Top Canadian Credit Cards Offering Insurance Perks

Credit cards come with many perks, such as annual cash-back points and protection against unauthorized usage. Some credit cards take the rewards system even further and provide certain types of insurance coverage as well. So, the next time you are stranded at an airport or crash a rented car, your credit card can step in and cover the damages.

Be aware that the insurance perks offered with credit cards do not amount to an actual insurance policy. Credit cards mostly offer forms of supplemental insurance, where the card may offer waivers or partially repay a bill in case of a setback. Though it’s unwise to rely on a credit card to have your back during an emergency, their insurance perks are highly useful in everyday unexpected situations. One such card is:

There are a number of credit cards in Canada offering travel, rental car collision, trip cancellation, accidental theft and other types of secondary insurance coverage. The exact coverage varies from card to card. Insurance perks are generally automatically included in a credit card’s policy. Customers cannot additionally purchase insurance perks for a credit card, instead, customers should choose a credit card that already includes the desired supplemental insurance coverage.

Here is a list of the best credit cards in Canada that offer various insurance perks:

Desjardins Visa Odyssey Gold

This is possibly the best credit card in Canada for travel insurance. The Desjardins Visa Odyssey Gold offers “comprehensive travel coverage” for up to 60 days consecutively. Adults and children travelling overseas can get emergency medical coverage, including evacuation and dental care, up to $5,000,000. The length of coverage depends on the age of the cardholder. In addition, there’s trip cancellation insurance, where a cardholder can receive at most $2,500 if a vacation is suddenly cancelled, and baggage theft insurance, where cardholders can receive up to $1,000 per stolen luggage item. If the baggage is late, the cardholder can receive up to $500.

Scotiabank Gold American Express Card

This American Express card exclusively offered to Canadians by Scotiabank comes with many travel and car rental insurance perks. Cardholders who travel out of province or territory are automatically provided emergency medical coverage up to $1,000,000. Overseas travellers whose trips are cancelled or interrupted can cover up to 75 percent of the costs with the card with no additional fees. Insurance for delayed flights and lost baggage is also included. In addition, there’s burglary coverage for cardholders whose personal items might be stolen at a hotel or a motel in Canada or U.S. Plus, cardholders who might crash or otherwise damage a rental car can charge the full costs to Scotiabank Gold American Express card.

CIBC Aventura Visa Infinite

CIBC Aventura credit cards are known for their lucrative rewards programs. However, this card offers excellent travel insurance coverage as well. All cardholders are automatically approved for emergency medical travel, flight delay, lost or delayed baggage and trip cancellation insurance coverage. There’s a limited coverage offered for rental car crashes, damages or theft. Up to half a million dollars of accidental insurance for common carriers is included as well. In addition, the card comes with extended purchase protection insurance to safeguard consumers against unauthorized purchases during travel.

Citizens Bank Shared Interest Gold Card

Possibly one of the most affordable credit cards on this list, it comes with up to $500, 000 worth of travel accident insurance coverage for holders. In addition, rental car collision and price protection insurance coverage is included as well.

Once again, the above cards only provide secondary insurance, which does not amount to the coverage offered by a full insurance policy. Also, credit card insurance options often contain many exclusionary clauses. Canadian consumers are strongly advised to completely read and understand the terms and conditions of a credit card insurance policy before purchasing.

Continue Reading