Best Travel Insurance Credit Card Canada Top Picks for Canadian Travelers
Traveling can be a great way to broaden your horizons and experience new cultures, but it can also come with risks. Unexpected events like flight cancellations lost luggage, or medical emergencies can quickly turn your dream trip into a nightmare. That’s where travel insurance comes in. With the right credit card, you can not only enjoy travel rewards but also get comprehensive travel insurance coverage to protect you and your loved ones. In this article, we’ll explore the best travel insurance credit cards available in Canada, so you can choose the one that best fits your needs.
Introduction
Traveling can be expensive, but it doesn’t have to be. With the right travel credit card, you can earn rewards on your everyday spending and redeem them for flights, hotels, car rentals, and more. In addition, many travel credit cards also come with travel insurance benefits, including emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and lost or delayed baggage insurance. By choosing a travel credit card with the right insurance coverage, you can travel with peace of mind and save money on costly insurance premiums.
What is travel insurance?
Travel insurance is a type of insurance that covers unexpected events that can occur while traveling. Depending on the policy, travel insurance can cover a range of risks, including trip cancellations, flight delays or cancellations, lost or stolen luggage, emergency medical expenses, and more. Travel insurance can be purchased as a standalone policy or as part of a credit card benefits package.
Why do you need travel insurance?
Travel insurance is essential for protecting yourself and your loved ones against unexpected events while traveling. Even the most well-planned trip can be disrupted by unforeseen circumstances, such as flight cancellations, illness or injury, or natural disasters. Without travel insurance, you could be left with expensive medical bills, lost or stolen luggage, or other unexpected costs that can ruin your trip and strain your finances.
How to choose the best travel insurance credit card in Canada?
When choosing a travel insurance credit card in Canada, there are several factors to consider. First, consider the types of travel insurance coverage offered, including emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and lost or delayed baggage insurance. Make sure the coverage limits and exclusions are suitable for your needs.
Second, look at the rewards program and earning potential. Consider how you plan to use the rewards, whether for flights, hotels, car rentals, or other travel-related expenses. Look for a card that offers flexible redemption options, no blackout dates, and generous earning rates on everyday spending.
Finally, consider the fees and other perks, such as airport lounge access, concierge services, and travel credits. Make sure the annual fee and other fees are reasonable and offset by the rewards and benefits you’ll receive.
Top Picks for Best Travel Insurance Credit Cards in Canada
Here are our top picks for the best travel insurance credit cards in Canada:
Scotiabank Gold American Express Card
The Scotiabank Gold American Express Card is a great option for frequent travelers who want comprehensive travel insurance coverage and flexible rewards. The card comes with emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and baggage insurance. Cardholders also get access to the Priority Pass airport lounge program, which includes over 1,000 lounges worldwide.
In terms of rewards, the card offers 5x Scotia Rewards points on eligible grocery, dining, and entertainment purchases, 3x points on gas, transit, and select streaming services, and 1x points on everything else. Points can be redeemed for travel, gift cards, merchandise, and more.
The annual fee for the Scotiabank Gold American Express Card is $120, but the card comes with a sign-up bonus of up to 40,000 Scotia Rewards points (worth $400 in travel) when you spend $1,000 in the first 3 months.
BMO World Elite Mastercard
The BMO World Elite Mastercard is another great option for travelers who want travel insurance coverage and flexible rewards. The card comes with emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and baggage insurance. Cardholders also get access to the Mastercard Airport Experiences provided by the LoungeKey program, which includes over 1,000 lounges worldwide.
In terms of rewards, the card offers 3 BMO Rewards points per dollar spent on eligible travel, dining, and entertainment purchases, and 2 points per dollar spent on everything else. Points can be redeemed for travel, merchandise, gift cards, and more.
The annual fee for the BMO World Elite Mastercard is $150, but the card comes with a sign-up bonus of 40,000 BMO Rewards points (worth $285 in travel) when you spend $3,000 in the first 3 months.
TD Aeroplan Visa Infinite Card
The TD Aeroplan Visa Infinite Card is a great option for travelers who want to earn Aeroplan miles and get comprehensive travel insurance coverage. The card comes with emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and baggage insurance. Cardholders also get access to the Air Canada Maple Leaf Lounge program.
In terms of rewards, the card offers 1.5 Aeroplan miles per dollar spent on eligible gas, groceries, drugstore purchases, and Air Canada purchases, and 1 mile per dollar spent on everything else. Points can be redeemed for flights, hotels, car rentals, and more.
The annual fee for the TD Aeroplan Visa Infinite Card is $139, but the card comes with a sign-up bonus of up to 20,000 Aeroplan miles (worth up to $400 in travel) when you make your first purchase.
