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Credit Cards That Offer Mobile Device Insurance In Canada

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Last updated on December 5, 2020
mobile device insurance credit cards

Looking for a credit card in Canada that offers insurance coverage for your phone? Smartphones have become an important part of our daily lives. They make it convenient for us to browse the web. Mobile phones are integrated with mobile browsers that allow you to access websites anywhere and anytime. They are also a great source of entertainment. Reading e-books and viewing films are convenient through mobile phones.

However, just like other electronic gadgets and devices, smartphones are susceptible to software or hardware failure that might happen due to screen crack, water spillage, or a drop. Thankfully, there are a few credit cards in Canada that offer mobile device insurance. Mobile insurance policies offer protection against many types damages to your smartphone.

Let’s take a look at the best credit cards that offer mobile device insurance, as well as some details on what’s covered, and what’s not.

Best Canadian credit cards that offer mobile device insurance

Here are some of our top recommendations for credit cards in Canada that offer cell phone insurance.

BMO eclipse Visa Infinite* Card

BMO eclipse Visa Infinite* Card

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on BMO's website

Welcome Offer: Get up to 40,000 points and the $120 annual fee waived in the first year.

Earn Rate: Earn 5x the BMO Rewards points on groceries, dining, gas and transit. Get 1 BMO Reward for every $1 spent on everything else.

Perks: $50 annual lifestyle credit, $1000 mobile Device Insurance

Annual Fee: $120

Min. Income Required $60,000 personal or $100,000 household

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Those who spend huge on transit, gas, restaurants, and groceries will like this credit card. The card offers mobile device insurance that provides coverage of $1,000 in the event your phone is broken, stolen, or lost. The yearly fee for this card is $120. And to qualify for this credit card, you should have a $100,000 household income or a yearly income of $60,000. The card offers you a sign-up bonus of 40,000 points and waives the first year of annual fees. Moreover, you can earn 5x the points for each dollar you spent on public transit, gas, ride-sharing, dining, and groceries.

BMO eclipse Visa Infinite Privilege* Card

BMO eclipse Visa Infinite Privilege* Card

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on BMO's website

Welcome Offer: Get up to 50,000 points.

Earn Rate: Earn 5x the BMO Rewards points on groceries, dining, drugstore purchases, gas and travel. Get 1 BMO Reward for every $1 spent on everything else.

Perks: Get a $200 annual lifestyle credit to spend however you want. Mobile Device Insurance that covers you for up to $1,000. Pay with Points by browsing your recent transactions & redeem your points for as little as $1. Enjoy Priority PassTM membership and 6 lounge pass visits per year.

Annual Fee: $499

Min. Income Required $150,000 personal or $200,000 household

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You must have a household income of $200,000 or a yearly income of $150,000 to be eligible for this credit card. New cardholders can earn a sign-up bonus of 50,000. The yearly fee for this card is $499.
The credit card’s mobile device insurance offers coverage of up to $1,000 in the event your smartphone is stolen or lost. Further, this credit card allows you to access personal assistant service, valet service discounts at airports, and VIP airport lounges. You can earn 5x the points per $1 you spent on drugstore purchases, groceries, travel, and gas. Other than that, you can earn one point for each $1 you spent on other purchases.

Tangerine World Mastercard®

Tangerine World Mastercard®

tangerine world mastercard

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on Tangerine's website

Welcome Offer: choose up to 3 categories and receive a 2% cash back on those for the first 3 months.

Earn Rate: 2% cash back on two selected categories, and 0.5% on everything else. Get 2% cash back on a third category if you deposit your rewards into a Tangerine Savings Account.

Annual Fee: $0

Min. Income Required: $60,000 personal income or $100,000 household

This credit card offers mobile device insurance that covers up to $1,000 if your tablet or smartphone is damaged, stolen, or lost. Protection begins one month from the date of purchase of your device. Interestingly, this credit card carries no annual fees.

You need a $100,000 household income or a yearly income of $60,000 to qualify for this credit card. In addition to mobile device insurance, this credit card comes with LoungeKey’s Mastercard Airport Experiences and rental car insurance.

Cardmembers will receive a free membership to Mastercard Airport Experiences by LoungeKey. The membership gives you spa and dining offers in more than 400 airports throughout the world. Additionally, you get access to more than 1,000 lounges at $32 for every visit. What’s more, you can get up to 2% cash back on purchases you made using this credit card.

Scotiabank Momentum Visa Infinite

Scotia Momentum® Visa Infinite*

Scotia Momentum Visa Infinite

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on Scotia Bank's website

Welcome Offer: 10% cash back on all purchases for first 3 months (up to $2,000). No annual fee in the first year.

Earn Rate: 4% cash back on grocery, recurring bills, and subscription purchases. 2% back on gas and daily transit, and 1% back on everything else.

