Which is the best Credit Card with Travel Insurance in 2024?
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Discover the methodologyNo matter how well you plan your travel, be it business or solo trips or family vacations, you never know when unexpected events can disrupt your plans and incur significant costs. This is where credit card travel insurance becomes a valuable asset.
Credit card travel insurance offers a safety net, providing coverage for a wide range of travel-related losses, including medical emergencies, trip cancellations, flight delays, lost baggage, and more. It offers peace of mind, knowing that you're protected against unforeseen circumstances.
In this article, we explore the ins and outs of credit card travel insurance, coverage options, choice of cards, and how to make the best of this feature.
Credit card travel insurance: Key takeaways
- Credit card travel insurance provides coverage for various travel-related losses.
- Higher-tier credit cards often have comprehensive travel insurance.
- Travel credit card insurance also provides lost luggage protection & delayed trip coverage.
- It works by using the card associated with the insurance for travel expenses and then filing a claim.
- Coverage can include trip cancellation/interruption, travel medical expenses, and more.
- Not all credit cards automatically include travel insurance, so it's important to review your agreement.
Top 5 best credit card travel insurance
Going through the multiple choices of credit cards that offer the travel insurance option can be a painstaking process. That's why we've got you covered. HelloSafe has put together some of the best credit card travel insurances in the market, their features, coverage, pros, cons, and the cost.
TD credit card travel insurance
TD Canada Trust provides credit card travel insurance through its very popular TD Aeroplan Visa Infinite Privilege Card that comes at an annual fee of $599.
With emergency medical cover of up to $5 Million for a period of 31 days, you can have peace of mind knowing that you'll be taken care of in case of medical emergencies.
In the unfortunate event of trip cancellation, the insurance provides coverage of up to $2,500 per insured person. Should your trip get interrupted, the insurance offers coverage of up to $5,000 per insured person to help cover the unexpected costs.
In case of flight delays, there is coverage of up to $1,000. For lost or stolen baggage, the insurance covers up to $2,500 per insured person.
Additionally, the insurance offers coverage of up to $2,500 in the unfortunate event of hotel burglary. To further enhance your protection, the travel accident coverage is up to $500,000. Lastly, the insurance also covers rental car loss or damage.
Now that you've seen the main features, let's look at the pros and cons that might further help you decide if it's the right choice for you.
Pros of TD credit card travel insurance
- Max of 1.5 points per $1 spent on card
- Air Canada benefits
- 12 types of insurance
Cons of TD credit card travel insurance
- High annual fee
- High income requirement of $150,000 personal or $200,000 per household
CIBC credit card travel insurance
CIBC credit card travel insurance can be availed of through two of their best credit cards: Aventura Visa Infinite Privilege and the Aeroplan Visa Infinite Privilege Card.
The Aventura Visa Infinite Privilege card comes at an annual fee of $499. In the event of medical emergencies, the card provides up to $5 Million in emergency medical coverage for a duration of 31 days.
For trip cancellations, the insurance offers protection of up to $2,500 per insured person. If your trip gets interrupted due to covered reasons, the insurance extends coverage up to $5,000 per insured person.
For flight delays, the card provides coverage of up to $500 per insured person. In cases of lost or stolen baggage, the insurance covers up to $1,000 per insured person.
Moreover, the card offers protection of up to $2,500 in the unfortunate event of hotel burglary. To ensure your financial security during travels, the insurance provides coverage of up to $500,000 for travel accidents.
Additionally, the card covers rental car loss or damage, with a generous limit of up to $85,000.
Now that you've seen the main features, let's look at the pros and cons that might further help you decide if it's the right choice for you.
Pros of CIBC credit card travel insurance
- Up to 2 points for every $1 spent
- 6 complimentary visits at 1,200+ lounges globally
- Up to 25% off auto rentals at select providers
Cons of CIBC credit card travel insurance
- High annual fee
- High income requirement of $150,000 for personal or $200,000 per household
Meanwhile, the Aeroplan Visa Infinite Privilege Card comes at a slightly higher annual fee of $599 with almost all the same features as Aventura.
However, it provides additional benefits of 95,000 Aeroplan points and a wider network of partners and about 2 points for every $1 spent with Air Canada.
Like Aventura, the Aeroplan card also requires a high income requirement of $150,000 for personal or $200,000 per household.
BMO credit card travel insurance
BMO Air Miles World Elite Mastercard provides credit card travel insurance at an annual fee of $120.
In the event of medical emergencies, the card offers emergency medical coverage of up to $2 Million. For unforeseen circumstances that lead to trip cancellation, the insurance provides coverage of up to $2,500 per insured person.
For trip interruptions, there is a coverage of up to $2,000 per insured person, and for flight delays up to $500. Should you be faced with lost or stolen baggage, the insurance covers up to $750.
