Advertiser disclosure
Advertisers are not responsible for the content of this site, including any editorial or review that may be published on it. For complete and up-to-date information about any product featured, please visit their website. We maintain business relationships with certain partners mentioned in our communication tools. While we may receive compensation if you sign up for a product or service through our affiliate links, our reviews and content are based on an objective assessment. Value estimates are established by Milesopedia and are not provided, endorsed, or verified by the issuing financial institutions. †*Terms and conditions apply.
Traveling abroad carries very real financial risks. A visit to the emergency room, especially in the United States, lost luggage, or a canceled flight can quickly cost thousands of dollars. Fortunately, several travel credit cards in Canada include substantial protections that help avoid such unpleasant surprises.
However, it is essential to understand what they cover, their activation conditions, and their limits. This guide first presents the main types of travel insurance offered by the best credit cards in Canada, then compares six essential cards side-by-side.
This is one of the most important protections. It reimburses non-refundable expenses if you have to cancel your trip before departure or cut it short en route, for covered reasons such as sudden illness, a death in the family, or unexpected job loss.
Coverage limits generally range from $1,500 to $2,500 per insured person, sometimes more for premium cards. If your trip exceeds these amounts, you must calculate the non-refundable portion. For example, some airline tickets allow cancellation for a $150 fee, while a cruise line’s policy might allow you to recover a portion of your payment if cancellation occurs 30, 60, or 90 days before departure. Therefore, check the cancellation policies for each of your bookings.
This is undoubtedly the most critical insurance to have when traveling. It covers unforeseen medical expenses abroad: hospitalization, emergency care, prescribed medications, or medical repatriation.
Furthermore, credit card emergency medical care insurance often includes important nuances, particularly regarding pre-existing conditions. To delve deeper into the subject, consult our detailed guide on how credit card emergency medical care insurance works.
For travelers who don’t just pack a carry-on, losing their luggage can completely ruin the start of their trip. Indeed, it would be truly disappointing not to have your swimsuit when arriving in the Maldives!
This coverage applies when your flight is delayed or canceled for reasons beyond your control. It can reimburse meals, emergency accommodation, and other reasonable expenses incurred while waiting. It usually activates after a delay of 4 to 6 hours.
However, this protection should not be confused with compensation related to the airline’s obligations. When it comes to insurance, you should always minimize your damages. Specifically, when you face a delay or cancellation, first contact the airline.
For example, during our last trip to Asia, our flight was canceled and rescheduled for the next day. We immediately received an email with instructions to book a hotel near the airport, with shuttle service and breakfast included. As a result, we did not have to pay a large sum or make a claim with our credit card insurance. To learn more, read our article on flight delay or cancellation insurance in practice.
For insurance to apply, you generally must have paid for your trip (or a portion of it) with the card in question. Some cards require the entire ticket to be paid with the card, while others accept only a portion.
This is a question many travelers ask. The answer depends on the card and the program used. In many cases, paying for a trip entirely with points can invalidate the travel insurance associated with the card.
To learn more about the specific rules for each program, consult our article on the best credit cards for travel insurance when paying with points.
Here is an overview of the insurance included with six of the most popular travel credit cards for Canadians.
The information below is based on data available at the time of writing. Insurance conditions may vary. Consult each issuer’s insurance certificate for full details.
The National Bank World Elite Mastercard stands out with one of the most generous medical coverages on the market for a card with a $150 annual fee: up to $5 million for stays of up to 60 consecutive days for cardholders under 54 years old. This is a highly valued asset for frequent travelers who spend long periods abroad. In addition, it comes with an annual $150 travel credit that helps offset the annual fees.
Its trip cancellation and interruption insurance reaches $2,500 per insured person. Furthermore, the card also includes flight delay insurance that activates after 4 hours of waiting.
Finally, it is often the card of choice for flexible rewards points enthusiasts, as you can benefit from the insurance as soon as a portion of the trip is charged to the card, with no minimum amount.
The Scotiabank Passport™ Visa Infinite* Card is recognized for its comprehensive travel benefits at a reasonable cost, including no foreign currency conversion fees and airport lounge access.
Its emergency medical coverage goes up to $1 million for stays of 25 consecutive days. It also stands out for baggage delay with a $1,000 limit activated after just 4 hours of delay.
The American Express Platinum Card plays in a league of its own with its $799 annual fee. In return, it offers an exceptional benefits program: travel and dining credits, access to Centurion and Priority Pass lounges, as well as extensive travel insurance.
Its emergency medical coverage reaches $5 million, although the duration is limited to 15 days per trip, making it less suitable for long stays. Amex is also known for maintaining certain protections even when the trip is partially or entirely paid for with Membership Rewards points, but consult the precise conditions before you travel.
The BMO Ascend World Elite Mastercard offers a solid combination of travel insurance for a $150 annual fee. Its emergency medical coverage goes up to $5 million for 21 days.
It also offers 4 annual airport lounge accesses via DragonPass, a significant advantage for frequent travelers.
The TD® Aeroplan® Visa Infinite* Card positions itself as a versatile card for active travelers. Its emergency medical coverage goes up to $2 million for 21-day stays.
It stands out for its flexible rewards program: TD Rewards points can be used on any booked trip, without restrictions related to a specific airline network, or via the Expedia for TD portal. In addition, its trip cancellation and interruption insurance protections are comparable to those of other premium cards on the market.
The TD Aeroplan Visa Infinite Card is the go-to card for Air Canada and Aeroplan loyalists. Its emergency medical coverage reaches $2 million for 21 days, which is adequate for most travelers.
Travel insurance applies even when you pay for your tickets with Aeroplan points, and under certain conditions. Consult the details in our article on insurance with points payment.
The insurance included with travel credit cards represents real value, often underestimated. For similar annual fees (usually around $150), protections can vary considerably from one card to another.
If long-term medical coverage is your priority, the National Bank World Elite Mastercard is hard to beat with its 60 days of coverage. For frequent travelers, it offers the most consistent combination of duration, daily points accumulation, and protections. In contrast, if you are looking for the most comprehensive card, with all benefits combined, the American Express Platinum Card remains the benchmark, despite its higher fees.
In any case, insurance should not be the only criterion for choosing a travel credit card. Also consider accumulation rates, travel benefits, and your overall spending profile. To compare available options, consult our best credit cards page.
Savings this way:
You can change your preferences or unsubscribe at any time by clicking one of the links available at the bottom of each newsletter.
If you are already subscribed and would like to unsubscribe, you can click the link at the bottom of one of our emails.
