You may have purchased an item, and used it for a couple of days, only to realize it is available at another retail store for a much cheaper price. You may have felt annoyed and irritated, even stupid, paying more for a product when you really did not need to. The good news is that you do not have to experience that annoyance ever again with the help of a credit card with protection insurance to help you cover any price difference for products for a specific period of time.
You can also safeguard your investment in the product with the extended warranty of the card. In addition, you do not have to worry if the card is damaged or stolen, as credit cards with protection insurance also provide security coverage insurance to fully cover the expense of any repairs or purchasing a replacement.
To help you find the top credit card with protection insurance, we have ranked them on the basis of maximum coverage offered.
1. Capital One Aspire Travel World Elite MasterCard
- This card offers price protection coverage in case of price differences of as much as $100 per item or product for up to $500 in one calendar year within sixty days of purchase
- It also offers auto purchase assurance cover against loss, theft, or damage anywhere across the globe for up to 120 days from the purchase date
- You can enjoy extended warranty coverage which will automatically double the manufacturer’s warranty of 2 years
- You also get extended warranty coverage and lifetime liability of up to $60,000 per account for purchasing assurance
Long gone are the days of patiently waiting for products to decline in price by $20 or higher thanks largely to the great price protection coverage that is available with your Capital One Aspire Travel World Elite MasterCard.
So, if you are buying a product in Canada with the Capital One card and the item’s price declines within sixty days, price protection would cover the differential between $10 and $100 per product. Also, the extended warranty of this card stands out as it could double your warranty coverage for a maximum of two years. The purchase assurance offered by the card would also repair or replace a product for an extended period of up to 120 days following the date of purchase.
2. Scotiabank Gold American Express
- You can enjoy price protection cover for price differentials of as much as $100 per product for up to $500 for each account per year within sixty days of purchase
- Get auto purchase assurance cover in case of loss, theft or damage for ninety days from the purchase date
- The extended warranty offered would double the manufacturer’s warranty for as much as one year
- Benefit from lifetime liability of up to $60,000 for each account for extended warranty coverage and purchase assurance
Now, you do not need to wait just to purchase the products that you need; the Scotiabank Gold American Express card would cover the price differentials between $10 and $100 per product in case you purchased the product using this credit card.
Keep in mind that only a cardholder is protected against price fluctuations, and it would last sixty days from the date you purchased the product in Canada.
Also, you can rest assured that in case an item you purchased is damaged, lost or stolen within ninety days of the date you paid for the item, the purchase security coverage of this card would automatically cover the expense of either replacement or repair cost. Because of this incredible credit card with protection insurance, you would spend considerably less. Also, if an item breaks, there is extended warranty coverage that lasts one year.
In case the warranty coverage is at least five years, please do not forget that you have to register it within one year of purchasing it.
3. American Express AeroplanPlus Reserve Card
- With these credit cards with protection insurance you will enjoy auto purchase protection. It will cover physical damage or theft for up to ninety days from the purchase date up to $1,000 for each occurrence.
- Assurance protection plan 1 for buyers automatically doubles the original warranty of the manufacturer for up to one year.
Although the American Express AeroplanPlus Reserve credit card does not provide price protection cover, it does offer purchase protection cover of as much as $1,000 for each occurrence if a new product is damaged or stolen within ninety days of the date of purchase if the whole price of the product has been charged to your card.
Also, you would get as much as one full year of manufacturer’s warranty. If you love to travel, this credit card provides a number of benefits to handle unexpected costs and expenses while you are away like medical travel emergency, trip cancellation, travel accident insurance, trip interruption, baggage delay, flight delay and stolen or lost baggage insurance.
Do you use credit cards with protection insurance and why?
All insurance is underwritten by the well-known Royal and Sun Alliance Insurance Company in Canada and coverage is subject to the relevant terms and conditions of the master policies. Certain exclusions, limitations, and restrictions do apply. So, please go through your insurance certificates carefully.
It would cover all your purchases in case they are stolen, lost or damaged. Remember that the coverage usually lasts ninety days after you charge the entire cost of the product on the credit card, and few selected credit cards with protection insurance stretch the duration up to 180 days after the date of purchase.
In case you suffer loss of life or dismemberment during your travel on a common carrier such as a train or plane, you and your family could receive a hefty lump sum payout.
Note that some credit cards with protection insurance can cover you for as much as $1,000,000 in terms of travel accident insurance; however, it does vary considerably depending on the type of card and the kind of accident; therefore, make sure you carefully read the fine print to avoid any surprises.
Emergency medicine is one of the most crucial types of insurance you need to have. It makes sure all of your medical bills are fully covered in case you get injured or sick while traveling. In a majority of cases, Medicare would no longer be applicable; also, your work health plan might not cover your travels.
Although emergency medicine is a very rare kind of insurance, you can find travel-oriented credit cards with protection insurance. Some credit cards would cover all trips that extend up to sixty days and some even cover travellers who are 65 years or more; however, this is more an exception than a rule. A lot of cards provide 15-days worth of coverage and either completely eliminate or reduce coverage for people over 65.
Trip interruption is more common compared to trip cancellation and helps travellers out in case they have to go back home in the middle of a trip for a specified list of preapproved emergency reasons. Any additional travelling expenses incurred to return home are usually covered to a specific limit.
This is helpful when your flight gets delayed for more than a specified number of hours; in this case, your credit card would cover you (at times, your traveling companions too) for food, personal items, and lodging you have to buy to stay comfy during the delay. The maximum coverage is set at $2,000; however, it is usually set to $500 for each person when it is available.
In many cases, coverage is usually split across Lost or Stolen Baggage and Baggage Delay coverage too and may be spread over several days.
Similarly, in case your baggage has been delayed for a specified number of hours, credit cards with protection insurance will provide you some funds to buy some necessities and clothes, helping you get by till the baggage is safely returned to you.
In this type of insurance, coverage usually maxes out at about $1,000, with $500 for each person being the standard; however, it is much more common compared to Flight Delay coverage.
Stolen or lost the baggage
In case your baggage isn’t delayed but is stolen or lost, this insurance would provide coverage for the cost of replacing the items. This type of coverage has a maximum limit of $2,500; however, you should expect $500 per person from most credit cards.
Bear in mind that travellers can often use Baggage Delay as a viable substitute for Stolen or Lost Baggage coverage provided their card has one but not the other. Apart from that, a majority of airlines often have specific policies for reimbursing travellers if their luggage is stolen or lost. Make sure you check in with them.
Also, remember that if you were carrying expensive or valuable items in the luggage, you might be able to merge coverage from both. Many premium BMO cards are famous for their insurance packages; in addition, three of their Elite credit cards support fourteen out of sixteen possible types of insurance coverage while one has thirteen types.
It has more insurance coverage compared to any other card issuer with Scotiabank at 12 being the next closest.
BMO Air Miles World Elite MasterCard and BMO World Elite MasterCard
Note that both AIR MILES World Elite and BMO World Elite cards have the exact same insurance package; it includes fourteen out of sixteen types of insurance – the highest compared to any other credit card. These cards have annual charges of about $150 and $120 respectively.
So, if you would like to have a credit card that checks the most insurance boxes and provides you with great benefits and rewards, you must go for one of these two credit cards.