If you plan to travel outside of Canada, you have more to plan for aside from your flight and hotel accommodations. When you leave the border, your provincial health plan will no longer cover you for a medical mishap. And without adequate insurance in place, you could be left with a hefty bill to pay.
Plus, anything can happen that can interrupt your trip or force it to be cancelled. Again, this can leave you paying for a trip you never even end up taking.
Rather than risk having to mortgage your home to pay for a pricey medical procedure or be stuck covering the cost of a trip that is cancelled for whatever reason, a travel insurance policy can reimburse you and give you some peace of mind.
Insurance companies typically offer travel medical insurance plans, but they can be pricey. Instead, your credit card may come with just enough coverage without you having to dish out any extra for a separate policy. Luckily, there are plenty of credit cards with travel insurance to choose from.
Types Of Travel Insurance Available In Credit Cards
There are all sorts of different areas of coverage that may come with travel insurance, including the following:
Trip Interruption Insurance
If you are in the middle of a vacation and something happens that requires the trip to be cut short, a travel interruption insurance policy will provide coverage for specific expenses. Trip interruption insurance takes effect as soon as your trip begins and ends when you return.
Trip Cancellation Insurance
If something happens leading up to your trip before you take it that requires you to cancel, trip cancellation insurance will reimburse you for fees already paid. This type of insurance takes effect as soon as you take it out and ends when you depart.
Travel Accident Insurance
This type of insurance provides coverage for an accident causing injury or death while travelling on a carrier such as a plane, train, bus, or boat.
Travel Medical Insurance
Medical expenses that you incur when travelling abroad will be covered by a travel medical insurance policy.
Flight Delay Insurance
If your flight is delayed for whatever reason, you may be reimbursed for certain expenses, such as hotel fees and meals.
Lost Or Delayed Baggage
The cost of any necessary items that have to be bought because of lost or delayed baggage may be reimbursed with this type of insurance coverage.
Car Rental Theft And Damage Insurance
If you rent a car on your trip and it is damaged or stolen, a car rental theft/damage insurance policy can help cover the costs you may owe to the rental company.
Hotel Burglary Insurance
This type of insurance may cover any of your belongings that are stolen from your hotel room.
How many trips do you have planned this year? Find out if you need multi-trip travel insurance.
Best Credit Cards With Travel Insurance
Several credit cards are available that come with travel insurance coverage, but some come with more comprehensive coverage than others. Here is a list of our top picks for credit cards with travel insurance.
Neo Credit
Neo Credit is a great option for any type of consumer, it offers maximum benefits with minimum commitment. There are no monthly or annual fees and you can earn an average 5%1+ cashback at 10,000+participating partners and earn up to 15%1 cashback on your first-time purchases with Neo partners.
- Annual fee: None
- Purchase interest rate:
- 19.99% – 26.99%
- QC: 19.99% – 24.99%
- Cash advance rate:
- 22.99% – 28.99%
- QC: 22.99% – 25.99%
- Earning potential:
- Earn an average 5%1 cashback at 10,000+ participating partners.
- Welcome bonus:
- New customers will receive a $25 welcome bonus.
- Earn up to 15% cashback¹ on first-time purchases at participating partners.
Travel Perks (Including Travel Insurance)
For users who travel a lot, adding the Neo Travel perks to your Neo Credit card is a great way to take advantage of additional benefits. Neo Travel perks cost $4.99 a month and have a value of over $360 a year.
- Comprehensive travel insurance (emergency travel medical, trip cancellation, car rental protection, flight delay, and more)
- 1.5x cashback boost at all airline, hotel, and car rental travel partners
- 2% cashback on all foreign transactions
- Priority Pass airport lounge access delay or loss, car rental theft or damage, emergency medical
National Bank World Elite Mastercard
The National Bank World Elite Mastercard comes with an annual fee of $150, but new clients get the first year waived. This card is a great option for those looking for a travel credit card due to its various travel benefits including travel insurance, access to the National Bank VIP Lounge, travel fee refunds, and exclusive travel deals. This card has a minimum credit limit of $5,000 and clients must have an income level of $80,000 (individually) or $150,000 (household) to be eligible for the card.
