Insurance: How to choose and save on travel insurance?

Credit Card Insurance

Published January 14, 2024Updated October 5, 20269 min readEditorial integrity

Travel insurance: the components included in the coverage

Travel insurance generally provides coverage for the following:

Trip Cancellation or Trip Interruption
Emergency medical care outside the province of residence
Delayed flights
Loss, damage, theft or delay of luggage

Hospitalization and medical expenses

These travel insurances cover everything related to emergency medical care, i.e:

medical expenses
professional fees
hospitalization costs
surgical fees
expenses related to convalescence
ambulance fees
repatriation costs

In Canada, you don’t see the medical bills roll in because the health care system is public. However, a single broken arm could cost you tens of thousands of dollars in savings. A premature delivery? We can get close to a 7-digit addition if the incident occurs in the United States.

Emergency dental care is generally covered up to $500 depending on your policy; when we talk about emergency dental care, we are referring to an emergency exam, x-rays, drainage of an abscess, temporary dressing, prescription of medication, etc. These procedures are intended to relieve pain while awaiting dental treatment that will permanently fix the problem.

Travel insurance does not cover these; however, dental treatments can be performed if they were caused by a shock or trauma to the mouth.

Your health and travel: vaccinations and other recommendations - Santé dentaire 2

Cancellation insurance

In the event that you have to cancel your trip for reasons beyond your control,travel insurance will cover the costs up to the limit you set when you purchased your policy. So, if your trip totals $10,000 in non-refundable costs, you should insure accordingly.

Cancellation insurance comes second; that is, you must first recover any amounts that can be reimbursed to you, and thentravel insurance will pay you the difference.

Basically, the reason for cancellation must be beyond your control and most insurers follow this list:

an illness that prevents you from travelling
an illness affecting a loved one
a summons to serve as a juror
a disaster at the residence
involuntary loss of employment
the Government of Canada’s recommendation not to travel (if it occurs after the time of booking)
the premature birth of his child
etc.

This travel insurance clause could help you if you suffer a broken arm a few days before your vacation, for example.

Trip Interruption insurance

Unlike travel cancellation insurance, which protects against situations that prevent us from leaving, interruption insurance comes into play after departure.

If your trip doesn’t go as planned, interruption insurance provides protection for incurred and lost expenses. For example, if you suddenly need to return home due to the death of a family member, subsequent non-refundable reservations will be covered. Or, to put you back on another flight so that you can join your cruise.

Luggage insurance

This clause protects you if your luggage is not received on time, is damaged or lost in transit. In the event of a problem, you can purchase new items, up to a maximum amount, and be reimbursed by thetravel insurance.

How do I shop for travel insurance?

To compare, I did a travel insurance quote with Blue Cross for a trip to Southeast Asia for our family.

The details given on the application were:

Insurance	Coverage
Number of people to be insured	2 adults and 1 child
Flight Cancellation	$2,500 (per person)
Trip Interruption Insurance	unlimited
Emergency medical care	$5,000,000 (per person)
Luggage (theft, loss, damage)	$1,500 (per person)
Duration of the trip	15 days

The cost of insurance for this 15-day vacation in Asia is $360.01.

For our family (3 people) who go on adventures several times a year, travel insurance costs can go up to $501.52 to have good coverage on multiple trips of 17 days or less.

Insurance: How to choose and save on travel insurance? - Blue Cross Travel Insurance

soNomad

An alternative is to take out travel insurance, which costs less than traditional insurance, without going through a broker. This can be useful for people who :

Don’t have travel insurance with their work benefits
Spend most of the winter as Snowbirds
And those with pre-existing medical conditions.

For example, soNomad offers a range of options to ensure that you are well insured and can travel in peace.

