Some credit cards provide travel insurance policies that can help offset the costs of various accidents while traveling out of the province or in Canada. These travel insurance policies can protect you during flight delays, medical emergencies, baggage loss, etc. Travel insurance policies are common for credit cards that have an annual fee. In fact, the best credit cards in Canada provide at least the basic travel insurance coverage.
Insurance policies included with your credit card usually cover only purchases made with the card. For example, if your credit card has baggage delay insurance, you can take advantage of it only if you purchase your flight with your credit card.
The sorting algorithm of the credit cards below assumes that your gross annual income is $60,000.00.are estimated based on your salary and CPI basket provided by the Statistics Canada. You can manually.
No Income Required
1 Capital One Mile Point ≈ ¢0.5
No Income Required
1 Aeroplan Point ≈ ¢1
No Income Required
1 CT Money Point ≈ ¢100
There are many travel insurance policies offered by different credit cards. These insurance policies can be separated into two categories:
Different credit cards may have similar insurance coverages but different conditions. If you are looking for specific travel insurance coverage on your credit card, you should read the insurance coverage details to ensure eligibility.
|Travel Emergency Medical
|Covers you for emergency medical expenses while away from home. For example, hospital visits, ambulances, helicopter evacuations, etc.
|Travel Accident Insurance
|Covers you in the event of accidental death or dismemberment while traveling.
|Trip Cancellation/Interruption Insurance
|Covers you if you have to cancel or interrupt your trip due to an unforeseen event. For example, severe weather, sickness, jury duty, etc.
|Trip Delay Insurance
|Covers you if your flight is delayed for a certain period. For instance, if your flight is delayed for more than 12 hours, you would be eligible for a hotel stay and meals
|Baggage Delay/Loss Insurance
|Covers you if your baggage is delayed or lost by the airline. For example, if your luggage is delayed for more than 12 hours, you should be reimbursed for the necessary items you need to purchase.
|Common Carrier Accident Insurance
|Covers you in the event of accidental death or dismemberment while traveling on a common carrier. A common carrier is a bus, train, plane, or boat.
|Rental Car Collision Damage
|Covers you for damage to a rental car. For example, this insurance would cover the repairs if you have an accident in your rental car.
|Covers you if you have to cancel your tickets to a pre-paid event. For example, a concert, festival, or sporting event.
|Hotel Burglary Insurance
|Covers you for theft of eligible personal belongings from your hotel or motel room.
Travel insurance details are important to consider because not all travel accidents are covered. In fact, you may not be eligible for travel insurance coverage if you miss a small requirement outlined in the travel insurance policy. To successfully take advantage of insurance policies included with your card, you should understand the insurance policy details and length of coverage.
Insurance policy details outline the conditions of your policy. If one or more conditions are not met, the insurance provider may decline to cover you in the event of an accident. Credit card travel insurance policies are usually easy to find and understand. Generally, credit card travel insurance is broad and covers most accidents related to specific insurance policies. The most common requirements and restrictions on travel insurance include:
Every travel insurance policy has a length of coverage. Your insurance stops working once your trip exceeds the travel insurance length of coverage. Length of coverage only applies to certain insurance policies, such as medical emergency coverage. Insurance policies like baggage loss or a trip delay do not have coverage length because they apply to a certain event.
If you need an extended coverage, you can purchase a separate insurance or talk to your credit card provider about a possibility to extend your current policy.
You should decide what insurance coverage you need before researching credit cards. Once you know what insurance policies you expect your credit cards to have, you can look for suitable credit cards. When comparing different credit cards, you should also consider the rewards and other perks the card offers, as well as the card’s annual fee. Even though it may be tempting to get the credit card with the most extensive insurance and bonuses, top credit cards may cost as much as $599 annually. You are likely to extract more value from a card that fits your lifestyle at a lower price than the top card that covers every possible scenario.