- Annual fee: $150 (first year waived)
- Purchase interest rate: 20.99%
- Cash advance rate: 22.49%
- Earning potential:
- Earn up to 5 points per dollar in eligible grocery and restaurant purchases
- 2 points per dollar in eligible gas and electric vehicle charging purchases, recurring bill payments and À la carte travel purchases
- 1 point per 1 dollar in other purchases
- Travel insurance: Trip cancellation, trip interruption, medical/hospital insurance (out of province), flight delay, baggage loss or delay, and car rental insurance.
- Perks: Get unlimited access to the National Bank VIP Lounge at the Montreal Airport ($150 value). Claim up to $150 in travel expenses such as seat selection fees, baggage fees, and airport parking fees.
Special Promotion (available until January 13, 2023)
Earn the equivalent of $1,750 in benefits and rewards the first year when you reach the minimum purchase requirement.
- Earn up to 70,000 rewards points (worth $500) when you meet spending minimums at the 3 and 12-month mark.
- Earn 10,000 rewards points by signing up for credit card payment insurance for a minimum of 3 months (valued at $83)
- $150 of your travel fees refunded
- Unlimited access with a guest to the National Bank Lounge (valued at over $220)
- Annual fee refunded for the first year (valued at $150)
BMO World Elite Mastercard
The BMO World Elite Mastercard comes with comprehensive travel insurance products, including up to $2 million in emergency medical insurance for up to 21 days (which may be extended). Plus, you’ll be covered from trip cancellation or interruption, flight or baggage delay, and car rental collisions or theft.
The card also comes with other travel perks, including access to VIP airport lounges through LoungeKey as you wait to board your flight. You’ll also have the ability to earn points with every dollar you spend.
- Annual fee: $150
- Purchase interest rate: 19.99%
- Cash advance rate: 22.99%
- Earning potential:
- Earn 3 points for every $1 spent on travel, dining, and entertainment
- Earn 2 points for every $1 spent on all other purchases
- Earn 2 bonus points for every $1 spent on car rentals at National Car Rental and Alamo Rent a Car
- Welcome bonus: Earn up to 30,000 points in the first year.
- Travel insurance included: Trip cancellation, trip interruption, flight delay, baggage delay or loss, car rental theft or damage, emergency medical
CIBC Aventura Gold Visa Card
With the CIBC Aventura Gold Visa Card, you’ll be fully covered for most travel mishaps while travelling abroad. The card comes with an impressive $5 million in coverage for those who are under the age of 64 years on trips up to 15 days. Plus, you’ll receive coverage for flight and baggage delays, car rental collisions and damages, and hotel burglaries.
Travel can be made even more luxurious thanks to your access to over 1,300 airport lounges through the card’s Priority Pass Membership which comes with 4 complimentary airport lounge visits a year. You’ll also get a rebate on your NEXUS application fee, worth $50, to help you cross borders faster.
Plus, you can earn points whenever you use your CIBC Aventura Gold Visa Card to spend.
- Annual fee: $139
- Purchase interest rate: 19.99%
- Cash advance rate: 22.99%
- Earning potential:
- Earn 2 points for every $1 spent on travel
- Earn 1.5 points for every $1 spent on groceries, gas, and pharmacy purchases
- Earn 1 point on all other purchases
- Welcome bonus: Earn up to 35,000 points in travel credit in the first year
- Travel insurance included: emergency medical, flight delay, baggage loss or delay, car rental damage or theft, common carrier accident, hotel burglary
Scotiabank Gold American Express
The Scotiabank Gold American Express comes with one of the more generous travel medical insurance plans among credit cards. As a cardholder, you’ll be covered for medical costs for up to 25 consecutive days if you’re under the age of 65 years. Otherwise, you can purchase additional coverage if you’re older than 65.
The card also allows you to earn Scene+TM points with every purchase and is void of foreign transaction fees on foreign currency purchases.
- Annual fee: $120
- Purchase interest rate: 19.99%
- Cash advance rate: 22.99%
- Earning potential:
- 5 Scene+ points on every $1 spent on eligible grocery, dining and entertainment purchases
- 5 Scene+ points for every $1 spent on eligible entertainment purchases. Includes movies, theatre, and ticket agencies
- 3 Scene+ points for every $1 spent on eligible gas and daily transit. Includes rideshare, buses, taxis, subway, and more
- 3 Scene+ points for every $1 spent on eligible select streaming services
- 1 Scene+ point for every $1 spent on every other purchase
- Welcome bonus: Earn up to 45,000 bonus points in the first year
- Travel insurance included: emergency medical, trip cancellation, trip interruption, flight delay, travel accident, rental car collision cause/damage, hotel burglary
American Express Gold Rewards Card
This charge card comes with an in-depth travel insurance package that includes emergency medical coverage, trip interruption/cancellation coverage, and even emergency assistance. And if your baggage is lost or stolen, you’ll be reimbursed for any belongings you need to buy to replace them. Plus, anything stolen from your hotel room will also be covered.