Medical insurance for situations such as these:
- Loss of prescription medication during the trip
- Emergency dental care
- Need for an air ambulance
- Emergency paramedical treatment (chiropractor, podiatrist, physiotherapist, etc.) at destination
- Plane ticket for a relative or friend to come to our hospital bedside
- Bringing children home if a parent is hospitalized
- Glasses replacement
- COVID-19 or other infectious disease coverage
- Pet boarding if the owner is hospitalized while traveling

Cancellation insurance covering several scenarios that may occur before or during the trip:

Death of a relative or pet
Airline bankruptcy
Fire, vandalism, disaster or burglary at the primary residence
Uninhabitable destination hotel
Non-issuance, loss or theft of a passport
Weather delay
Loss of job or school exam
Quarantine coverage if tested positive for COVID-19

All-inclusive: Medical AND cancellation insurance

Also includes lost, stolen or delayed baggage

Insurance: How to choose and save on travel insurance? - meilleures options sonomad

A quick quote can be made directly on the soNomad website. Then you can buy it, and the insurance is valid immediately, if required.

Save on travel insurance costs

However, there is a way to get the same protection for free with credit card travel insurance!

Indeed, travel – whether it’s a plane ticket, a hotel reservation, an all-inclusive package or a car rental – is usually paid for with a credit card.

Many credit cards offer a comprehensive travel insurance that applies as soon as a trip has been charged to the card, in part or in full. In the event of a problem that prevents you from starting or continuing your trip, the travel insurance you have will be able to cover the costs incurred.

For example, the National Bank World Elite Mastercard^® allows our family to be insured free of charge, under certain conditions, for several trips of up to 60 days!

The people who can be covered by the travel insurance of this card are:

the primary cardholder
spouse and dependent children travelling with the primary cardholder

Our trip to Asia would be completely covered under the same Blue Cross conditions, except for a few details.

National Bank World Elite Mastercard

The National Bank World Elite Mastercard^® stands out from the crowd when it comes to protection. When you look at the travel insurance certificates, you will notice disparities, and not all contracts are equivalent.

In addition to the excellent insurance, this card currently has a great welcome bonus on top of these usual benefits.

$150 annual fee refund for the first year
$ 150 in travel credits (to offset annual fees in subsequent years)
unlimited access to the NBC World Mastercard Lounge
access to DragonPass lounges
free wifi via Boingo

ExclusiveCompare

National Bank World Elite^® Mastercard^®

National Bank NBC RewardsFirst-Year Annual Fee Rebate

Annual feeNo annual fee the first year: $0 $150
Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$150Total$150Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.: $150
Welcome offer$150 annual fee rebated: First Year Annual Fee Rebate; Ends Nov 4, 2026

With Milesopedia, take advantage of an exclusive offer: your first-year annual fees are refunded with the National Bank World Elite Mastercard. This offer is exclusively available on the Milesopedia network, from June 30 to November 4, 2026.

Refund of the first-year annual fee (a $150 value) for the primary cardholder. This fee is charged to your new card account, then refunded as a credit on your statement within five months of opening your account, provided it remains open and in good standing.

The National Bank World Elite Mastercard is the best Mastercard credit card offered by NBC.

With this card, you earn up to 5 points per dollar on your purchases:

5 points per dollar for groceries and restaurants
2 points per dollar on gas and electric recharge purchases
2 points per dollar on recurring bills
2 points per dollar on À la carte Travel
1 point per dollar for all other purchases

And since it’s a Mastercard, you can use it at Costco.

With this card, you have access to a $150 annual travel credit that you can use in any of these categories:

Airport parking
Baggage fees
Seat selection
Access to airport lounges
Airline ticket upgrades

What’s more, you can enjoy access to DragonPass airport lounges and unlimited access to the National Bank Lounge at Montreal-Trudeau.

Finally, Milesopedia has named the National Bank World Elite Mastercard as the Best Travel Credit Card in 2024, 2025 and 2026.

Legal

^® Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. National Bank is an authorized user.

^® The À LA CARTE REWARDS logo is a registered trademark of National Bank of Canada.

^® NATIONAL BANK OF CANADA LOUNGE is a registered trademark of National Bank of Canada.

^® À LA CARTE REWARDS PLAN is a registered trademark of National Bank of Canada.

^® Apple Pay is a registered trademark of Apple Inc., registered in the U.S. and other countries. Apple Inc. is not a sponsor of or participant in National Bank Mobile Banking Solutions.

^® Google Pay is a registered trademark of Google LLC. Use of this trademark is subject to Google Inc. Permissions.