CIBC Aventura Visa Infinite Card
The CIBC Aventura Visa Infinite Card is a great option for travelers who want flexible rewards and comprehensive travel insurance coverage. The card comes with emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and baggage insurance. Cardholders also get access to the Visa Infinite Concierge service and the CIBC Aventura Lounge at Toronto Pearson International Airport.
In terms of rewards, the card offers 2 Aventura points per dollar spent on eligible travel, dining, and entertainment purchases, and 1.5 points per dollar spent on gas, groceries, and drugstore purchases. Points can be redeemed for travel, merchandise, gift cards, and more.
The annual fee for the CIBC Aventura Visa Infinite Card is $139, but the card comes with a sign-up bonus of up to 35,000 Aventura points (worth up to $800.
Desjardins Odyssey World Elite Mastercard
The Desjardins Odyssey World Elite Mastercard is a great option for travelers who want comprehensive travel insurance coverage and flexible rewards. The card comes with emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and baggage insurance. Cardholders also get access to the Desjardins Odyssey Lounge at Montreal-Trudeau International Airport.
In terms of rewards, the card offers 2 points per dollar spent on eligible travel and dining purchases, and 1.5 points per dollar spent on everything else. Points can be redeemed for travel, merchandise, gift cards, and more.
The annual fee for the Desjardins Odyssey World Elite Mastercard is $130, but the card comes with a sign-up bonus of up to 45,000 points (worth up to $450 in travel) when you make your first purchase.
RBC Avion Visa Infinite Card
The RBC Avion Visa Infinite Card is a great option for travelers who want to earn RBC Rewards points and get comprehensive travel insurance coverage. The card comes with emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and baggage insurance. Cardholders also get access to the Visa Infinite Luxury Hotel Collection and the Avion Priority Pass program, which includes over 1,000 lounges worldwide.
In terms of rewards, the card offers 1.25 RBC Rewards points per dollar spent on everything, and 1.5 points per dollar spent on eligible travel purchases. Points can be redeemed for flights, hotels, car rentals, and more.
The annual fee for the RBC Avion Visa Infinite Card is $120, but the card comes with a sign-up bonus of up to 30,000 RBC Rewards points (worth up to $600 in travel) when you make your first purchase.
HSBC World Elite Mastercard
The HSBC World Elite Mastercard is a great option for travelers who want comprehensive travel insurance coverage and flexible rewards. The card comes with emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and baggage insurance. Cardholders also get access to the Mastercard Airport Experiences provided by the LoungeKey program, which includes over 1,000 lounges worldwide.
In terms of rewards, the card offers 6 HSBC Rewards points per dollar spent on eligible travel purchases, 3 points per dollar spent on eligible dining and entertainment purchases, and 1 point per dollar spent on everything else. Points can be redeemed for travel, merchandise, gift cards, and more.
The annual fee for the HSBC World Elite Mastercard is $149, but the card comes with a sign-up bonus of up to 100,000 HSBC Rewards points (worth up to $500 in travel) when you make your first purchase.
Conclusion
When it comes to travel insurance credit cards in Canada, there are many great options to choose from. Each of the cards listed above offers comprehensive travel insurance coverage and flexible rewards, so it’s important to choose the one that best fits your travel needs and spending habits.
Whether you’re a frequent traveler or just take the occasional trip, having a credit card with travel insurance can give you peace of mind and save you money on travel expenses. Be sure to read the terms and conditions of each card carefully and compare the benefits and rewards to find the one that’s right for you.
FAQs
- What is a travel insurance credit card?
A travel insurance credit card is a credit card that comes with travel insurance benefits, such as emergency medical insurance, trip cancellation/interruption insurance, and baggage insurance.
- What is the best travel insurance credit card in Canada?
The best travel insurance credit card in Canada depends on your specific travel needs and spending habits. Some popular options include the Scotiabank Passport Visa Infinite Card, the BMO World Elite Mastercard, and the TD Aeroplan Visa Infinite Card.
- What does a travel insurance credit card cover?
Travel insurance credit cards typically cover emergency medical expenses, trip cancellation or interruption, flight delay or cancellation, lost or delayed baggage, and other travel-related expenses.
- Is a travel insurance credit card worth it?
If you are a frequent traveler, a travel insurance credit card can be worth it as it can save you money on travel expenses and give you peace of mind. However, it’s important to read the terms and conditions carefully and compare the benefits and rewards to find the card that’s right for you.
- Can I purchase travel insurance separately if I don’t have a travel insurance credit card?
Yes, you can purchase travel insurance separately from a third-party provider if you don’t have a travel insurance credit card. It’s important to shop around and compare policies to find the best coverage for your needs.