The 9 Best Credit Cards for Travel Insurance in Canada for 2023
By Daniel Schoester | 07 Sep 2023 |
Credit cards are an overlooked source for travel insurance, with some premium cards providing extensive coverage as an added benefit. The coverage can provide valuable protection for Canadians on the go, helping cover costs related to medical emergencies, cancellation and interruption expenses, lost and delayed baggage, and more. However, not all credit cards include travel insurance, and the specific coverages can vary widely.
This article is part of our series on the best credit cards in Canada. This sub-article will review some of the top travel insurance cards. Whether you’re looking for medical trip coverage into your retirement years or protection for adventurous holidays abroad, we’ll uncover the credit cards that can provide essential coverage for worry-free travel, no matter your destination.
Brief Introduction to Credit Card Travel Insurance
Before we begin, it’s worthwhile to understand the alphabet soup of credit card travel insurance. However, this section only provides a high-level overview since it’s covered in detail within our article on how credit card travel insurance works. Essentially, you’ll need to generally charge a pre-determined portion of your trip to the designated card to activate the insurance.
Each card has a different approach; some require at least 75% of your trip charged to the card, whereas others will cover you regardless. Before booking a trip, always reference your card’s certificate of insurance to understand the booking exclusions. In most cases, the coverages are offered by a risk-carrying partner. That means you generally won’t deal with the bank when making a claim. If an accident happens, you’ll need to follow the guidelines established on your card’s certificate of insurance. Moving forward, let’s make sense of the types of coverages offered by travel insurance cards;
| Insurance Coverage | Description |
|---|---|
| Emergency medical | Covers medical expenses incurred while travelling outside of your home province or territory. The coverage amount and duration vary by card. |
| Trip cancellation/ interruption | Covers the cost of your trip if you have to cancel or interrupt your trip due to a covered reason, such as illness, death in the family, or a natural disaster. The coverage amount and duration vary by card. |
| Lost luggage | Covers the cost of replacing lost or stolen luggage. The coverage amount and duration vary by card. |
| Rental car collision/ loss damage | Covers the cost of damage to or theft of a rental car you rent with your credit card. The coverage amount and duration vary by card. |
| Flight delay | Covers the cost of meals, accommodation, and other expenses if your flight is delayed for a certain period of time. The coverage amount and duration vary by card. |
| Baggage delay | Covers the cost of essential items if your luggage is delayed for a certain period of time. The coverage amount and duration vary by card. |
| Covers the cost of items you purchase with your credit card if damaged or stolen within a certain period. The coverage amount and duration vary by card. | Covers the cost of stolen personal belongings from your hotel or motel room. The coverage amount and duration vary by card. |
| Purchase protection | Covers the cost of items you purchase with your credit card if they are damaged or stolen within a certain period. The coverage amount and duration vary by card. |
| Extended warranty | Covers the cost of repairs or replacements for items you purchase with your credit card if they break down within a certain period. The coverage amount and duration vary by card. |
1. TD Aeroplan Visa Infinite Privilege – Best Overall Travel Insurance Card
Earn up to $3,200 in value†
With extensive coverage and high limits, the TD Aeroplan Visa Infinite Privilege stands out as Canada’s best travel insurance credit card. This premium card provides unrivalled protection for medical emergencies, trip cancellations, delays, lost baggage, and more. Although this card carries a high annual fee, it’s still more affordable than most travel health insurance companies. You’ll also benefit from a variety of additional features.
With up to $5 million in emergency medical coverage for trips up to 31 days, this card has one of the highest limits any Canadian credit card offers. Trip cancellation and interruption insurance cover up to $2,500 and $5,000 per person, respectively. Additionally, you can purchase essentials up to $1,000 per person if your bags are delayed over 4 hours. Furthermore, if your luggage is lost, you’re covered for up to $2,500 – significantly higher than many competitor cards.
As highlighted in the certificate of insurance, the card includes valuable extras like flight delay insurance, hotel burglary, and robust car rental coverage. On top of its premium travel protections, this card offers solid rewards and Air Canada perks. You can earn a robust welcome bonus and enjoy Maple Leaf Lounge access, priority services, and more.
