Your cellphone is usually the first thing you reach for in the morning and the last thing you check before bed — it’s practically stuck to you like glue. Dusk until dawn, your mobile device connects you to family and friends, organizes your day, and provides a constant source of entertainment, which is why it’s so easy to feel lost without it.
Your heart may even skip a beat when you just think you’ve misplaced it. But if you actually do lose or damage your phone, you’ll want to replace it as soon as possible, and that can be costly.
However, if you have the right credit card, it may come to your wallet’s rescue. A handful of credit cards in Canada offer mobile device coverage for your smartphone and, in some cases, your tablet.
Here are five excellent credit cards that offer mobile device insurance:
Apply for the CIBC Aventura® Visa Infinite* Card and earn up to 35,000 bonus Aventura Points. Earn 20,000 points when you make your first purchase using the card. Get another 1,250 points each statement period you spend at least $1,000 for the first year —that’s 15,000 points. Plus, get a first-year annual fee rebate.
Regular features and benefits of this card include:
Travel in comfort with access to over 1,300 airport lounges worldwide and get four complimentary lounge visits annually. Plus, receive a NEXUS application fee rebate — a $50 value — and skip the long lines at the border. This card also features a full suite of travel insurance coverage.
Offer expiry date: N/A subject to change without notice
The CIBC Aventura® Visa Infinite* Card provides up to $1,000 in insurance per insured person for mobile devices that are lost, stolen, or damaged.
Cardholders must pay for the device’s full purchase price or any portion of the purchase price financed through a service provider on the card to be eligible.
Cardholder’s coverage begins on the 91st day following the device’s purchase and lasts for two years if the user charges the full purchase price to the card.
If the cardholder finances the device through a mobile carrier in Canada, the coverage begins on the date of the first transaction for the mobile device and lasts for two years.
If your mobile device is lost or stolen, the insurance covers the replacement cost, less the phone’s depreciation value (2%), and a deductible (10%).
For example, if you buy a smartphone on January 1, 2021, and you lose it on October 8, 2021, you may be eligible for a $720 reimbursement for your mobile device.
If your device is accidentally damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement cost after the 10% deductible.
If you repair accidental damage to your phone for $300, you might be eligible for a $270 reimbursement.
*Conditions apply.
New cardholders of the TD® Aeroplan® Visa Infinite* Card can earn up to 20,000 Aeroplan points and a bonus Buddy Pass. Plus, TD will rebate the annual fee for the primary and up to three additional cardholders for the first year. Conditions apply.
Regular features and benefits of this card include:
Enjoy Air Canada travel benefits, including your first checked bag free (up to 23kg/50lbs) and various travel insurance coverage. Also, take advantage of exclusive entertainment access and the hotel and dining series available through the card.
This offer is not available for residents of Quebec. For Quebec residents, please click here.
Offer expiry date: August 16th, 2021
The TD® Aeroplan® Visa Infinite* Card provides up to $1,000 in insurance for mobile devices lost, stolen, or suffer from a mechanical breakdown.
Cardholders must charge at least 75% of the device’s full purchase price and activate it with a service provider to be eligible. Or fund the mobile device through a plan and pay all monthly wireless bill payments on the card.
Cardholder’s coverage begins 30 days following the device’s purchase and lasts for two years.
If your mobile device is lost or stolen, the insurance covers the replacement cost, less the phone’s depreciation value (2%), and a deductible (varies by the device’s price).
For example, if you buy a smartphone on June 1, 2021, and you lose it on February 10, 2021, you may be eligible for a $700 reimbursement for your mobile device.
If your device is accidentally damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement cost.
If you have a valid repair claim for accidental damage to your phone costing $300, you might be eligible for a $300 reimbursement.
*Conditions apply.
Apply for the BMO eclipse Visa Infinite* Card and get up to 40,000 BMO Rewards points. Get 25,000 points when you spend at least $3,000 in the first three months and another 15,000 points on your 12-month account anniversary. Plus, BMO will waive the annual fee for the first year.
Regular features and benefits of this card include:
Cardholders can enjoy 10% more rewards when they add an authorized user to the account. Not only, that but members also get a $50 annual lifestyle credit and access to exclusive Visa Infinite benefits.
Offer expiry date: October 31, 2021
The BMO eclipse Visa Infinite* Card provides up to $1,000 in insurance per 12-month period, up to two claims in any 48-month period.
Cardholders must pay for the device’s full purchase price or any portion of the purchase price financed through a service provider on the card to be eligible.
Cardholder’s coverage begins on the 91st day following the device’s purchase and lasts for two years.
If the cardholder finances the device through a mobile carrier in Canada, the coverage begins on the date of the first transaction for the mobile device and lasts for two years.
If your mobile device is lost or stolen, the insurance covers the replacement cost, less the phone’s depreciation value (2%), and a deductible (10%).
For example, you buy a smartphone on August 1, 2021, and lose it 10 months later, you may be eligible for a $720 reimbursement for your mobile device.
If your device is accidentally damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement cost after the 10% deductible.
If you repair accidental damage to your phone for $500, you might be eligible for a $450 reimbursement.
*Conditions apply.
