Is Costco Travel Insurance worth it? Review 2023
Visiting another country or province without travel insurance can be a costly mistake. Indeed, did you know that an overnight stay in a United States hospital could exceed $14,000 CAD? Some countries might even refuse to help you if you are unable to prepay for treatment.
Travel insurance is a necessity when you are away from home. It guarantees your ability to access and pay for health care, if and when you need it. Beyond medical emergencies, travel insurance can also help with flight issues and lost luggage, amongst other things.
While you look for options, a good provider to consider would be Costco travel insurance. What does Costco cover? For what price? What are its pros and cons? Read our review on Costco's travel insurance, get quotes, and also see how the competitors fare.
Costco Travel Insurance Canada: 5 Key Takeaways
- Offered by Costco in collaboration with Manulife, the insurance provides various coverage options.
- Costco's reputation for providing quality products and services extends to its insurance offerings.
- The insurance may be a suitable choice for individuals seeking reliable coverage at competitive prices.
- Coverage details, costs, and reviews can vary, so it's essential to understand the specifics before purchasing.
- Compare Costco policies with other providers and get quotes using HelloSafe comparator.
Our 2023 review of Costco Travel Insurance Canada
Costco's travel insurance in Canada is offered in partnership with Manulife Travel Insurance. The insurance covers a wide range of travel-related emergencies, such as trip cancellations, emergency medical expenses, baggage loss, and more.
With Costco's reputation for customer satisfaction and Manulife's expertise in insurance, this collaboration provides customers with a sense of security and reliability. The policy is an attractive option for those who value the convenience of bundling their travel insurance with other Costco purchases, making it easily accessible.
Now, let’s take a look at some pros and cons of Costco’s travel insurance to understand the service offering a bit better.
Pros of Costco travel insurance Canada
- Competitive pricing compared to standalone policies
- Broad coverage for various travel-related incidents
- Convenient purchase process through Costco's platform
- Trusted brand reputation
- Additional benefits for Costco members
Cons of Costco travel insurance Canada
- Coverage limitations for pre-existing medical conditions
- Limited customization options for specific needs
- Costco Manulife travel insurance reviews are mixed for claims processing times
Good to know
Costco Manulife travel insurance is a policy provided by Manulife Financial in partnership with the former. It is designed to offer coverage for various travel-related mishaps, ensuring travelers' peace of mind during their trips.
What does Costco travel insurance cover?
Costco Manulife travel insurance typically offers coverage for various trip-related incidents and emergencies. The specific coverage details may vary depending on the plan and options chosen, but in general, Costco travel insurance covers the following:
|Coverage option||Description of Manulife Costco travel insurance|
|Trip cancellation||If you have to cancel your trip before departure due to covered reasons like illness, injury, or certain unforeseen events, the insurance may reimburse you for non-refundable trip expenses.|
|Trip interruption||In case your trip is cut short due to covered reasons, the insurance can provide reimbursement for unused portions of your trip and additional expenses incurred to return home.|
|Emergency medical expenses||This covers medical treatment and hospitalisation costs if you get injured or fall ill during your trip. There are also plans that provide Costco travel insurance covid coverage.|
|Emergency medical evacuation||If you require emergency medical transportation to the nearest adequate medical facility, the insurance can cover the expenses. Costco travel medical insurance could be purchased for extensive benefits tailored for medical needs during travel.|
|Travel delay||Should your trip be delayed due to covered reasons, the insurance may reimburse you for additional accommodation, meals and other necessary expenses.|
|Baggage loss or delay||If your checked baggage is lost, stolen, or delayed for a specified period, the insurance can provide coverage for the replacement of essential items.|
|Travel accidents||In the unfortunate event of accidental death or dismemberment during your trip, the insurance may offer coverage to you or your beneficiaries.|
|Rental car damage||Some travel insurance Costco Canada plans may include coverage for damage to rental cars, but this can vary, so it's essential to check the policy details.|
<strong>Costco travel insurance Canada for seniors</strong>
The company offers travel insurance options that can be tailored to seniors' needs, considering their unique requirements and potential health concerns during their trips. However, seniors may be required to fill in a medical questionnaire to check for any pre-existing conditions. The premiums of Costco travel insurance Canada for seniors may also be relatively higher for older adults.