You’ll benefit from high coverage limits, extensive protections, and a marvellous Aeroplan Rewards earn rate. It’s easy to see why the TD Aeroplan Visa Infinite Privilege is regarded as Canada’s best travel insurance credit card. It provides unparalleled coverage and value for worry-free trips anywhere in the world. However, ensure you meet eligibility requirements before applying. Applying without meeting requirements can result in denial and a hard check, negatively affecting your credit score.
| Eligibility Requirements | Description |
|---|---|
| Credit Score (estimate) | 760+ |
| Annual Income | $150,000 personal, or $200,000 household |
| Additional | Resident of Canada, Provincial age of majority |
2. HSBC World Elite Mastercard – Best for Medical Coverage Over 65
Earn up to 50,000 points
It’s no secret that those exceeding 64 receive the short end of the stick regarding travel insurance coverage. This is where the HSBC World Elite Mastercard steps in, offering the best coverage for this demographic. While most travel cards limit emergency medical coverage to 3-5 days once you turn 65, the HSBC World Elite Mastercard provides emergency medical coverage for the first 21 days of a trip for cardholders over 64.
With the HSBC World Elite Mastercard, travellers over 64 can relax knowing they have up to $2 million in emergency medical coverage for the first three weeks of any trip, giving great peace of mind. The card covers expenses like hospitalization, medical procedures, prescription drugs, and more in case of an unexpected illness or injury while travelling.
In addition, the HSBC World Elite Mastercard provides strong baggage coverage. If your checked baggage is lost or stolen, you’re covered for up to $1,000. The card also offers trip cancellation insurance up to $2,000 per person to a maximum of $5,000 per trip. Other notable benefits detailed in the certificate of insurance include collision and theft coverage for rental cars when you use the card to pay, protection against hotel burglary, and price protection if an item you buy has a sale shortly after purchase.
With its industry-leading 21 days of emergency medical coverage for Canadians over 64, robust baggage protection, and other key benefits, the HSBC World Elite Mastercard is the top choice for travel insurance and protection for older travellers. The exceptional coverage it provides globetrotting retirees is unmatched by any other travel credit card in Canada today. Ensure you review eligibility requirements before applying.
| Eligibility Requirements | Description |
|---|---|
| Credit Score (estimate) | 720+ |
| Annual Income | $80,000 personal, or $150,000 household, or $400,000 liquid assets under management |
| Additional | Resident of Canada, Provincial age of majority |
3. CIBC Aventura Visa Infinite Privilege – Best for Trip Cancellation
With up to $2,500 per person in trip cancellation coverage, the CIBC Aventura Visa Infinite Privilege provides industry-leading protection if you need to cancel your trip due to a covered medical emergency or other eligible cause. This extensive coverage applies to prepaid travel arrangements charged to your card before departure, up to a maximum of $10,000 for all individuals on the same trip.
The CIBC Aventura Visa Infinite Privilege also shines for trip interruption insurance. If you must cut your trip short due to a covered medical reason, natural disaster, or other eligible event, you can recover up to $5,000 per person in non-refundable costs, to a limit of $25,000 for all travellers. The certificate of insurance also demonstrates further travel protections through its flight delay benefit. If your travel is delayed over 4 hours, you can access up to $500 per person ($1,000 total) for meals, hotels, taxis and other expenses. It also covers up to $500 per person ($1,000 total) if your checked baggage is delayed 6+ hours.
On top of its robust trip cancellation, interruption, and delay features, the CIBC Aventura Visa Infinite Privilege rewards cardholders with bonus points on travel, dining, groceries, and more. With its strong trip cancellation and interruption insurance, plus additional perks like baggage delay coverage, bonus points earnings, and access to airport lounges, the CIBC Aventura Visa Infinite Privilege stands out as a top pick for travel protections. The table below details eligibility requirements. Ensure you meet the criteria before applying.
| Eligibility Requirements | Description |
|---|---|
| Credit Score (estimate) | 740+ |
| Annual Income | $150,000 personal, or $200,000 household |
| Additional | Resident of Canada, Provincial age of majority |
4. National Bank World Elite Mastercard – Best for Longer-Term Medical Coverage
The National Bank World Elite Mastercard offers extended-length emergency medical coverage, making it great for digital nomads or long-term travellers. You’ll receive up to $5 million in emergency medical coverage for trips up to 60 days for those under 55. Meanwhile, 31 days of coverage are offered for those between 55 and 64. Those between 65 and 75 are offered 15 days of emergency medical care. This outshines other cards, offering a reduced 10 to 30 days of coverage.