For a limited time, the Scotia Momentum® Visa Infinite* Card offers cardholders 10% cash back on all purchases for the first three months, up to $2,000 in total purchases. Scotiabank will also waive the annual fee for the primary and additional cardholders for the first year.
Regular features and benefits of this card include:
This card features a full suite of travel insurance and shopping coverage. Cardholders can also access 24/7 concierge services and other Visa Infinite benefits.
Offer expiry date: February 28, 2021
The Scotia Momentum® Visa Infinite* Card provides up to $1,000 in insurance for mobile devices lost, stolen, or suffered a mechanical breakdown.
Cardholders must pay for the device’s full purchase price to be eligible. Or pay any portion of the purchase price financed through a service provider and all monthly payments on the card.
Cardholder’s coverage begins 30 days following the device’s purchase and lasts for two years if the user charges the full purchase price to the card.
If the cardholder finances the device through a mobile carrier in Canada, the coverage begins on the date of the first transaction for the mobile device and lasts for two years.
If your mobile device is lost or stolen, the insurance covers the replacement cost, less the phone’s depreciation value (2%), and a deductible (varies by price of the device).
For example, you buy a smartphone on November 8, 2021, and you lose it 10 months later, you may be eligible for a $700 reimbursement for your mobile device.
If your device is accidentally damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement cost.
If you have a valid repair claim for accidental damage to your phone for $350, you might be eligible for a $350 reimbursement.
*Conditions apply.
New cardholders of the Tangerine World Mastercard® can take advantage of a 1.95% introductory interest rate on balance transfers made within the first 30 days for six months. A 1% balance transfer fee does apply.
Regular features and benefits of this card include:
Get rental car insurance and shopping coverage on this card. Plus, enjoy several other benefits like Mastercard® Travel Rewards* and Boingo Wi-Fi for Mastercard®*.
Offer expiry date: N/A subject to change without notice
The Tangerine World Mastercard® provides up to $1,000 in insurance for mobile devices that are lost, stolen, or accidentally damaged.
Cardholders must pay for the device’s full purchase price to be eligible. Or pay for any portion of the purchase price financed through a service provider and all monthly payments on the card.
Cardholder’s coverage begins 30 days following the device’s purchase and lasts for two years if the user charges the full purchase price to the card.
If the cardholder finances the device through a mobile carrier in Canada, the coverage begins when the first monthly bill is charged to the account and lasts for two years.
If your mobile device is lost or stolen, the insurance covers the replacement cost, less the phone’s depreciation value (2%), and a deductible (varies by the device’s price).
For example, if you buy a smartphone on May 4, 2021, and lose it 10 months later, you may be eligible for a $700 reimbursement for your mobile device.
If your device is accidentally damaged, you may receive reimbursement for the lesser value of the device’s repair or replacement cost.
If you have a valid repair claim for accidental damage to your phone for $330, you might be eligible for a $330 reimbursement.
*Conditions apply.
Cardholders with mobile device insurance may qualify for coverage when they charge the full or part of the purchase price to their card. Those who finance may also be eligible when they charge all or a portion of the payments to the credit card.
Generally, mobile device insurance starts within a month or two of owning the device or making the first few payments through financing and lasts for upwards of two years.
Some coverage may even extend to mobile devices given as gifts. Though, the cardholder would be responsible for filing any claims.
However, the coverage may only apply to new mobile devices. That excludes resale, refurbished, or used devices.
Most items, especially technology, deprecate in value as people use them. Usually, the condition of an item will factor into the depreciation value. But for mobile device insurance, the provider usually determines the value using a percentage of the purchase price over time. Technology typically has a life expectancy of a few years, so it is understandable.
You can find the depreciation calculation in the insurance certificate that comes with your credit card. Mobile devices usually depreciate at a value of 2% to 3% per month.
A deductible is the amount the policyholder, in this case, the cardholder, needs to pay before the insurance provider pays for any expense. Or, if the cardholder pays out of pocket, the reimbursement will usually be less this amount.
In terms of mobile device insurance, the deductible may be a set amount or a percentage of the original purchase price.
While each credit card will have slightly different conditions, mobile device insurance usually covers the cost of replacing or repairing the device itself.
The following items don’t usually qualify for coverage under mobile device insurance:
Some parts or services that don’t qualify for mobile device insurance may fall under the original manufacturer’s warranty.
Always read your insurance coverage carefully to ensure you are prepared in the event you need to make a claim.
You will need to contact your credit card company to report the mobile device and start the claims process within a specific period (usually no longer than 14 days after the event).
If your mobile device is lost or stolen, you typically need to suspend your wireless services within 48 hours. In the event of theft, you must also notify the police within seven days.
If your device requires repairs, you will need to contact the insurance provider before fixing it and provide a written estimate of the costs from an authorized facility or the original manufacturer.
Lastly, you may also have to provide your mobile device’s original sales receipt and other formal documentation, like a police report or any warranties.
Giving the insurance provider reasonable notice and the correct details can save you time and money if your mobile device is lost, stolen or damaged.
Rates, product information, and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. The views and opinions expressed in this review are purely those of RATESDOTCA. Information in this article is accurate as of the date of this posting, February 2, 2021. Read our full disclaimer.
This article has been updated.