We recommend that you compare the coverage of Costco with other travel providers to make sure if it's the best choice for you. All you need to do is use our comparator below to compare coverage, pricing, and offers, and get free travel insurance quotes from the best providers in Canada.
Compare the best travel insurance plans on the market!
CIBC Costco Mastercard travel insurance
Does CIBC Costco Mastercard have travel insurance? This credit card is offered by the Canadian Imperial Bank of Commerce (CIBC) in partnership with Costco. While the card doesn't itself provide travel coverage, CIBC Costco Mastercard travel insurance refers to certain trip benefits such as discounts and cashback offered by the card provided the cardholders use their credit card to book trip-related expenses such as flights, hotels, and rental cars.
But does no Costco Mastercard have travel insurance? There are other Costco credit card travel insurance options, like the The Rogers™ World Elite® Mastercard® that provides one with significant insurance for rental cars, medical requirements when out of province, trip interruption, cancellation, and more.
The BMO Ascend™ World Elite®* Mastercard®* also provides significant travel benefits like coverage for rental car damage and emergency medical insurance, among others.
What does Costco travel insurance not cover?
Costco Manulife travel insurance, like most travel insurance policies, has certain exclusions and limitations. While the specific details may vary depending on the plan and policy, here are some common things that Costco travel insurance typically does not cover:
- Pre-existing medical conditions: Most travel insurance policies exclude coverage for pre-existing medical conditions unless you have purchased a specific waiver or rider for those conditions. Costco travel insurance reviews mention this as a drawback.
- Intentional self-inflicted injuries: Any injuries or harm caused intentionally by the insured are not covered by the insurance.
- Participation in hazardous activities: Injuries or incidents that occur while participating in high-risk activities like extreme sports, mountaineering, or racing may not be covered.
- Claims resulting from alcohol or substance abuse: If an incident occurs while the insured is under the influence of alcohol or non-prescription drugs, the claim may be denied.
- Travelling against medical advice: If you travel despite being advised not to do so by a medical professional, related claims may be excluded.
- Losses due to war or terrorism: Damages, injuries, or trip cancellations resulting from war, acts of terrorism, or political unrest are typically not covered.
- Travel to restricted areas: If your travel destination is listed as a restricted or high-risk area by government authorities, related claims may be excluded.
- Unattended baggage: Loss or theft of baggage that was left unattended in a public place may not be covered.
- Financial insolvency of travel suppliers: If a travel supplier, such as an airline or tour operator, goes bankrupt or becomes financially insolvent, resulting losses may not be covered.
- Non-medical evacuations: Evacuations not related to medical emergencies may not be covered, such as those due to civil unrest or natural disasters.
How much does Costco travel insurance cost?
The cost of Costco travel insurance (or Manulife travel insurance for Costco members) depends on various factors such as age, trip duration, coverage limits and selected options. Below is a sample table showcasing approximate costs for a 14-day trip:
|Age group||Coverage amount||Basic plan cost||Comprehensive plan cost|
If you'd like to compare these prices with other providers, you could simply use our comparator below. All you need to do is enter basic details of what you're looking for and get free personalised quotes in no time.
Compare the best travel insurance plans on the market!
How to file a claim for Costco travel insurance?
In case of an incident during your trip, the claims process involves notifying Manulife's claims department, providing necessary documentation and following their instructions for claim submission.
The claims process for Costco travel insurance typically involves the following steps:
- Contacting the insurance provider
- Gathering necessary documentation like bills, receipts related to the claim
- Completing claim forms (Can be found on the claims sections in the Costco website)
- Submitting the claim
- Communication and following-up
If your Manulife Costco travel insurance claim is denied and you believe it was wrongly rejected, you may have the option to appeal the decision.
How to contact Costco travel insurance?
For inquiries and assistance related to Costco Canada travel insurance, you can reach out to Costco's customer service or Manulife's dedicated helpline, which is typically provided in the policy documentation.
- For reservations: 1-866-921-7925
- From U.S. or Canada while travelling: 1-866-317-4711
- From Europe, Cook Islands, Fiji or Tahiti: 001-1-866-317-4711
- From Costa Rica or Mexico: 00-1-866-317-4711
- From The Caribbean: 1-1-866-317-4711
- Travel Insurance in general: 1-844-246-8470