There is generous coverage for delayed/lost checked baggage up to $1,000 and flight delay insurance up to $500 per person. The World Elite Mastercard also provides extensive trip cancellation at $2,500 per person. Trip interruption is up to $5,000 per person. Aside from that, the certificate of insurance also highlights rental car coverage, mobile device coverage, and purchase protection. This is one of the best travel health insurance cards with many types of coverage, including extended-duration health insurance. Furthermore, it includes valuable extras like airport lounge access. However, always ensure you meet eligibility requirements before applying.
| Eligibility Requirements | Description |
|---|---|
| Credit Score (estimate) | 725+ |
| Annual Income | $80,000 personal, or $150,000 household, or $400,000 liquid assets under management, or $25,000 annual spend |
| Additional | Resident of Canada, Provincial age of majority |
5. BMO Cashback World Elite Mastercard – Best for Cashback Rewards
With strong cash-back earnings rates and robust travel insurance protections, the BMO Cashback World Elite Mastercard stands out as Canada’s top cash-back credit card for travel coverage. As highlighted in the certificate of insurance, the BMO Cashback World Elite Mastercard provides up to $5 million in emergency medical coverage for Canadians under age 65 for the first eight days of a trip.
The card also includes up to $1,000 per occurrence for hotel burglary, providing peace of mind when travelling. For delayed or lost baggage, the BMO Cashback World Elite Mastercard covers up to $500 per person to a maximum of $1,000 per trip. You also receive flight delay insurance, paying up to $500 for meals and accommodations if your flight is delayed over four hours. Additionally, the card provides up to $500,000 in common carrier insurance in case of accidental death or dismemberment when travelling by plane, bus, or train. There is also coverage for rental cars, with up to $65,000 for damage and theft protection.
On top of its strong travel protections, the BMO Cashback World Elite Mastercard offers industry-leading cash back on groceries and transit, positioning it as one of the best cashback cards in Canada. With its unmatched combination of robust travel insurance coverage and exceptional cash-back rewards, the BMO Cashback World Elite Mastercard is the premier credit card for travellers looking to earn cashback while enjoying peace of mind from its extensive travel protections. The table below details the eligibility requirements to exceed before applying.
| Eligibility Requirements | Description |
|---|---|
| Credit Score (estimate) | 760+ |
| Annual Income | $80,000 personal, or $150,000 household |
| Additional | Resident of Canada, Provincial age of majority |
6. Scotiabank Passport Visa Infinite Card – Best for No FX Fees
Get up to 25,000 Scene+ points
The Scotiabank Passport Visa Infinite Card stands out for its extensive insurance protections and lack of foreign transaction fees when looking for a premium travel card. This power combo makes it a top choice for frequent travellers. Notably, you get up to $2 million in emergency medical coverage for 25 days (3 days for age 65+).
Other key benefits include up to $1,000 for delayed/lost baggage, $1,500 per person in trip cancellation coverage, and valuable trip interruption and flight delay protections. Everything is detailed in the certificate of insurance. The card also packs strong rental car coverage. When declining the rental agency’s insurance, you’re insured for up to 48 days on rentals up to $65,000 in value. An Avis Preferred Plus membership provides additional rental perks and discounts.
Beyond the travel coverage, this card is one of the best credit cards without currency conversion fees. While most credit cards charge a 2.5% currency conversion fee, you’ll pay zero. You’ll also earn Scene+ points on groceries, dining, entertainment, transit, and more. You can redeem these points in various ways, such as flights and hotels.
