Best credit card travel insurance in Canada for 2020 award seal
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How do you put a value on something you hope to never use?

Insurance is one of those things we pay for grudgingly "just in case" we need it. Because in reality, it’s best if we do, as we're more likely to get dinged twice if we don't.

If you're looking for a credit card with the best insurance, there are some things you'll need to keep in mind:

Best credit cards for travel insurance for 2020

CategoryCredit CardCurrent Welcome Bonus Offer
Best travel insurance credit cardBrim World Elite Mastercard$500 after the first purchase with participating retailers, first year free (terms)
Travel insurance credit card with the most coveragesBMO® AIR MILES®† World Elite®*Mastercard®*Up to 3,000 miles, first year free (terms)
Best credit card for medical insurance over the age of 65Scotiabank Passport Visa Infinite30,000 points (terms)

Review all 10 top insurance credit cards here.

Types of credit card purchase and travel insurance

Not many people realize that credit cards carry valuable insurance, and even less realize that there are actually 17 different types.

What's more? You may even be carrying some of that insurance around in your wallet already.

  • Extended Warranty: Covers you above and beyond any warranty that's already on a product.
  • Purchase Protection: Covers your purchases in the event that any of them are lost, stolen, or damaged within a predetermined amount of time.
  • Price Protection: Will reimburse you in the event that you pay for something and it goes on sale within a certain amount of time.
  • Mobile Device: A fairly rare type of coverage that will cover you in the event that your mobile phone or tablet is lost, stolen, or damaged.
  • Event Ticket Cancellation: A very rare coverage that will reimburse you for tickets to sporting events, concerts and theatre shows if you are unable to attend for a covered reason.
  • Travel Accident: Will give you or your family a lump sum in the event that you suffer dismemberment or loss of life while travelling on a common carrier.
  • Emergency Medical: Covers you if you're travelling and you need emergency medical attention, and will even cover you if you need to spend an extended amount of time at the hospital. Included in this category is Emergency Medical for people over 65.
  • Trip Cancellation: This will cover you if your trip needs to be cancelled for a pre-approved list of medical reasons.
  • Trip Interruption: This will cover you if your trip needs to be cut short for a pre-approved list of medical reasons.
  • Flight Delay: Covers you for certain expenses if your flight is delayed.
  • Baggage Delay: Covers you for certain expenses if your baggage is delayed.
  • Lost or Stolen Baggage: Covers you for expenses incurred if you need to replace your belongings in the event that your baggage is lost or stolen.
  • Personal Effects: One of the rarest types of insurance that covers you if your belongings are lost or stolen at any point during your trip.
  • Hotel Burglary: Covers you if your belongings are stolen out of your hotel or motel room.
  • Rental Car Theft & Damage: Covers you in the event that your rental car is stolen or damaged while you're using it.
  • Rental Car Accident: Will pay out a lump sum to you or your family in the event of dismemberment or death while in a rental car.
  • Rental Car Personal Effects: Covers you if your belongings are stolen out of your rental car.

Check out our extensive blog post about these 17 types of insurance where we look at each type in detail.

Best credit card insurance coverage credit card

For the best insurance coverage you can get, the just can't be beat.

Why? You'll get a stunning 15 types of insurance. No other card is offering that many, and it includes rare rental car personal effects and accident insurances, as well as event ticket cancellation.

More than that though, you'll receive high limits you can claim for many of the coverages as well.

The best travel rewards credit card for insurance

If you're looking for a credit card that has the most extensive insurance coverage in Canada, look no further than the .

The BMO AIR MILES World Elite Mastercard will cover you with 14 of the 17 available types of insurance in Canada, including the very rare Personal Effects insurance.

And, it provides great coverage even when you're travelling using your AIR MILES.

Credit cards with travel medical insurance in Canada

Many credit cards on the Canadian market will cover you with travel medical insurance.

A card like the will cover you with:

  • 25 days of emergency medical, and
  • up to $500,000 in travel accident coverage.

But more than that, this card also includes coverage that extends beyond the age of 75. It's rare to see cards provide 65, and even rarer above 75.

And, it still provides a decent length of coverage – 10 days.

You'll also get 9 other types of travel and purchase insurance for a total of 11 different types.

And its perks continue:

  • 30,000 welcome bonus points,
  • an additional 10,000 points annually when you spend $40K on your card, and
  • for each additional $10K that you spend on your card annually, you'll earn 2,000 more bonus points,
  • 0% foreign transaction fees – a very rare perk,
  • a priority pass membership with 6 annual passes, and
  • 12 different types of travel and purchase insurance in total.

And with no foreign exchange fees, it's the complete package for a travel rewards card.

Frequently asked questions

One important thing to remember is to always read the fine print.

As with most types of insurance, there are exceptions and limitations ‒ so read the insurance certificate that comes with your card to make sure you’re aware of everything you’re covered for (and everything you’re not).

Are there age restrictions for credit card travel insurance?

When it comes to medical travel insurance, many credit cards only cover you if you’re under the age of 65. There are very few cards that keep you covered if you’re over the age of 65, and they are often higher end, premium cards.

If I use rewards to book my travel, will my insurance still cover me?

Travel insurance, unfortunately, often doesn’t cover you if you’re booking your trip with your rewards. Be sure to read the fine print, because you may want to purchase some extra travel insurance to cover you if that’s the case.

Is there a time limit when reporting incidents?

If you need to make a claim, you'll need to file it within a certain set amount of time. Although it’s often up to 30 days, you’ll want to check your policy to make sure.

Although it should be noted that if you need to make an emergency claim, you'll need to call your credit card insurance provider as soon as possible with your valid Canadian health card on hand.

What is the best travel insurance for pre-existing medical conditions?

Unfortunately, we have not come across any credit cards that will cover you against pre-existing medical conditions.

Will I need to fill out a travel insurance medical questionnaire before my trip, like with CAA?

No, with credit card insurance you shouldn't be required to fill out any medical questionnaires before your trip. However, if you need to make a claim, the insurance company is likely to have you fill out medical forms and secure your medical information before making any payout.

Compare Top Insurance Credit Cards

How we get our rankings

How do we decide what are the best insurance cards? We take into account over 126 features of each credit card, broken down into 7 main categories.

Insurance page genius rating scoring

We then take those features and put them through our algorithm, which calculates a score out of 5. And since we're talking about credit cards with the best insurance, we give extra weight to the insurance category, as it's the primary feature we're after with cards on this page.

Learn more about our Genius Rating methodology.

Featured In:

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