In the unfortunate event of hotel burglary, the insurance offers coverage of up to $500. To provide additional security, the travel accident coverage provides up to $500,000 in coverage.
Lastly, the card covers rental car loss or damage, providing peace of mind with a limit of up to $65,000.
Pros of BMO credit card travel insurance
- Low annual fee
- Lesser income requirement than others: $80,000 (personal)
- First year fee waived off
- 25% off on select car rentals
Cons of BMO credit card travel insurance
- Lesser rewards compared to other credit cards
- No flexibility in rewards transfer
RBC credit card travel insurance
RBC credit card travel insurance can be accessed through the RBC Avion Visa Infinite Privilege card that comes at an annual fee of $399.
In the event of medical emergencies, much like most of the earlier cards we've seen, the RBC Avion provides emergency medical coverage of up to $5 Million for a period of 31 days, ensuring you have access to necessary healthcare while away from home.
For trip cancellations, the insurance offers protection of up to $2,500 per insured person, allowing you to recover non-refundable expenses.
Additionally, if your trip gets interrupted for covered reasons, such as illness or a family emergency, the insurance provides coverage of up to $5,000 per insured person to compensate for the costs incurred.
In the event of flight delays, the insurance offers coverage of up to $1,000 to assist with additional expenses and inconvenience. For lost or stolen baggage, there is a coverage of up to $2,500.
Moreover, in the unfortunate event of hotel burglary, the insurance provides coverage of up to $3,000, offering financial protection for your belongings. The travel accident coverage provides up to $500,000 in coverage. The card covers rental car loss or damage.
Now that you've seen the main features, let's look at the pros and cons that might further help you decide if it's the right choice for you.
Pros of RBC credit card travel insurance
- 30-50% more miles during transfer to British Airways Avios
- Faster security clearance at prime Canadian airports
Cons of RBC credit card travel insurance
- High income requirement of personal or household $200,000
- High annual fee
Scotiabank credit card travel insurance
Scotiabank credit card travel insurance can be accessed through the Scotiabank Platinum Amex Card at $399 fee per year.
The card provides emergency medical coverage of up to $2 million for a period of 31 days. Additionally, the insurance offers trip cancellation coverage of up to $2,500 per insured person, safeguarding your non-refundable expenses should you need to cancel your trip unexpectedly.
In the event of trip interruption, the insurance provides coverage of up to $5,000 per insured person. For flight delays, the card provides coverage of up to $1,000 per insured person, offering financial relief during unexpected travel disruptions.
In the event of a lost or stolen baggage, the insurance covers up to $1,000 Furthermore, the card provides coverage of up to $1,000 in case of hotel burglary. The insurance also offers coverage of up to $500,000 for travel accidents.
Finally, the card covers rental car loss or damage, with a generous limit of up to $65,000. The most notable thing about this card is the low income limit requirement of $10,000 which makes it quite accessible.
Now that you've seen the main features, let's look at the pros and cons that might further help you decide if it's the right choice for you.
Pros of Scotiabank credit card travel insurance
- No foreign exchange fees
- Good coverage for >65 seniors
- 10 annual airport lounge passes
- Low income limit at $10,000
Cons of Scotiabank credit card travel insurance
- High annual fee
- No priority boarding or free checked bags like other cards
You can now compare the best travel insurances in Canada using our comparator below and choose the one that suits your unique needs. You can also get quotes in seconds.
Compare the best travel insurance plans on the market!
What is credit card travel insurance?
Credit card travel insurance (or travel insurance credit card) is a type of travel insurance coverage that is provided by certain credit card providers as a benefit to cardholders.
It offers financial protection and assistance for various travel-related incidents, delays, accidents, injuries, and other emergencies that can occur during a trip.
By using the credit card for purchasing travel expenses, which may include, but are not limited to flights, accommodations, or car rentals, cardholders may become eligible for specific insurance benefits.
Good to know
Consider a scenario where you find yourself on your honeymoon, and your flight has been canceled. That would mean you have to cover unexpected expenses such as hotel stay, breakfast, and lunch while you wait for the next flight. These additional costs, which may add up to a few hundred dollars, can catch you off guard. However, if you have credit card travel insurance, it can potentially save you those extra hundred dollars, providing financial relief and ensuring a smooth travel experience.
Are credit card travel insurance and regular travel insurance the same?
While credit card travel insurance may sound similar to regular travel insurance, they have differences in terms of the specific coverage limits, exclusions, and any other restrictions/additions that may apply.
Regular travel insurance policies, for example say Allianz Travel Insurance or Manulife Travel Insurance, offer comprehensive healthcare coverage, including emergency evacuations and higher limits. They are ideal for those seeking extensive healthcare coverage while traveling.
Good to know
In contrast, credit card travel insurance provides additional benefits such as lost luggage protection and delayed trip coverage, but with lower coverage limits. It's essential to carefully review the policy details and coverage limits of each option before making a decision.
