The Top Credit Cards for Travel Insurance

Ratehub.ca
by Ratehub.ca August 24, 2015 / No Comments

Canadians are lucky that the majority of our medical expenses are subsidized by taxpayer dollars, but when travelling, medical fees can quickly add up. In the event that you need emergency medical coverage or travel accident insurance while exploring a new province or country, your credit card can help.

When travelling away from home, your credit card travel insurance can assist with immediate medical care or treatment, such as hospital care, nursing care or ambulances, or accidental death while travelling for you, your partner or your children. Credit cards offer travel insurance coverage for different lengths of time and for different ages.

To qualify for travel emergency medical coverage, credit card accounts only need to be in good standing, but to qualify for travel accident insurance, a portion or the entire cost of the transportation ticket must be paid for using the credit card.

BMO World Elite MasterCard

bmo-world-elite-mastercard

  • Emergency medical coverage of up to $2 million for you and your family
  • Coverage lasts for up to 21 days for travellers under the age of 65 with an extended option for those between 65 to 75 years old
  • Travel accident insurance of up to $500,000 of accidental death dismemberment insurance for you and your family when travelling by common carrier transportation

Senior travellers may benefit the most from this card’s emergency medical coverage since it offers an extended coverage option of $2 million for 31 days to those between 65 to 75 years old for an annual fee of either $249 (age 65 to 69) or $349 (age 70-74). If your MasterCard is in good standing, you do not need to have charged your trip’s costs to your credit card to qualify for emergency medical coverage. The card also offers medical assistance and consultation, along with payment assistance during medical emergencies. Cardholders must charge transportation costs to their card to be eligible for the accidental death dismemberment insurance. This card also offers other travel perks such as car rental benefits, collision damage waiver, trip and legal assistance services, trip cancellation, trip interruption and flight delay insurance and baggage loss or damage insurance.

Scotiabank Gold American Express Card

scotiabank-gold-american-express

  • Emergency medical coverage of up to $1 million for immediate medical help for sudden or unexpected illness or accidental injury while travelling outside of your home province
  • Coverage lasts for 25 consecutive days for travellers under the age of 65 and 10 consecutive days for travellers 65 and older
  • Travel accident insurance of up to $500,000 of accidental death dismemberment insurance for you and your family when travelling by common carrier transportation

The Scotiabank Gold American Express’ travel emergency medical insurance offers coverage for the longest period of time, but it only offers emergency medical coverage of $1 million. Though cardholders will only need to have charged 75 per cent of their transportation fare to be eligible for travel accident insurance of up to $500,000. Also, travel for less with the card’s various privileges, including hotel, luxury hotel, cruise, car and vacation discounts.

Capital One Aspire Travel World Elite MasterCard

capital-one-aspire-travel-world-mastercard

  • Travel emergency medical coverage of up to $2 million for each insured person
  • Coverage lasts for the first 22 days of your trip, if under 65, and for the first 8 days of your trip, if 65 and older
  • Travel accident insurance of up to $500,000 of accidental death dismemberment insurance for you and your family when travelling by common carrier transportation

The Capital One Aspire Travel World Elite MasterCard offers cardholders generous travel insurance coverage with up to $2.5 million for travel emergency medical coverage and travel accident insurance. Travel costs do not need to be charged to the credit card to qualify for emergency medical coverage, which is automatically provided for the longest period of time (22 days) and seniors who are 65 and older may be interested in this credit card since it provides coverage to them for eight days. But you and your family are only eligible for travel accident insurance if the full cost of your transportation tickets are charged to the card. The card also offers additional travel benefits such as trip cancellation, trip interruption, flight delay, baggage loss and baggage delay insurance.

What’s your favourite credit card for travel insurance and why? Let us know in the comments or tweet us @RateHub.

Flickr: kyhuskers2

[1] Underwritten by Royal & Sun Alliance Insurance Company of Canada. All insurance coverage is subject to the terms and conditions of the respective master policies. Certain limitations, exclusions and restrictions apply. Please read your Certificates of Insurance carefully.

[2] Travel Accident Insurance is Underwritten by ACE INA Life Insurance, Head Office in Canada: Toronto, Ontario, under Master Policy TMH600135. Certain limitations, exclusions and restrictions apply. Please read your Certificates of Insurance carefully.