The funny thing about credit cards with travel insurance is that none of them are the same. They all offer similar insurance, but each one is just different enough that it’s impossible to say one card is better than the others.
Fortunately, most of the best travel credit cards in Canada come with travel medical insurance which doesn’t require you to charge your travel expenses to your card for it to apply. However, if you’re looking for travel insurance such as trip cancellation, lost luggage, and car rental, then you need to start looking into the fine print of your credit card’s insurance policy since they’ll require you to charge a certain amount of your expenses to your card for the policy to kick in.
With there being dozens of credit cards in Canada that offer travel insurance, it can be too time-consuming (and annoying) to read the policies of each card. I’ve looked at them all and I’ve narrowed down the list of the best credit cards with travel insurance to the following four.
|Days covered||Travel medical||Trip Cancellation||Trip Interruption||Flight delay||Lost luggage||Car rental||Hotel/motel burglary||Travel accident|
|American Express Platinum Card||15 days under age 65||$5,000,000||$2,500 per person||$2,500 per person with a $6,000 maximum||$1,000 per person when delayed 4+ hours||Up to $1,000 per group when delayed 6+ hours||48 days and up to $85,000||Up to $1,000||$500,000|
|BMO World Elite Mastercard||21 days under age 65, 10 days for 65+T||$2,000,000||$2,500 per person with a $5,000 maximum||$2,000 per person||$500 per person when delayed 6+ hours||$750 per person, $2,000 maximum per group when delayed 12+ hours||48 days and up to $65,000||None||$500,000|
|Scotiabank Passport Visa Infinite||25 days under age 65, 10 days for 65+||$1,000,000||$2,500 per person with a $10,000 maximum||$2,500 per person with a $10,000 maximum||$500 per person when delayed 4+ hours||Up to $1,000 per group when delayed 4+ hours||48 days and up to $65,000||Up to $1,000 on stays in Canada & the U.S.||$500,000|
|National Bank World Elite Mastercard||60 days under the age of 55, 31 days from age 55-65, 15 days for 65-74||$5,000,000||$2,500 per person||$5,000 per person||$500 per person when delayed 4+ hours||$500 per person for delays of 6+ hours, $1,000 per person for theft or loss||48 days and up to $65,000||None||None|
American Express Platinum Card
- $699 annual fee
- $200 annual travel credit
- 60,000 Points signup bonus (when using a referral link)
- Earn 3 points per $1 spent on dining
- Earn 2 points per $1 spent on travel
- Earn 1 point per $1 spent on all other purchases
- Unlimited airport lounge access
Although the American Express Platinum Card comes with just 15 days of coverage for travel medical insurance, it does have one of the highest maximum payouts of $5,000,000. The included flight delay insurance is also the highest of the 4 cards I’ve listed at $1,000 per person after a delay of just 4 hours. The annual fee of $699 will turn some people off, but you get an annual travel credit of $200, unlimited lounge access, and a signup bonus of 60,000 American Express Membership Rewards points (when using a referral link) which will appeal to frequent travellers.
BMO World Elite Mastercard
- $150 annual fee – first year free
- 35,000 BMO Rewards points signup bonus
- Earn 3 BMO Rewards points per $1 spent on dining, entertainment, and travel purchases
- Earn 2 BMO Rewards points per $1 spent on all other purchases
- Mastercard Airport Experiences membership provided by LoungeKey, plus 4 annual complimentary passes
The travel insurance included with the BMO World Elite Mastercard isn’t top of the class for any specific category, but it’s still pretty generous. You could argue this is the best credit card with travel insurance since you only need to charge a part of your ticket to your card for your insurance to apply. That’s right, according to the fine print, you could even charge just $1 of your travel expenses to your card and your insurance would be valid. The Because of this clause, the BMO World Elite Mastercard is a great choice for those who often book flights on reward miles and still want a comprehensive travel insurance package. Oh, it helps that this card waives the annual fee for the first year (one of the few credit cards with travel insurance that does this) and the signup bonus of 35,000 BMO Rewards has a value of $250.
Scotiabank Passport Visa Infinite Card
- $139 annual fee
- 25,000 Scotia Rewards points signup bonus
- Earn 2 Scotia Rewards points per $1 spent on eligible grocery, dining, entertainment, and transit purchases
- Earn 1 Scotia Rewards point per $1 spent on all other purchases
- Priority Pass standard membership, plus six free annual lounge passes
Ever since the Scotiabank Passport Visa Infinite Card, I’ve felt like it’s the best all-in-one travel credit card since it gives you a generous signup bonus, a decent earn rate, airport lounge access with 6 free annual passes, and no foreign exchange fees. The travel medical insurance covers you up to 25 consecutive days per trip for those under the age of 65 and for 10 days if you’re 65+. What’s nice about this card that it includes every type of travel insurance possible which are cancellation/interruption, flight delay, lost luggage, car rental, hotel/motel burglary and travel accident.
National Bank World Elite Mastercard
- $150 annual fee
- Earn 1.5 points per $1 spent on your first $40,000 in purchases
- Earn 2 points per $1 spent on purchases from $40,001 to $80,000
- Earn 1.5 points per $1 spent on all purchases over $80,000
- $250 yearly credit for travel fees (seat selection, airport parking, baggage fees)
The National Bank World Elite Mastercard is one of the best credit cards with travel insurance because it covers those under the age of 55 for up 60 days of consecutive travel, 31 days if you’re between the ages of 55-64 and 15 days for those aged 65-74. As you can see, this card is quite generous when it comes to the number of consecutive days for all ages so it can be quite appealing for people who take long trips. One thing to note, you don’t get hotel/motel burglary or travel accident insurance with the National Bank World Elite Mastercard. That said, if you’re looking strictly at the number of days covered, this is the best travel insurance credit card.