With its unmatched combination of premium medical and trip insurance, extensive rental coverage, and lack of foreign transaction fees, the Scotiabank Passport Visa Infinite Card is a top contender for travellers seeking protection and rewards. As always, ensure you meet eligibility requirements before applying.
| Eligibility Requirements | Description |
|---|---|
| Credit Score (estimate) | 660+ |
| Annual Income | $60,000 personal, or $100,000 household, or $250,000 liquid assets under management |
| Additional | Resident of Canada, Provincial age of majority |
7. Rogers World Elite Mastercard – Best for No Annual Fee
$25 welcome bonus in cash back rewards
The Rogers World Elite Mastercard is the top choice for travellers seeking robust insurance coverage without paying an annual fee. This card provides shocking coverage for a no-fee card. Cardholders benefit from up to $1 million in emergency medical coverage for trips up to ten days for those 64 and under and three days for those 65-75.
There is also generous trip interruption and cancellation insurance, with up to $1,000 per insured person and $5,000 total per trip. Rental car collision insurance covers rentals up to 31 days and up to $65,000 in value. The Rogers World Elite Mastercard rounds out its insurance package with valuable purchase protection and extended warranty coverage. Eligible purchases are protected against damage or theft for 90 days, and the original manufacturer’s warranty is doubled up to one additional year. However, look at their certificate of insurance to see for yourself.
With this selection of robust insurance offerings at no annual cost, the Rogers World Elite Mastercard is ideal for Canadian travellers seeking financial security. On top of the insurance, cardholders enjoy valuable travel perks like enhanced cashback and DragonPass membership. This card delivers unmatched value for annual fee-conscious travellers wanting protection without paying a premium. However, ensure you meet eligibility requirements before applying.
| Eligibility Requirements | Description |
|---|---|
| Credit Score (estimate) | 725+ |
| Annual Income | $80,000 personal, or $150,000 |
| Additional | Resident of Canada, Provincial age of majority |
8. BMO Ascend World Elite Mastercard – Best from BMO
Get up to 60,000 BMO Rewards points in the first year
The BMO Ascend World Elite Mastercard is a top choice for those looking to stick with BMO. This card offers robust rental car coverage that protects you if your rental car is damaged or stolen. It covers rental vehicles up to $65,000 for a maximum of 48 consecutive days. Furthermore, you’ll save up to 25% off rentals with participating Alamo and National Car Rental locations.
The BMO Ascend World Elite also provides impressive medical coverage with up to $5 million for out-of-province and out-of-country emergencies. This includes 21 consecutive days of coverage per trip. As highlighted in the card’s certificate of insurance, additional coverages include trip cancellation, flight delay, baggage insurance, hotel burglary, and more. Beyond travel insurance, the BMO Ascend World Elite Mastercard offers other unique benefits, like airport lounge access through the DragonPass program, unlimited access to airport WiFi powered by Boingo, and complimentary membership to Mastercard Travel Rewards.
With this unparalleled combination of robust coverage and additional travel perks and protections, the BMO Ascend World Elite Mastercard stands out as a top travel insurance card for Canadian travellers looking for peace of mind on their trips. Just be sure to meet eligibility requirements before applying.
| Eligibility Requirements | Description |
|---|---|
| Credit Score (estimate) | 720+ |
| Annual Income | $80,000 personal, or $150,000 household |
| Additional | Resident of Canada, Provincial age of majority |
9. RBC Avion Visa Infinite – Best from RBC
Get 35,000 welcome Avion points
RBC loyalists can turn to the RBC Avion Visa Infinite to stay protected on their next trip. The coverages start with a shocking unlimited emergency medical insurance. However, the coverage only applies for the first 15 days of a trip or only the first three days for those 65 or older.
This is complemented by solid trip cancellation insurance of up to $1,500 per person for covered reasons. If your trip is interrupted, each person can receive up to $5,000 in protection. The RBC Avion Visa Infinite also has generous flight delay coverage, reimbursing up to $250 for meals, accommodations, and other costs when a departure is delayed over 4 hours.