Annual Fee: $120

Min. Income Required: Personal $60,000 or Household $100,000 or a minimum assets under management of $250,000.

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This credit card gives you the ability to earn 10% cash back on all your purchases for the first 90 days. Also, there is no yearly fee in the first year. The yearly fee for this credit card is $120, though. The card’s mobile device insurance covers up to $1,000 in the event your mobile device is damaged, stolen, or lost. Coverage starts one month after the credit card is approved.

After the first three months of card ownership, you can earn 4% cash back on each dollar you spent on recurring bill payments and grocery store purchases. Apart from this, you can earn 1% cash back on other purchases and 2% cash back for each dollar you spent on transit and gas. Last but not least, you should have a $100,000 household income or a yearly income of $60,000 as an individual to qualify for the card.

CIBC Aventura Visa Infinite

If you travel frequently and appreciate a credit card that offers a lot of perks and benefits, then this credit card is worth a look. This credit card gives you the ability to earn points with your each purchase. And the good news is that the points don’t expire. You can redeem the points for gift cards, cruises, merchandise, hotel stays, and vacation packages.

Aventura cardmembers also get exclusive access to a travel planning service called Aventura Travel Assistant. The service will help cardholders plan their trip, including booking event tickets, hotels, and flights. The best part is that cardholders do not have to pay booking fees for this travel planning service.

Furthermore, you can earn two Aventura Points for each dollar you spent on travel bought through the CIBC Rewards Centre. You can get 1.5 points per $1 you spent at drugstores, gas stations, and grocery stores. And you can earn one point per $1 you spent on other purchases. The credit card carries a yearly fee of $120. You need an annual income of $60,000 or a $100,000 household income to qualify for this card.
Most importantly, you can have your phone insured up to $1,000 if it is broken, stolen, or lost. Coverage starts three months after the date of purchase.

Meridian Visa Infinite Cash Back Card

The benefits offered by this credit card are immense. The card offers mobile device insurance that covers you only up to $1,000. And coverage begins after three months from the date of your device purchase. You can earn 4% cash back on grocery purchases and gas and 2% cash back on utility bill payments and pharmacy purchases. In addition to this, you will earn 1% cash back on other purchases. A good thing about this credit card is that you do not have to pay a yearly fee for the first year. The yearly fee of the credit card is $99, though. The card also comes with a $5 million travel medical coverage for about 48 days in addition to mobile device insurance.

How does mobile device insurance work?

If the credit card you have has mobile device insurance, coverage will begin one month after you purchase your phone. However, you should know that some credit card coverage begins three months after the purchase. Therefore, unfortunately, you will not be covered if your device is lost or damaged before the start date of the insurance policy.

If something happens to your device, the amount that you will be compensated for will depend on a few things.

  • Your coverage: Most credit cards that offer mobile insurance policies cover damage, accident, and theft (more on this later).
  • Your deductible: A deductible is the amount of money that you have to pay before an insurance company will reimburse you.
  • Depreciated value of your phone: Depreciation is the reduced value of your phone that happens over time. You will have to find out the depreciated value of your mobile phone to calculate the maximum compensation. You can calculate the depreciated value of your device by multiplying the depreciation rate from the original purchase price, and then multiplying that by the months that have passed. And, you can calculate your maximum compensation by subtracting your depreciated value from the original purchase price, and then subtracting your deductible.
  • Cost of your phone: The cost of your phone when you first purchase will be included in what you will be compensated for.

What does a mobile device insurance cover?

Here is what your mobile device insurance will cover.

  • Theft
  • Loss
  • Damage

What mobile device insurance doesn’t cover?

Here is what your mobile device insurance will not cover.

  • Normal tear and wear
  • Cosmetic damage
  • Modified mobile phones (if you have jailbroken your device)
  • Used phones
  • Phones bought for resale
  • Batteries
  • Accessories

However, you should check your insurance certificate to find out exactly what you are not covered for and what you are covered for.

How to make a cell phone insurance claim?

To make a mobile device insurance claim and get compensation for your damaged or lost device, you will need to get your credit card issuer’s approval to ensure that you are eligible. It’s worth knowing that you should not attempt to replace or repair your phone prior to making an insurance claim.

Also, you need to keep in mind that you should make your mobile device insurance claim as quickly as possible after the incident, as you have only 48 hours to file a claim. Remember that you will have to collect all essential documents prior to filing a claim.

You may need the following documents.

  • An insurance or police claim in case of theft
  • Repair estimate in case of damage or malfunction
  • Original sales receipt of your mobile phone
  • Warranty given by the manufacturer
  • Time and date you informed your provider about theft, loss, or damage

Once you have all the needed documents in hand, you can file a mobile device insurance claim.

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