To the point
The insurance coverage on many BMO credit cards will change as of July 6, 2023. Here is a summary of these changes.
BMO credit cards affected by travel insurance changes
Effective July 6, 2023, travel insurance coverage will change for many BMO credit cards.
This harmless memo can affect your trip and we always recommend that you read your insurance certificate carefully. Bank of Montreal will send full details with your monthly statement if your card is affected.
Here are the personal BMO credit cards that will have some changes regarding travel insurance coverage:
- BMO eclipse Visa Infinite Privilege* Card
- BMO eclipse Visa Infinite* Card
- BMO Ascend World Elite MastercardMD*
- BMO® CashBack® Mastercard®* World Elite®
- BMO® AIR MILES® World Elite®* Mastercard®*
- BMO World Mastercard®* Card
And then BMO Small Business Credit Cards:
- BMO World Elite®* MastercardMD* for Business
- BMO AIR MILES World Elite®* MastercardMD* for Business
- BMO Rewards Mastercard®* for Business
- BMO AIR MILES® Mastercard®* for Business
BMO Credit Card Travel Insurance Changes
There are several changes, but the most significant are the changes to the BMO Ascend World Elite Mastercard. It was a popular card because only a portion of the booked trip had to be charged to the card for the entire coverage to take effect.
From now on, this will no longer be the case. If you want this type of insurance, you should consider the National Bank’s World Elite Mastercard®, which has the best credit card insurance on the market.
Here is a summary of the main changes. Please refer to the official insurance policy that will be provided.
For theses credit cards:
| Insurance | Until July 5, 2023 | As of July 6, 2023 |
| Worldwide Emergency Travel Medical insurance | $2,000,000 | $5,000,000 |
| Trip Cancellation Insurance | $2,500 | $1,500 |
| Car rental insurance | Cardholder, additional cardholder, spouse or dependent child only | For any additional driver authorized on the contract |
| Flight delay insurance | Full or partial cost charged to the card | Full cost charged to the card |
| Delay duration | 6 hours | 4 hours |
| Baggage delay insurance | $200 | $500 |
| Delay duration | 12 hours | 6 hours |
| Baggage Delay or Loss insurance | Full or partial cost charged to the card | Full cost charged to the card |
| Coverage | $750 | $500 |
| Hotel/Motel burglary insurance | None | $1,000 |
About the BMO® CashBack® World Elite®* Mastercard®*, the changes are identical to those above. But other changes are also taking place:
| Insurance | Until July 5, 2023 | As of July 6, 2023 |
| Unexpected return to Canada | Available | Not available |
| Purchase Protection | 180 days | 90 days |
| Extended Warranty Insurance | 2 years | 1 year |
Trips booked before July 06, 2023
A trip booked until July 5, 2023 will have the insurance coverage in effect at that time and there will be no change. This is true even if the trip takes place at any time after July 6, 2023.
If a trip is booked on or after July 6, it will be covered according to the changes.
Conclusion
It’s a shame to see advantageous insurance coverage for credit card holders diminish. Especially about charging a travel expense only partially on a credit card to be fully insured.
In return, they will change positively for some other coverages. It is up to each cardholder to know if the changes will still work for them after July 6, 2023.
Use the credit card comparison tool to find out which one is best for travel insurance.
Come to discuss that topic in our Facebook Group!