^TM À LA CARTE TRAVEL is a trademark of National Bank of Canada. The À la carte Travel agency is owned by Transat Distribution Canada Inc. and holds a Quebec permit (No. 753141).

^TM À LA CARTE REWARDS is a trademark of National Bank of Canada.

^® THE TOTAL, THE CONNECTED and NATIONAL BANK are registered trademarks of National Bank of Canada.

* Mastercard^® World Elite^®

The National Bank^® World Elite^® Mastercard^® credit card was voted best Mastercard credit card by Milesopedia in 2026, 2025 and 2024.

The National Bank^® World Elite^® Mastercard^® credit card was voted best travel credit card by Milesopedia in 2026, 2025 and 2024.

Every year, Milesopedia reviews credit card offers from major financial institutions and establishes its Ranking based on over 150 criteria such as fees, welcome offer, minimum income required, number of points per category, account credits, insurance, airport lounge access, etc.

Certain restrictions apply. For more information, see the Rewards Plan section or the Plan Rules applicable to point accumulation.
Grace period:
No interest is charged on purchases made during the month if the cardholder pays the full balance of their account within twenty-one (21) days of the statement date. This grace period does not apply to cash advances and balance transfers. Minimum payment: if your account balance is less than $10, you must pay the balance in full. If you reside in the province of Quebec, your minimum payment is 5% of your account balance plus any overdue amount, or $10, whichever is greater. If you reside outside Quebec, your minimum payment is 2.5% of the credit card account balance plus any overdue amount, or $10, whichever is greater. Account statement: an account statement is sent monthly.
Table of examples of credit fees calculated over a 30-day period

