Free Credit Card Travel Insurance Comparison - Which Card Is Best For You?
While vacations are intended to be worry free, Murphy’s Law states that when something can go wrong, it will go wrong. Hence the popularity and need for travel insurance.
From flight delays, to lost baggage, cancelled trips, car rental dings and sickness abroad, we’ve all either experienced or heard of a travel horror story. Travel insurance is a must to protect ourselves from the potentially devastating effects of having to pay for accidents out of pocket.
What most Canadians don’t know is that they already have insurance protection for many of the most important travel insurance coverages. Many of the best credit cards now offer comprehensive travel insurance as a card benefit, including: travel medical, car rental, travel accident, trip cancellation, trip interruption, trip delay, lost baggage, and motel burglary amongst others.
Just how good are the coverages, and which Canadian credit cards offer the best travel insurance packages is something that will vary by each person’s needs.
Credit Card Travel Insurance Comparison
|TD Aeroplan Infinite||Scotia Amex Gold||BMO World Elite MasterCard||Desjardins Visa Odyssey Gold||National Bank World Elite MasterCard||American Express Gold Rewards||CIBC Aventura Visa Infinite||RBC Avion Visa Infinite|
|Travel Medical||21 Cons. Days 4 Days/65+ $1,000,000||25 Cons. Days 10 Days/65+ $1,000,000||21 Cons. Days No Coverage 65+ $2,000,000||Up to 59 60 Cons. Days 60-64 31 Cons. Days 65-75 15 Cons. Days $5,000,000||Up to 54 60 Cons. Days 55-64 31 Cons. Days 65-74 15 Cons. Days $5,000,000||15 Cons. Days No Coverage 65+ Unlimited||15 Cons. Days 3 Days/65+ $5,000,000||15 Cons. Days 3 Days / 65+ Unlimited|
|Trip Cancellation||$1,500 / person $5,000 / group||$2,500 / person $10,000 / group||$2,500 / person $5,000 / group||$2,500 / person||$2,500 / person||N/A||$1,000 / person $5,000 / group||$1,500 / person $5,000 / group|
|Trip Interruption||$5,000 / person $25,000 / group||$2,500 / person $10,000 / group||$2,000 / person||Unlimited||$5,000 / person||$1,500 / person $6,000 / group||$2,000/ person||$5,000 / person $25,00 / group
|Lost Luggage||$1,000 / person No group limit||$1,000 / person $1,000 / group||$750 / person $2,000 / group||$1,000/ person No group limit||$1,000 / person No group limit||$500 / person $500 / group||$500 / person No group limit||$500 / person $2,500 / group|
|Car Rental||CDW, theft||CDW, theft||CDW, theft, ADD, Personal effects||CDW, theft||CDW, theft, Personal effects||CDW, theft||CDW, theft||CDW, theft|
|Sign-up Bonus||15000 Points||25000 Points||3000 Points||0 Points||0 Points||25000 Points||15000 Points||15000 Points|
|Apply Now||Apply Now||Apply Now||Apply Now||Apply Now||Apply Now||Apply Now||Apply Now
When selecting which credit card is right for you, you’ll want to evaluate the earning potential of each card, the point redemption options and structure, the annual fee, and obviously the insurance coverages. Travel insurance needs will vary by person, stage of life and travel type. But here are a few suggestions we have:
- Always carry travel insurance when going out of province or country. Your provincial health-care plan does not cover all of the costs you can incur in a U.S. hospital. Typically you will only be covered for the equivalent cost of care in a Canadian hospital, which is far less.
- Check for eligibility, limitations and exclusions. People 55+, adventure travelers, motorcyclists, pregnant women should read the fine print of each insurance certificate.
- If you have any health related issues prior to your trip they can impact availability of your protection. Check your insurance certificate.
- You have no medical secrets. When making a claim, your insurer will comb through your medical records to assess pre-existing conditions, what you’ve been treated for, when and what medications you’re on.
- Rental car insurance on credit cards will only cover collision damages. You will need your own third party liability coverage (covers you if you hurt someone else).
- Most credit card insurances (except for travel medical) only apply if you pay for the covered service with your credit card.. For example, you have to pay for your airline ticket with your credit card to be covered by its trip cancellation insurance.
Some credit cards offer phenomenal travel insurance coverages that will give you all you need. Others will get you halfway there, and you can top-up any holes with your insurance broker. When in doubt, review your insurance certificates and call the credit card company and/or its partnering insurance company. Either way, if you travel alone or with family, check to see what your credit card already covers you for, so you don’t pay twice.