report the medical emergency to the insurer on time.
  • Suicide or any self-inflicted injury
  • Pre-existing medical conditions. If the medical emergency is related to a medical condition the insured person may have been experiencing its symptoms before the trip, he will not be covered by the travel medical
  • A declared or undeclared war
  • Travel to a destination where the government authorities have issued a travel advisory
  • Any medical expenses arising from negligence by the cardholder including when he doesn’t take prescribed drugs.
  • Any medical costs as a result of alcohol and drug abuse.
  • Medical costs as a result of involvement in dangerous activities like drag racing and scuba diving.

What happens when you’re forced to either cancel your vacation or cut it short because of severe weather, sickness or any other reason? We are always faced with different emergency situations that cause us to cancel our trip. However, you can be assured of financial protection when your travel plans are either interrupted or cancelled with a reward credit card that comes with insurance. Most of the reward credit cards available today come with insurance to offer protection in case of an emergency.

It’s important that you find out if your credit card offers trip cancellation and trip interruption insurance. As mentioned, you can be forced to delay your return home or cancel your travel plans due to sickness or any other unexpected event.   Imagine losing the amount of money you paid for your travel arrangements and planning for extra transportation and hotel costs. Trip cancellation and trip interruption insurance are, therefore, important when planning for a vacation.

Best Credit Cards that give you the most insurance coverage for Trip Cancellation and Trip Interruption

  • Receive a 2,000 Air Miles Bonus for spending C$3,000 in the first three months and have your first C$120 annual fee waived.
  • Get topped-up to five times the Air Miles Rewards for grocery shopping until May 31, 2021.
  • Get one mile for every ten dollars spent in card purchases.

Specification: BMO® AIR MILES®† World Elite®* Mastercard

Annual Fees

$120

Interest Rate

19.99%

Balance Transfer

22.99%

Cash Advance

24.99%

Network
Card Type

Cashback

Welcome Offer: Get up to 3,000 AIR MILES Bonus Miles and we'll waive the $120 annual fee for the first year†.
0
  • Comprehensive travel insurance
  • One standard earn rate on all purchase types
  • Many ways to redeem points
  • Competitive interest rates
  • Excellent welcome rewards

Specification: TD First Class Travel Visa Infinite* Card

Annual Fees

$120

Interest Rate

19.99%

Cash Advance

22.99%

Network
Card Type

Travel Rewards

0

Trip Cancellation and Trip Interruption Insurance: What you Need to Know?

Well, the first thing you need to understand is that these are two different policies though related. They are both offered by select credit card companies to help with the investment you make with all your travel arrangements. You’ll agree to the fact that the costs of disrupting your trip to get back home prematurely can be more severe. Your airline will charge you cancellation penalties not to mention the significant loss you’ll have in making all those arrangements.

Trip cancellation and trip interruption insurance provide coverage for all your eligible non-refundable, prepaid expenses in case your trip is cancelled outright or disrupted while still in progress. The difference between the two is that trip cancellation insurance take care of any cancellation charges or deposits before departure while trip interruption insurance covers for after departure costs.

Trip cancellation insurance only applies from the moment you book your trip to the time you’re scheduled to leave for the trip. It provides cover for all the trip cancellation penalties you may be charged. Trip interruption insurance, on the other hand, provides cover for the expenses you’d incur if you return from your trip later or earlier than you’d have stayed.

What does each of the two policies cover?

Of course, you’re aware and well informed of how insurance policies work. The trip cancellation and trip interruption insurance work the same way. The credit card companies or any other insurance provider won’t reimburse your travel expenses when you cancel your trip simply because you’re busy with your personal responsibilities. Similarly, you won’t qualify for reimbursement if you return home earlier than planned because the vacation seems boring. If you don’t have a valid reason, you have no business making any claim.

The Trip Cancellation Insurance Covers:

  • Accidental bodily injury
  • Severe weather that leads to the cancellation of a covered trip before it starts
  • Loss of life by the Cardholder/insured
  • Sickness experienced by the insured
  • A formal notice by the government authorities advising Canadian citizens not to travel to a destination the insured is supposed to go for his trip
  • Sickness experienced by an immediate family member or travelling companion of the insured person.
  • A car accident that forces the cardholder/insured to miss their flight
  • Jury duty that can’t be waived or postponed.

The Trip Interruption Insurance Covers

  • Hijacking or terrorist action forcing the cardholder to discontinue the trip.
  • A formal notice by the government authorities advising Canadian citizens not to travel to a destination the insured is supposed to go for his trip
  • Loss of life of the insured person while on the trip
  • Sickness experienced by the insured person, his travelling companion or immediate family member
  • A car accident that forces the cardholder/insured to miss their connecting flight
  • Severe weather or road closure affects the trip and causes the cardholder to miss a connecting flight
  • The death of an immediate family member to the cardholder forcing them to return home earlier than planned.

What’s not covered by the Travel Cancellation and Trip Interruption Insurance?

  • Loss due to a pre-existing medical condition
  • Any self-inflicted injury
  • A declared or undeclared war
  • Change in travel plans
  • Drug abuse cases
  • Body injuries arising from dangerous activities
  • Choosing to travel against the advice of a physician
  • Involvement in criminal activities by the cardholder/insured individual
  • Terrorism
  • Mental complications by the cardholder/insured person

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