Annual interest rate $500 $3,000

22.49% $9.24 $55.45

20.99% $8.63 $51.76

13.2% $5.53 $33.16

9.2% $3.78 $22.68

*Variable interest rate in effect as of September 1, 2021.
Balance transfers and cash advances are subject to National Bank credit approval. Each amount transferred cannot be less than $250.
Exclusive to World Elite Mastercard cardholders. Presentation of the physical credit card and boarding pass is required to access the lounge.
The National Bank^® Lounge is accessible to customers traveling on international flights only (excluding flights to Canada and the United States).
You benefit from free and unlimited access with one guest and two children aged 12 and under.
Until October 4, 2026 (date subject to change), customers can enter the National Bank Lounge three hours before their flight departure time. From October 5, 2026 (date subject to change), access will be authorized for a maximum duration of 2 hours (3 hours for customers who hold a Private Banking 1859^® World Elite^® Mastercard^® credit card).
National Bank customers who are not World Elite ^® Mastercard ^® cardholders can also access the current lounge based on current rates and benefit from a 25 % discount on these rates :
63,24 $ taxes included for adults (excluding discount)
$40.24 taxes included for children aged 2 to 12 (excluding discount)
free for children under 2 (excluding discount)
The entry fee is subject to change without notice and is the responsibility of the lounge operator.
Subject to providing the required supporting documents in the manner and within the prescribed timeframe. Certain conditions may apply. Only the primary cardholder of a National Bank World Elite Mastercard (Cardholder) whose account is in good standing can request a « Travel Fee Reimbursement ». « Account in good standing » means an account linked to the credit card that does not violate the Credit Card Agreement in any way and on which no restrictions apply. For example, and without limitation, the associated annual fees must have been paid in full. The maximum reimbursement of $150 can be requested from January 1 to December 31 of each year.
Eligible expenses are:
airport parking
baggage fees
seat selection
airport lounge access worldwide
airline ticket upgrades
A reimbursement request must be made within 60 days of the purchase date. Travel expenses must be charged to the National Bank World Elite Mastercard credit card account. The maximum reimbursement of $150 is applicable per account. Please allow up to 7 business days for the reimbursement to be processed from the date your request is submitted. National Bank reserves the right to request additional supporting documents for validation purposes (e.g., invoices). You must keep all receipts and supporting documents for a period of 12 months from the date you made your reimbursement request. An unused reimbursement in one year cannot be carried over to the next year. You can make your request online at rewards.nbc.ca or by calling 1-800-341-8083 (toll-free) for an agent to assist you with your travel fee reimbursement request.
Point accumulation on grocery and restaurant spending depends on the total gross monthly amount charged to the credit card account, across all categories. Earn 5 points per dollar spent on eligible grocery and restaurant purchases. The 5 points per dollar accumulation is valid for the first $2,500 of gross monthly purchases charged to the account. Beyond this amount, eligible grocery and restaurant spending will earn 2 points per dollar. The calculation of the gross monthly purchase amount is based on monthly billing. A grocery purchase means a purchase made at a merchant whose primary business is selling food, such as a grocery store, delicatessen, supermarket, fruit store, or specialty food store. Meal kit subscriptions and meal delivery services are eligible. Therefore, this definition excludes, among others, retail stores and big-box stores whose primary business is selling non-food items. Some merchants may sell products or services identical or similar to those of eligible merchants, or are separate merchants located on the same premises as eligible merchants, but are classified by Mastercard in different categories. Purchases made from other merchants only earn base reward points. A restaurant purchase means a purchase made at a restaurant, including quick-service restaurants, bars, discotheques, nightclubs, and taverns. To view the full list of Mastercard codes associated with eligible merchants, download the À la carte Rewards Plan^® terms and conditions document.
These protections apply if the purchases or rental are paid for in part with the card before departure, except, if applicable, for out-of-province medical-hospital insurance for which it is not necessary to charge the purchase of an à la carte trip and for baggage delay protection where the full cost of transport must have been charged to the card. All these protections apply to the primary cardholder, their spouse and/or their dependent children when they (spouse and dependent children) travel with the cardholder. Extended warranties apply to most new items purchased with the card, in Canada or abroad, provided the manufacturer’s warranty exists and is valid in Canada. Certain conditions, limitations and restrictions apply. For more information and details regarding your insurance coverage, please consult the insurance certificate linked to your card.
Subject to credit approval by National Bank.
Certain conditions apply. Visit mastercard.ca for more information. See all credit card terms and conditions.
To earn 2 points per dollar spent, you must pay for your gas or electric charging purchases at a gas station or certain big-box stores. Some merchants may sell products or services identical or similar to those of eligible merchants, or are separate merchants located on the same premises as eligible merchants, but are classified by Mastercard in different categories. Purchases made from other merchants only earn base reward points. To view the full list of Mastercard codes associated with eligible merchants, download the À la carte Rewards Plan^® terms and conditions document.
Recurring bill payments are defined as payments made monthly or regularly that are automatically charged by the merchant to your National Bank World Elite Mastercard. Not all merchants offer recurring payments, and not all recurring payments are considered recurring bill payments. Therefore, some payments may not qualify for accelerated reward points.
To earn 2 points per dollar spent, you must pay for your eligible purchases through the À la carte Travel^TM agency section of our À la carte Rewards^TM site.
For example, if you spend $400 monthly on groceries, $200 on gas, $100 on recurring bills and $150 on other purchases, the $850 spent will generate 2,750 points, broken down as follows: 2,000 points for grocery spending (since the total gross monthly amount is $850, which is less than $2,500), 400 points for gas spending, 200 points for recurring bills and 150 points for other purchases.
Insurance up to $1,000 in case of breakage, loss or theft of mobile devices for a maximum period of 2 years following the date of purchase. Subject to purchasing the device with the National Bank World Elite Mastercard or a phone service subscription paid by recurring payments from your National Bank Platinum Mastercard starting September 1, 2022. For all conditions, please consult the insurance certificate linked to your card.

Annual interest rate	$500	$3,000
22.49%	$9.24	$55.45
20.99%	$8.63	$51.76
13.2%	$5.53	$33.16
9.2%	$3.78	$22.68

Annual fee

Primary card$150

Additional card$50

Annual income required

Individual$80,000

Household$150,000

Conversion fees

2.5%

Earning rate

5xRestaurants
5xGroceries
2xGas
2xBills & recurring payments
1xAll spending

Value

1st Year Value$745

2nd Year Value$923

Card benefits

Airport lounge access$400

Travel creditsIncluded

Travel insurance

Travel medical (under 55)Up to $5,000,000 / 60 days

Travel medical (55-64)Up to $5,000,000 / 31 days

Travel medical (65+)Up to $5,000,000 / 15 days

Trip CancellationUp to $2,500

Trip InterruptionUp to $5,000

Delayed BaggageUp to $500

Lost BaggageUp to $1,000

Flight DelayUp to $500

Travel AccidentIncluded

Purchase protection

Purchase ProtectionIncluded

Extended Warranty+2 years

Mobile DeviceUp to $1,000 / 2 years

Auto Rental CollisionUp to $65,000 / 48 days

How can I be covered by credit card travel insurance?