You can also get other travel perks, such as a $100 credit towards hotel amenities, and upgrades on car rentals from Hertz car rental.
As an American Express Gold Rewards cardholder, you can also earn points when you use your credit card to make purchases, then redeem them for travel and other eligible items.
- Annual fee: $150
- Purchase interest rate: 30% annual interest rate for balances not fully paid (as this is a charge card)
- Earning potential:
- Earn 2 points for every $1 spent on travel purchases, groceries, gas, and pharmacy purchases
- Earn 1 point for every $1 spent on all other purchases
- Earn 1 additional point on eligible car or hotel bookings
- Welcome bonus: Earn up to 25,000 bonus points in the first 3 months
- Travel insurance included: emergency medical, trip interruption, flight delay, baggage loss/delay/theft, hotel burglary, travel accident, car rental theft or damage, travel emergency assistance
RBC Visa Infinite Avion
If you’re under the age of 65 and are travelling for 15 days or less, you’ll be covered for an unlimited amount as an RBC Visa Infinite Avion cardholder. Plus, you’ll receive reimbursement if your trip is cancelled or interrupted for eligible reasons. There is optional road assistance available for an additional cost.
You can earn points with every dollar you spend using your card to be redeemed for eligible travel. Plus, you can save 3¢/L on gas and earn 20% more Petro Points when you link your RBC Visa Infinite Avion card to your Petro Points card.
- Annual fee: $120
- Purchase interest rate: 19.99%
- Cash advance rate: 22.99%
- Earning potential:
- Earn 1 point for every $1 spent on all purchases
- Earn an extra 25% on qualified travel purchases
- Welcome bonus: Earn up to 15,000 bonus points
- Travel insurance included: trip cancellation, trip interruption, emergency medical, optional road assist
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READ ARTICLEAdvantages Of Credit Cards With Travel Insurance
There are a few benefits of having a credit card with travel insurance:
Cheaper Than Travel Insurance
Perhaps the biggest and most obvious perk to a credit card with travel insurance is the fact that you likely will not have to purchase a separate policy to keep you covered while travelling. Instead, everything you need is included with your annual fee, unless you require more in-depth coverage than what your credit card’s policy offers.
Credit Card Perks
There are plenty of reasons why people choose to carry plastic in their wallets. Credit cards make shopping online and booking travel possible. Credit cards also offer some form of rewards system that allows cardholders to earn points with every dollar spent. Plus, some cards offer VIP-level perks, including access to VIP airport lounges, discounts on car rentals and other merchants, and so forth.
Factors To Consider When Getting A Credit Card With Travel Insurance
While there are certainly some perks that come with having a credit card with travel insurance, there are also some factors to consider before applying:
What Are The Card’s Coverage Limitations?
Perhaps the credit card you have doesn’t offer as much coverage as you’d like. In this case, you may end up having to take out a separate policy, which will cost you.
Does Coverage Only Cover The Cardholder?
While some credit cards offer coverage for you as a cardholder and your immediate family travelling with you, others may only exclusively cover the cardholder.
Are Pre-Existing Conditions Covered?
Like other types of travel or life insurance, a credit card travel medical insurance policy may not cover you for issues related to a pre-existing condition.
Does The Company Offer 24/7 Customer Service?
It would be extremely helpful if there was round-the-clock assistance available when travelling abroad, especially in an emergency situation.
Are You Eligible For The Card’s Travel Insurance?
Even though the credit card you carry offers travel insurance, it’s possible that you may not be eligible. For example, you may be over the age of 65, which is often the limit for coverage. In this case, you may have to pay for coverage that applies to those over that age limit.
Final Thoughts
If you travel frequently and don’t like the idea of always having to take out — and pay for — a travel insurance policy, then it might make sense for you to apply for a credit card that comes with travel insurance. Just make sure the card’s coverage is ample enough to suit your needs.
Card issued by ATB Financial pursuant to license by Mastercard International Inc.
1Average based on current offers at select partners. Cashback may be limited and varies by perks, offer, and partner
