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Finding the right travel insurance for your trip can be a challenge but we can help. If you’re trying to determine which credit card contains the best travel insurance, it depends largely on understanding your travel coverage needs. We've broken down the best credit cards for travel insurance, so you can easily pick the best one for your personal travel needs.
Please note that, travel insurance offered through credit cards only applies to purchases booked on that credit card. So, if you're booking a trip, use your travel credit card to purchase tickets and stays, to ensure that your trip is covered by the card's travel insurance benefits.
|
Category |
Best Credit Card |
Annual Fee |
| BMO AIRMILES† World Elite* Mastercard* |
$120 (first year waived) |
|
|
BMO CashBack World Elite* Mastercard* |
$120 (first year waived) |
|
If you’re a frequent traveller and you’re looking for a credit card that can offer you the most comprehensive insurance coverage, the BMO AIR MILES† World Elite* Mastercard* is the card for you.
With the BMO AIRMILES† World Elite* Mastercard* for travel, you can access over 12 types of insurance coverages, including purchase protection, travel accident, trip cancellation, flight delay and much more. Having travel coverage this comprehensive means you’ll be prepared for travel disruptions, such as a cancelled flight and lost luggage, which can put a damper on any trip. Most importantly, the added Personal Effects insurance offered on this card will cover you if your belongings are damaged, lost or stolen at any point during your trip.
You also get a complimentary VIP membership in Mastercard Airport Experiences provided by LoungeKey and a 15% discount on North American AIR MILES flights.
Here’s a breakdown of the different coverages
Plus, when you use a BMO AIR MILES† credit card to shop at Sobeys, Safeway, Foodland and participating stores like Urban Fresh, you earn bonus AIR MILES. Redeem these rewards for travel, flights and hotel stays.
When searching for a credit card that includes great travel insurance, you may notice that the best coverage is offered with cards earning you rewards points. However, for those who prefer cash back, the BMO Cashback World Elite* Mastercard* is a great option.
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When it comes to travel insurance coverage, you are covered with the following:
With the BMO Cash Back World Elite* Mastercard*, you can earn 5% cash back on groceries, 4% cash back on transit, 3% cash back on gas and 2% on recurring bill payments. Earn 1% cash back on all other eligible purchases. Best of all, you can redeem your cash back anytime for as little as $1.
Are you looking for a specific type of travel insurance coverage with your credit card? Here are the best credit cards with travel insurance to cover you for:
|
Pre-Arrival/At Airport Coverages |
Best Credit Card |
Coverage Amount |
|
Best Cancellation and Interruption |
TD® Aeroplan® Visa Infinite* Card
|
$1,500 (Cancellation) $5,000 (Interruption) |
|
Best Flight Delay |
$1,000 |
|
|
Best Baggage Delay |
$1,000 |
|
|
Best Lost/Stolen Baggage |
$1,000 |
|
At Destination Coverages |
Best Credit Card |
Coverage Amount |
|
Best Hotel Burglary |
$2,500 |
|
|
Best Rental Car Insurance |
$200,000 |
|
|
Best Personal Effects |
$750 |
|
Medical Coverages |
Best Credit Card |
Coverage Amount |
|
Best Emergency Medical Coverage |
25 Days (3 days Over 65) |
|
|
Best Emergency Medical Coverage for Seniors |
TD® Aeroplan® Visa Infinite* Card
|
4 Days |
|
Best Travel Accident |
$500,000 |
When we think of travel insurance, we tend to think of emergency medical travel insurance, but that’s just one of the many types of travel insurance available. Each type of travel insurance has its purpose, and some cards may cover one or two types, but not the others.
Always carefully review your credit card and travel insurance policies to ensure you fully understand the depth of your coverage and any existing limitations.
| Type of credit card travel insurance | What it covers | Tips: |
|---|---|---|
| Trip Interruption Insurance | Reimburses you for select expenses in the event unforeseen circumstances interrupt your trip, such as the death of a loved one forcing you to come home early. | Review your policy in detail to understand exactly what you’re covered for. |
| Trip Cancellation Insurance | Reimburses you for select expenses in the event unforeseen circumstances prevent you from going on your trip, such as falling ill or obtaining an injury. | Read the fine print to understand your policy’s limitations. |
| Travel Medical Protection | Covers emergency medical expenses and related costs incurred abroad. | Check your credit card limit as you may with to purchase additional coverage. |
| Travel Medical for Seniors | Provides emergency medical coverage for seniors travelling abroad. | Coverage may depend on your state of health. |
| Car Rental | Provides car insurance for damages, theft, or loss of use when you pay for a rental car with your credit card. | Note: this does not typically provide third party liability coverage or damages you cause to someone else or their property. |
| Flight Delay | Reimburses you for expenses such as meals, accommodation and other expenses accrued as a result of significant flight delays. | These expenses must be purchased on your credit card. |
| Baggage Delay | Covers expenses for necessary items you need to purchase in the event your baggage is delayed or lost. | These expenses must be purchased on your credit card. |
| Common Carrier Accident | Covers you in the event an accident causes disability or loss of life accrued while travelling on a certified common carrier such as a plane, train, boat or bus. | These excursions must have been booked on your credit card. Other limitations may apply. |
If your cards do not have the type of coverage you’re looking for, you can purchase top up travel insurance to ensure you have everything you need.
That depends on your credit card, the type of travel insurance coverages it offers, and the limitations of that coverage and its coverage amounts. Typically, higher end and more luxurious credit cards offer more robust coverage than the standard amounts available through common credit cards. Always read your credit card travel insurance coverage carefully, and if it is insufficient be sure to purchase additional travel insurance independently before you travel.
For example, your credit card may offer travel trip cancellation insurance but not emergency medical, or vice versa. In this case, you may only need to purchase coverage for the type of travel insurance not covered by your credit card.
No, you don’t need to buy travel insurance before booking, but you do need to purchase a policy prior to departure.
For your credit card to cover eligible travel purchase, you must have made those purchases on that card. For example, if your credit card covers trip cancellation insurance, that trip must have been purchased on that credit card. Other limitations may apply.
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