Some cards require us to charge the entire expense to the card, while for others, we are covered by travel insurance when you pay part of the trip with the credit card.

For most of the insurances included, the National Bank World Elite Mastercard^® is one of the only credit cards in Canada to cover you even if you only carry part of the cost of the trip.

The following expenses will be reimbursed (…) provided that a portion or the entire cost of the trip was charged to the account National Bank of Canada

In terms of travel, only luggage delay and car rental insurance will require the full cost to be charged to the card.

Then, for emergency medical insurance, simply being a National Bank World Elite Mastercard^® cardholder makes you eligible for coverage. This is especially useful during our road trips in the United States, where we stay with friends. Therefore, no travel-related expenses are charged to the credit card!

Finally, it is imperative to have a valid and active account for all the various types of insurance included with credit cards.

Bottom Line

The question is often asked whether it’s worth keeping a credit card with an annual fee after you’ve earned the welcome bonus.

When you put numbers to the benefits offered, you quickly realize that paying the annual fee for a card can be considered a bargain!

Join us in the Milesopedia Facebook community for more money-saving tips and tricks.

Questions

Do I need travel insurance?

Various reasons, sometimes beyond our control, may force us to cancel our trip. A vacation that falls through often represents thousands of dollars that cannot be recovered.

Travel insurance allows you to recover expenses related to the trip that did not take place.

How easy is it to make a travel insurance claim?

Yes, it’s easy to start a claim. The agents will ask you for a series of supporting documents. Therefore, keep all invoices and evidence related to your request.

Do I need travel cancellation insurance?

Travel cancellation insurance protects the financial investment you have made in your trip. In the event of a force majeure that forces you to cancel your vacation, you need travel cancellation insurance if you want your money back.

Without travel cancellation insurance, you run the risk of not seeing that money again if your trip is cancelled.

Can we cancel a trip if we change our mind?

No, the cancellation insurance component oftravel insurance only protects you against events that are beyond your control.

Does travel insurance provide coverage in connection with COVID-19?

The coverage depends on each insurer, but yes, some travel insurances do protect you against COVID-19 related glitches.

How much does travel insurance cost?

The rate will mainly depend on the amount of indemnity as well as the coverages chosen (cancellation, interruption, luggage, emergency medical care, etc.).

On the other hand, many credit cards offer travel insurance (which will suit the vast majority of travelers). The cost of this protection is built into the annual fee of the credit card in question. Those who travel frequently will benefit from these credit cards.

Is the credit card travel insurance sufficient?

Travel insurance agreements vary from card to card. It is necessary to verify if the coverages are appropriate for your case. You can find these details in your card’s certificate of insurance on the bank’s website in PDF format if you have ever misplaced it.

How to choose your travel insurance?

The first step is to determine the total cost of your trip and the coverage you want, i.e. what you will claim in case of a problem.

Then, look first at your credit card and work to determine what you already have as coverage. Travel insurance quotes and purchases can easily be made online.

When to take out travel insurance?

It is preferable to take out travel insurance at the time of purchase, especially if it is the cancellation component that is important. So, if you will be protected from the moment you purchase your trip.

What is the best travel insurance?

Credit card insurance is usually adequate for most people. Plus, you don’t have to pay extra to cover your trip.

For example, National Bank World Elite Mastercard^® travel insurance covers all your trips up to $2,500 each. This way, you don’t have to break your head every time you want to fly to the South!

For more expensive trips, you can sometimes supplement your credit card coverage with private insurance. Blue Cross offers preferential rates if you already have travel insurance with the National Bank World Elite Mastercard^®.

Can I cancel my travel insurance?

It is necessary to read the respective clauses of your insurance to know if the one you have can be reimbursed or not.

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