The card provides baggage coverage as well. Cardholders are covered up to $500 in necessary expenses when their baggage is lost or delayed over 4 hours. On the rental car front, the card covers up to $65,000 in rental vehicles for up to 48 consecutive days. Additionally, the certificate of insurance details you’ll receive other valuable coverages, like up to $2,500 for hotel/motel burglary and up to $500,000 in common carrier travel accident insurance in case of accidental death or dismemberment while travelling.
With its unmatched emergency medical coverage, generous trip interruption and cancellation perks, extensive baggage protections, and other vital coverages, the RBC Avion Visa Infinite is a top choice for travellers seeking comprehensive travel insurance and protection from a premium card. As always, review the following eligibility requirements before applying.
| Eligibility Requirements | Description |
|---|---|
| Credit Score (estimate) | 700+ |
| Annual Income | $60,000 personal, or $100,000 household |
| Additional | Resident of Canada, Provincial age of majority |
FAQs About Travel Insurance Credit Cards
Credit card travel insurance is a bundled set of insurance coverages that come as a perk with certain credit cards. These coverages range from emergency medical insurance to trip cancellation, baggage loss, and rental car protection. For example, the BMO Ascend World Elite Mastercard offers up to $5 million for out-of-province and out-of-country medical emergencies and other travel protections like trip cancellation and flight delay insurance. However, you will generally need to charge a certain portion of your trip to the designated card to receive coverage.
Credit card travel insurance can offer robust coverage and can be pretty comprehensive. For instance, the RBC Avion Visa Infinite provides unlimited emergency medical coverage for the first 15 days of a trip for those under 65. It also has substantial trip cancellation and interruption insurance. However, the quality of the insurance can vary by card, so it’s essential to read the terms and conditions to understand what is covered. Also, analyze reviews of the underlying insurance company.
Yes, TD credit cards like the TD Aeroplan Visa Infinite Privilege Credit Card offer comprehensive travel insurance. This card provides up to $5 million in emergency medical coverage for trips up to 31 days for cardholders under age 64. It also includes generous delayed and lost baggage insurance, trip cancellation and interruption insurance.
No, not all credit cards offer travel insurance. The availability and extent of coverage can vary significantly between cards. Some cards may offer various travel insurance benefits, while others provide limited or no travel insurance.
Yes, BMO credit cards like the BMO Ascend World Elite Mastercard offer robust travel insurance coverage. This card provides up to $5 million for out-of-province and out-of-country medical emergencies, $500,000 in travel accident insurance, and trip cancellation/interruption insurance up to $5,000 per trip.
If you have an RBC Avion Visa Infinite, then yes, your card comes with robust travel insurance coverage. This includes unlimited emergency medical coverage for the first 15 days of a trip for those under 65 and substantial trip cancellation and interruption insurance.
Each credit card has a different process to make a travel insurance claim. However, you can navigate to the card’s certificate of insurance to find a detailed process. We have provided the appropriate certificates of insurance for the mentioned cards. However, you can generally find the document within the footnotes of the issuer’s credit card page. Another option is to search for the card’s certificate of insurance directly.
Yes, credit card travel insurance is usually sufficient for your trip. However, ensure you book the trip with your designated card to activate the insurance. Without doing this, you generally won’t receive coverage. Furthermore, many banks have insurance partners that process your claims. Ensure to analyze the reputation of the underlying instance company to see their likelihood of approving your claims.
The TD Aeroplan Visa Infinite Privilege is the best credit card for travel insurance. It offers extensive coverage and high limits for medical emergencies, trip cancellations, delays, lost baggage, and more. The card’s $5 million emergency medical coverage for trips up to 31 days is among the highest amounts any Canadian credit card offers. The card includes valuable extras like flight delay insurance, hotel burglary, and robust car rental coverage.
Many premium credit cards offer travel cancellation insurance. For example, the TD Aeroplan Visa Infinite Privilege provides up to $2,500 per insured person for eligible trip cancellation expenses. The National Bank World Elite Mastercard also offers robust trip cancellation and interruption coverage at up to $1,500 per person and $5,000 total per trip.
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