Best Credit Card With Travel Insurance for 2024
What You Should Know
- Most travel credit cards offer travel insurance. Other credit cards may not offer travel insurance, or the policies may be limited.
- Travel insurance policies may differ between the cards, so it is important to understand the insurance policy details and the length of coverage where applicable.
- Travel insurance can cover medical expenses during the trip or trip interruptions, such as delays, certain losses, and cancellations.
Credit Card Travel Insurance Overview
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.
Best Credit Cards With Travel Insurance
How we Sort Credit Cards: We sort credit cards based onand the card's annual fee. We estimate the dollar value of the rewards you would get based on your spending categories, and we subtract the annual fee the card charges to get the best credit cards for your spending habits. We also use the salary to filter out cards based on the minimum income requirement.
$0.00
Purchase: 19.99%
Cash: 24.99%
Transfer: 22.99%
No Income Required
580
or More
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 0.5% Cashback for each $1 spent on: everything else.
Insurance Included
- Car Rental
- Common Carrier
- Trip Interruption
- Extended Warranty
- Purchase Assurance
- Receive $10 in statement credit every month you spend at least $300.00 for the first 10 months.
$0.00
Purchase: 20.99%
Cash: 21.99%
No Income Required
580
or More
Cash Back
- 2% Cashback for each $1 spent on: gas and grocery.
- 1.25% Cashback for each $1 spent on: everything else.
Insurance Included
- Travel Accident
- Extended Warranty
- Purchase Assurance
- Enroll in online banking within the first 2 months and earn 500 Aventura points.
$0.00
Purchase: 20.99%
Cash: 22.99%
Household: $15,000
580
or More
Rewards: Aventura Points
1 Aventura Point ≈ ¢0.625
- 1 Aventura Point for each $1 spent on: gas, grocery, drugstores and CIBC Travel.
- 1 Aventura Point for each $2 spent on: everything else.
Insurance Included
- Car Rental
- Common Carrier
- Extended Warranty
- Purchase Assurance
$0.00
Purchase: 19.99%
Cash: 22.99%
Transfer: 22.99%
No Income Required
580
or More
Cash Back
- 2.5% Cashback for each $1 spent on: Amazon purchases.
- 1% Cashback for each $1 spent on: everything else.
Insurance Included
- Car Rental
- Common Carrier
- Trip Interruption
- Extended Warranty
- Purchase Assurance
Types of Credit Card Travel Insurance Coverage
There are many travel insurance policies offered by different credit cards. These insurance policies can be separated into two categories:
- Medical Insurance: There are various travel insurance policies that cover your medical expenses or any accidents that may happen during the trip. These policies may cover small accidents as well as life-threatening traumas and emergencies.
- Trip Protection: Other insurance policies cover you in case of flight delays, cancellations, and other situations that may happen during your travel. These policies usually cover flight delays/cancellations, luggage loss, and even rental car collision damage.
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.
| Insurance Policy | Typical Coverage |
|---|---|
| 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. |
| Event Cancellation | 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. |
Credit Card Travel Insurance Important Considerations
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.
Travel Insurance Policy Details
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:
- Purchase Requirement: A cardholder has to purchase their trip or a flight ticket with their credit card. Usually, 75% to 100% of the trip has to be purchased with a credit card for insurance policies to activate.
- Age Restriction: Medical insurance restricts the coverage up to a certain age. Usually, credit cards with medical insurance cover people who are under the age of 65.
Travel Insurance Length of Coverage
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.
How To Choose the Best Credit Card for Travel Insurance
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.