If you would like to take a travel insurance and get info on prices, coverage, and more, use our comparator and compare the best travel insurances in Canada and also get quick quotes:
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How does credit card travel insurance work?
Credit card travel insurance typically provides coverage for expenses that are charged to the specific credit card associated with the insurance.
If you hold a credit card travel insurance (also referred to as travel insurance credit card), in case of a covered incident, you file a claim with the card issuer or insurance provider and submit necessary documentation.
Once the claims have been approved, you will receive reimbursement for eligible expenses, up to specified limits. The coverage duration, reimbursement and limits varying based on the specific policy.
How to claim travel insurance from credit card?
To claim travel insurance from your credit card, follow these quick steps:
- Notify your credit card issuer or insurance provider promptly.
- Gather necessary documentation, such as receipts, cancellation emails, and reports.
- Complete the claim form and submit it with supporting documents within the specified timeframe.
- Stay in touch to track the progress of your claim and provide any requested information.
- Await the decision, and if approved, receive reimbursement as per the policy terms.
- Remember to review your policy and contact your credit card issuer for specific instructions on filing a travel insurance claim.
How long is travel insurance on credit cards?
The period of travel insurance coverage provided by credit cards varies and is based on the card issuer and the specific terms and conditions of the credit card.
Typically, travel insurance coverage offered by credit cards is valid for a limited duration, such as a specific number of days per trip or a maximum number of days in a year.
Some credit cards may offer travel insurance coverage for a single trip, typically ranging from 15 to 60 days. This means that the insurance coverage is applicable only during the specified period of the trip.
Other credit cards may provide annual travel insurance coverage, which allows you to be covered for multiple trips within a year. The coverage duration for each trip is usually limited, such as 30, 60, or 90 days per trip, and there may be a maximum number of days of coverage allowed in a year.
It is, however, best to check with your card issuer to get the most up-to-date information.
What does credit card travel insurance cover?
The coverage provided by credit card travel insurance varies depending from one card provider to another, and also the specific card.
Essentially, credit card travel insurance provides coverage in two categories: Travel medical insurance and trip protection.
While travel medical insurance covers health-related expenses incurred during your travel, trip protection encompasses additional insurance coverage such as trip cancellation, lost luggage, and rental car damage.
Credit cards may offer travel medical insurance alone or a combination of travel medical and trip protection, although the specific policy details, including coverage duration and limits, vary across different credit cards.
Credit cards' standard travel coverage
Most credit card travel insurances cover the following:
- Trip cancellation and interruption coverage: Reimburses non-refundable expenses if a trip needs to be canceled or cut short due to covered reasons like illness, injury, or severe weather.
- Travel medical insurance: This provides coverage for medical expenses incurred while traveling, including emergency medical treatment, hospital stays, and sometimes even medical evacuation back to your home country.
- Lost or delayed baggage coverage: In the unfortunate event of lost, stolen, or delayed baggage, this coverage will provide reimbursement for the replacement of essential items.
- Trip delay coverage: If your flight or other transportation is delayed (for a specific period of time), this coverage can reimburse you for expenses such as meals, accommodations, and transportation during the delay.
- Travel accident insurance: Offers coverage for accidental death or dismemberment that occurs during travel on planes, trains, or buses.
- Rental car insurance: Some credit card providers offer coverage for collision damage or theft of rental vehicles when you pay for the rental using the credit card.
Good to know
It's essential to note that the specific terms, conditions, and coverage limits of credit card travel insurance can vary significantly between different credit card types and issuers. It is, therefore, advisable to read the policy documents carefully and understand the coverage details before deciding to rely on or sign up for a credit card travel insurance for your trip.
If you'd like to compare what different insurance providers offer, you could use our easy comparator to compare and get quotes from the best travel insurances in Canada.
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What are the limitations of credit card travel insurance?
While getting a travel insurance credit card might be a good option, it has some limitations and may not be for everyone. So it's important to consider the following factors before signing up for it.
- Coverage limits: Credit card travel insurance often has lower coverage limits compared to standalone policies, which may not be sufficient for high-value claims.
- Limited duration: Coverage is typically limited to a few days or weeks, potentially inadequate for extended trips.
- Pre-existing conditions: Many policies exclude coverage for pre-existing medical conditions.
- Limited scope: Some activities or destinations may not be covered, such as adventure sports or high-risk regions.
- Purchase requirements: Eligibility for coverage may require using the credit card for a specific portion of travel expenses.
- Terms not uniform: Terms and conditions can vary significantly between credit cards and issuers.
- Secondary coverage: Credit card insurance is often secondary to primary insurance, resulting in potential delays in reimbursement in some cases.
