Credit card insurance benefits in Canada are quite widely available, however, most of which are never used. My lack of knowledge cost me thousands of dollars in claims, when my mother had an accident. However, there are other insurance policies which I have leveraged extensively, including Car Rental insurance from American Express.
Most of these insurance benefits are rarely used, however, a lot of people would benefit from knowing what is available in the market.
Over the course of many weeks, I hope to create visibility the main “gotchas” for your travel insurance. More importantly, information about how to leverage your insurance benefits to make your annual fees worth it on their own. The perfect example I use is my American Express Business Platinum card. The card has paid itself multiple times due to the generous flight and baggage delay insurance. It has been so helpful, I often look forward to flight delays, to better leverage my insurance policy to have a final “experience” before my flight home.
Credit Card Insurance Benefits
These are the following insurance benefits available in Canada which I have covered so far:
It is important to understand the technicalities behind each coverage. Car rental coverage was surprising to me; I have even refused some very generous car rental upgrades because I knew accepting the upgrade would void my car rental coverage. You would never want to make such a big error during car rentals.
Conclusion
It is always worthwhile to know your credit card insurance benefits in Canada. There can be a lot to unpack, however, even if you recall the most important information, it can help support and pay your annual fees and make for a more comfortable travel journey.
