A Complete Guide to Credit Card Insurance

Updated on July 18th, 2021

Credit card insurance is a very useful, but often overlooked benefits of a credit card. This article lists 16 Canadian credit card insurance terms and explain all the principles of insurance are required to trigger the use of the credit cards will be in the consumer, but there are a few insurance does not necessarily have to use the credit card.

Extended warranty

When extended warranty insurance, credit card purchase, the warranty on the basic product, the credit card company will increase the warranty to two years. Note that if your basic warranty is only 30 days (for example, when buying second-hand or refurbished electronic products), then the credit card warranty will only be extended for 30 days. Similarly, if the product with only one year warranty, even if the credit extended warranty for 2 years, it will only increase in a year. Only when the product with 2 – 5 year warranty, extended warranty credit will increase for two years.

Amex credit extended warranty insurance so special is that even if you’ve canceled the credit card, as long as also holds another Amex, extended warranty also remain in force.

Shopping Insurance

When you use a credit card to buy insurance, there are shopping products, to a certain time limit (usually 90, 120 or 180 days), if damaged, lost, stolen cases, credit card companies according to the price compensation.

Handheld Insurance

Such insurance will pay for the phone and iPad damaged, lost, stolen situation; pay attention to the amount of compensation will be calculated at a discount. Desjardins’s credit card only temporarily to provide such insurance.

Price Match Guarantee

MBNA Rewards World Elite and Soctia Passport Visa has, when you use a credit card to buy the product, the product at the same price stores or other stores down, you can retrieve the price difference.

Travel Accident Insurance

In the travel time by public transport such as airplanes trains, an accident resulting in injury or death, then the credit card company will provide one-time monetary compensation. Most credit cards are 500,000 travel accident insurance, there are a few cards to 100 million. Note If you are disabled, then, according to the extent of the amount of compensation will be.

Emergency Medical Travel

Emergency Travel Medical Insurance can be said that all credit card insurance one of the most useful. When traveling abroad, Canadian health insurance is basically not the package. Many people may think that if the company has Extended Health Care, then it is not necessary. Extended Health Care insurance but only a minor illness, serious illness if there are not enough words.

Credit cards will usually guarantee 65 years of age 15 days (each time, limited number of trips throughout the year), some good credit card can protect up to 60 days, and some credit cards will protect more than 65 years old. Some cards, Amex and if TD, statement (such as is the case with the point redemption) You do not have to use this card to purchase travel insurance will consume, but the safest way is to use the best hand goes on you card to purchase travel spending.

Among the many credit card, Amex Platinum travel emergency medical insurance is the most kind, not only provide an additional 24 hours MD (Doctor telephone line) service, and to provide medical assistance are also the most generous. Before heard of an example, there Amex platinum card holders traveling abroad emergency occurs, Amex immediately arrange the medical plane to take people home treatment, all expenses paid by the insurance company.

Trip Cancellation

When you are in a hurry because of some forced to cancel the trip, some tickets and hotel can not be canceled, this time the credit card company will compensate the loss of this part, usually $ 1,500 or less.

Trip Cancellation

If for some urgent forced to suspend travel itinerary in advance which requires additional time to spend money to go home, this part of the additional amount will be compensated.

flight delay

When there is a flight delay exceeds a certain time (usually 4-6 hours), you can use a credit card to buy food, personal items and accommodations. Usually 500, some credit card up to $ 2,000, sometimes delayed baggage and lost baggage count on the same amount on it.

Baggage delay

Similarly with flight delays, baggage delay because if need to buy some clothes and personal items, this part of the credit card company will package. Note that these consumer must use the credit cards.

Lost luggage

Similar delays with baggage, if the baggage delays due to the need to buy some clothes and personal items, this part of the credit card company will package. Note that these consumer must use the credit cards.

Carry-on baggage

Two baggage before the insurance only include checked baggage, carry-on baggage and personal belongings including some of the insurance is portable. However, valuables such as jewelery and mobile phones usually have a lot of restrictions, but only temporarily BMO MasterCard’s World Eite have this insurance.

Hotel Theft

If you encounter a theft situation when hotel accommodation, credit card companies will compensate for the losses.

Car theft damage

When confronted with theft or damage and car rental, credit card companies will compensate for the losses. Note that this insurance is included only the car itself, not including life insurance and other items.

Many times when car rental, CDW / LDW (Collision Damage Waiver / Loss Damage Waiver) are expensive, and sometimes even more expensive than the car rental money if the credit card insurance will not have to pay this cost up. The only problem is if you use a credit card insurance, then, after the first accident report, which is likely to affect the trip back. There is a car rental company and the most expensive insurance after the accident left the car will not need to have control, car rental companies will own the tractors to be repaired.

Car Rental Insurance

The life insurance at the rental equivalent.

Car carry-on baggage

And carry-on baggage before the insurance is similar, except that this insurance covers theft is occurring at time of rental.


In addition, after the usual consumer feedback, it is the insurance of various credit card benefits can not be ignored. I hope you usually pay more attention and read the credit card terms.