- Limited flexibility: Coverage is tied to the specific credit card used, which may be an issue if cards are switched or multiple cards are used.
Which credit card has travel insurance?
In general, travel rewards credit cards often come with travel insurance benefits.
Higher-tier travel credit cards are known for their robust travel insurance offerings, providing coverage for medical emergencies during your trip as well as protection against trip cancellations or interruptions.
On the other hand, even certain cash back and rewards cards include travel insurance as a feature. While the coverage provided by these cards may be more limited compared to premium travel cards, they still offer some basic protection for common travel incidents.
Do credit cards automatically have travel insurance?
No, all credit cards do not automatically have travel insurance. While some credit cards offer travel insurance as a benefit, it depends on the specific card and issuer.
The coverage provided by travel insurance credit card can vary, so it's important to check your credit card agreement or contact your card issuer to know if your card has travel insurance and what it covers.
In some cases, you may have the option to purchase travel insurance as an add-on if it's not already included with your card.
Does my credit card have travel insurance?
To determine if your credit card has travel insurance, you should refer to the terms and conditions mentioned in the official documents provided by the insurer, or get in touch with your credit card issuer directly.
These sources will provide you with information about the benefits and coverage included with your specific credit card. Look for sections related to travel insurance or benefits to see if it is offered as a feature.
You may also find this information under the FAQs section on the provider's website.
Keep in mind that not all credit cards include travel insurance by default as we mentioned before, so it's important to review the documentation to confirm the availability and details of any travel insurance coverage associated with your card.
Is there a free travel insurance credit card?
While credit cards that offer complimentary travel insurance as part of their benefits package exist, it's important to note that no credit card offers travel insurance for free.
Credit card issuers typically charge an annual fee for their cards, and the travel insurance coverage is included as one of the benefits provided.
So, while you may not have to pay an additional premium specifically for the travel insurance, you would still be paying for it indirectly through the annual fee associated with the credit card.
Is there travel insurance on Mastercard?
Historically, you automatically receive travel insurance with the World Elite, World and Platinum Mastercard credit cards.
These types of cards often offer a range of travel-related benefits, which may include various forms of insurance coverage. However, is worth noting that the specific insurance benefits and coverage limits can vary among different card issuers.
Typically, travel insurance coverage on Mastercard credit cards may include benefits such as trip cancellation/interruption insurance, travel medical insurance, baggage delay/loss coverage, and rental car insurance.
However, the extent of coverage and specific terms can differ between card issuers and card types.
To obtain accurate and up-to-date information about the travel insurance benefits associated with your specific Mastercard credit card, it's recommended to review the terms and conditions provided by your card issuer or contact their customer service.
Do all Visa cards have free travel insurance?
No, not all Visa cards come with free travel insurance. The availability and terms of travel insurance vary depending on the specific Visa card and the issuing bank.
While some Visa cards may offer complimentary travel insurance as a benefit, others may not include it or may require an additional fee to access travel insurance coverage.
It is therefore highly important to carefully review the terms and conditions of your specific Visa card or contact your card issuer directly for the terms on travel insurance and the associated coverage.
Additionally, if your Visa card has travel insurance, make sure to understand any limitations, such as the duration of coverage, coverage limits, and any exclusions or conditions that may apply.
Is there credit card travel insurance for people over 65?
Most travel insurance credit cards offer limited coverage to people over the age of 65.
While most main features like trip cancellation/interruption, flight delays, baggage issues, and rental theft, are the same for seniors as what is available to those under the age of 65, the medical insurance coverage is what changes.
For the same purpose, most providers may ask you to fill in a medical questionnaire prior to approval of the insurance. They may require the individual or senior to declare pre-existing conditions if any and go through a period of a few months to prove they're stable before approval.
The travel insurance credit card for seniors also mandates that the have a certain income and it varies from one provider to another.
We've put together a brief list of credit card providers who offer travel insurance for seniors in Canada.
| Credit cards | Emergency Medical Coverage for seniors above 65 | Cost per year/annual fee |
|---|---|---|
| HSBC World Elite Mastercard | 21 days | $149 |
| National Bank World Elite Mastercard | 15 days | $150 |
| National Bank World Mastercard | 15 days | $115 |
| Scotiabank Platinum American Express | 10 days | $150 |
| CIBC Aerogold Visa Infinite Privilege | 10 days | $399 |
| RBC British Airways Visa Infinite | 7 days | $165 |
| RBC Avion Visa Infinite Privilege | 7 days | $399 |
Good to know
National Bank may seemingly have one of the longer coverages for Canadian seniors, it's important to note that they do not cover people above the age of 75. Meanwhile, Scotiabank, will continue to protect seniors with the same coverage even after 75 years, however with some more restrictions.
Now that you have all the information you need on credit card travel insurance, check out the best travel insurances in Canada and get quick quotes with our easy-to-use comparator below.
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