Travel insurance on credit cards: How does it work?

Every insurance package is tailored to a specific card and program but in general, the process is simple. You’ll usually have to book your travel on that credit card but different cards have different rules. For example, some say you need to book 100% of your trip on the card while others don’t have that stipulation. Read your documents to determine your responsibilities. Once you book, you’ll automatically have access to the included coverage. You don’t have to notify the credit card company that you’re traveling or call to activate the coverage. That said, we always recommend that you read the documentation from your credit card company. 

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The best travel insurance credit cards in Canada

Best no fee card for travel insurance 

Rogers World Elite Mastercard

If you want a travel insurance credit card without committing to an annual fee, check out the Rogers World Elite Mastercard. Not only does this no-fee card include valuable travel and rental car insurance with perks like free Boingo Wi-Fi and access to airport lounges, it’s also a cash back card. This means that for every $1 you spend on the card you’ll get back 1.5% (or 3% if it’s in U.S. currency). And, new members will get a $25 welcome bonus applied to their account as soon as they make their first purchase. 

• • Annual fee: $0
  • Interest rates: 19.99%, cash advances 22.99%, balance transfers 22.99%
  • Welcome bonus: $25 cash back when you make your first purchase
  • Earn rate: 1.5% cash back on all purchases; 3% cash back on all U.S.-dollar purchases
  • Additional benefits: Out-of-province/out-of-country emergency medical insurance; trip cancellation/interruption protection; rental car collision/damage coverage; access to over 1,000 LoungeKey airport lounges in over 100 countries with Mastercard Airport Experiences; free Boingo Wi-Fi at over 1 million hotspots worldwide; and Mastercard Travel Rewards

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Best travel insurance card for lounge access

Scotiabank Passport Visa Infinite Card*

It would be hard to overstate the perks of lounge access, particularly during a pandemic. And for frequent flyers, having a place to grab a drink, sit comfortably and enjoy some downtime can be the difference between a punishing and apleasant journey. When you use this card for your travel expenses, you get just that: a worry-free haven. The Scotiabank Passport Travel Visa is a top-notch travel card in its own right, offering a solid suite of travel and car rental insurance coverage. It has some nice perks, too, like the ability to earn Scene+ points and bonuses, including an annual 10,000-point top-up when you spend $40,000 in that year. And, cardholders receive complimentary Priority Pass membership plus six free international airport lounge passes per year, so you’ll always have somewhere to put your feet up.

• Annual fee: $139
• Interest rates: 19.99%, cash advances 22.99%, balance transfers 22.99%
• Welcome bonus: Earn up to 35,000 Scene+ points. First, earn 25,000 points when you spend $1,000 in everyday purchases in the first 3 months. Then, get another 10,000 points when you spend $40,000 on everyday purchases in the first year. Must apply by July 4, 2022.
• Earn rate: 2 Scene+ points for every $1 spent on groceries, dining, entertainment and daily transit purchases; 1 Scene+ point per $1 on everything else
• Additional benefits: Travel insurance including emergency medical, trip cancellation or interruption, flight delay, delayed or lost baggage, and travel accident protection; hotel/motel burglary insurance; rental car collision loss/damage insurance; no foreign transaction fees; and Visa Infinite privileges

Get more details about the Scotiabank Passport Visa Infinite Card*

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Best travel credit card for medical insurance

BMO Ascend World Elite Mastercard*

Canadians are privileged when it comes to healthcare, so it’s no surprise we want to travel with robust medical insurance. While many credit cards offer medical coverage of up to $1 million, the Ascend World Elite Mastercard doubles that , offering $2 million in cover for up to 21 days of travel—on unlimited trips per year. It also includes car rental collision loss and damage waiver insurance, so you’ll be reimbursed for damage or theft of your rental car for trips up to 48 days. You’ll also get travel accident insurance, which covers you and your spouse and dependants for up to $500,000 on passenger plans, busses, taxis, trains and cruise ships. Another perk: You get delayed and loss baggage insurance. So you’ll be reimbursed up to $750 per insured person if your bags are lost or damaged. And if your checked bags are delayed more than 12 hours, you’ll get $200 to purchase essentials, too. Coverage for you and your family to the tune of $2 million provides a lot of peace of mind, while a free lounge membership in Mastercard Travel Pass, provided by DragonPass, plus four free passes a year, gives you literal peace when travelling. Cardholders earn BMO Rewards points when using the card, which can be applied to travel, merchandise, cash redemption and even a contribution to a BMO investment account.

• Annual fee: $150 (waived for the first year)
• Interest rates: 20.99% purchases, 23.99% cash advances (21.99% for Quebec residents)
• Welcome offer: Get 60,000 points when you sign up for the card.
• Earn rate: 5 points per $1 on travel, 3 points per $1 on dining and entertainment, 1 point per $1 on everything else
• Income requirement: $80,000 annually or $150,000 household
• Perks: Access to over 1 million Wi-Fi hotspots, BMO concierge service, extended warranty and purchase protection; travel medical insurance for you and your family of up to $2 million on trips up to 21 days; car rental collision loss and damage waiver insurance; travel accident insurance for you and your family up to $500,000 on passenger plans, busses, taxis, trains and cruise ships; delayed and loss baggage insurance; and trip cancellation/interruption coverage.

Get more details about the BMO Ascend World Elite Mastercard*

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Best travel card for snowbirds and other seniors

National Bank World Elite Mastercard*

Canadians work hard all their lives, often with the idea that they’ll travel once in retirement or semi-retirement. The thing is, many insurance companies radically increase premiums or even refuse coverage to older applicants. Travellers with the National Bank World Elite Mastercard in their wallet have 15 days of emergency travel insurance included, even if they’re over 65 years old. The card’s inventive travel fee reimbursements system can cover you for travel-related costs like airport parking, seat selection, and checked baggage fees. This card’s rewards program lets you earn points on purchases that can be redeemed for travel or merchandise, or used for financial products like registered retirement savings plan (RRSP) or tax-free savings account (TFSA) contributions, or mortgage or line-of-credit payments.    Source