No trip cancellation coverage. If you cancel a prepaid trip for a covered reason, nothing is reimbursed through this card. 🔴 Financial exposure: a $5,000 non-refundable booking is entirely your loss.
CIBC Costco Mastercard insurance: which benefits actually hold up?
CIBC·CA$0/year·Mastercard·Belair Insurance Company Inc.
Pauline LauroreAuthor of HelloSafe's card insurance reviewsUpdated June 23, 20268 min read
0,3/5Independent review · verified June 2026
0,0
0,0
2,8
Our Verdict · Travel Insurance
Our opinion on CIBC Costco Mastercard Travel Insurance
Expert review · Pauline LauroreAuthor of HelloSafe's card insurance reviews
Picture booking a winter trip on your Costco card, then checking what you are covered for. The answer is short. The CIBC Costco Mastercard travel insurance does not exist. No emergency medical, no trip cancellation, no flight or baggage protection, nothing for a rental car. Your provincial health plan pays almost nothing once you leave Canada, so a hospital bill abroad lands entirely on you. That is the real gap. If you travel, you need a separate travel insurance policy, and comparing one takes a few minutes.
What works on travel
- Free to hold, so no fee is lost on unused travel coverage
Where travel breaks down
- No emergency medical coverage abroad
- No trip cancellation or interruption
- No flight delay or baggage protection
- A separate travel insurance policy is required for any trip
Our methodology
Every score is derived from official bank documents: terms and conditions, benefit guides, and claim procedures. No commercial relationship influences our ratings.
Travel Insurance · 11 guarantees
What does CIBC Costco Mastercard Travel Insurance actually cover?
Quality, not just caps
No trip cancellation on this card. A separate travel insurance policy is the only way to protect prepaid, non-refundable bookings.
What's not covered
- Trip cancellation is not a benefit of this card.
No emergency medical coverage. Provincial health plans (OHIP, RAMQ) pay almost nothing outside Canada. One serious accident abroad can cost more than a car.
No emergency medical coverage abroad. You would need a separate travel health policy for any care outside your province. 🔴 Financial exposure: an ER visit in the US runs $20,000 to $80,000, and a hospital stay far more.
What's not covered
- Emergency medical care abroad is not a benefit of this card.
No medical evacuation coverage. Air ambulance from abroad is one of the largest travel costs there is.
No emergency evacuation or repatriation benefit. Air ambulance and medically supervised transport are not covered. 🔴 Financial exposure: an evacuation from a remote area can exceed $100,000.
What's not covered
- Medical evacuation and repatriation are not benefits of this card.
No trip interruption coverage. If your trip is cut short, unused prepaid expenses are not refunded. 🟠 Financial exposure: an early return can leave $2,000 to $6,000 in unrecoverable bookings.
What's not covered
- Trip interruption is not a benefit of this card.
No trip delay coverage. Meals and hotel nights caused by a delay are not reimbursed. 🟠 Financial exposure: an overnight delay with hotel and meals easily reaches $300 to $600.
What's not covered
- Trip delay is not a benefit of this card.
No missed connection coverage. Rebooking after a missed connection is not covered. 🟠 Financial exposure: a last-minute rebooking can run $300 to $800.
What's not covered
- Missed connection is not a benefit of this card.
No early return benefit. A last-minute flight home for an emergency is not covered. 🟠 Financial exposure: a one-way emergency ticket can cost $800 to $2,000.
What's not covered
- Early return home is not a benefit of this card.
No baggage delay coverage. Essentials bought while your bag is delayed are not reimbursed. 🟡 Financial exposure: replacing clothing and toiletries for a few days runs $150 to $400.
What's not covered
- Baggage delay is not a benefit of this card.
No lost or stolen baggage coverage. The value of lost luggage and its contents is not reimbursed. 🟡 Financial exposure: a checked bag of clothing and electronics can total $1,000 to $3,000.
What's not covered
- Lost or stolen baggage is not a benefit of this card.
No travel accident (accidental death and dismemberment) coverage. There is no lump-sum benefit for an accident on a common carrier. 🟡 Comparable cards often include $250,000 to $500,000 at no extra cost.
What's not covered
- Travel accident insurance is not a benefit of this card.
No hotel theft coverage. Belongings stolen from your hotel room are not reimbursed. 🟡 Financial exposure: a theft of electronics and valuables from a room can exceed $1,500.
What's not covered
- Hotel theft protection is not a benefit of this card.
Policy document
We source benefits from official card guides, but PDFs are sometimes hard to obtain or update. Spotted something off?
Coverage Radar
Where the CIBC Costco Mastercard wins, where it loses
Coverage snapshot for this tab — click any layer to highlight its scores.
Compare
Costco MastercardThis card0.3/5?
$0/yrWith travel insuranceIdeal
Complete coverage · 5.0 / 5Premium card avg.
$150 avg. annual feeClick a layer to highlight its scores on the radar.
Side-by-side comparison
How the CIBC Costco Mastercard stacks up against the alternatives
Same 5 coverage dimensions, ranked head-to-head against the cards most Costco Mastercard shoppers also consider.
| Card | This card Costco Mastercard CIBC · $0/yr 0.3/5? | Aeroplan Visa Infinite CIBC · $139/yr 4.1/5? | WestJet World Elite Mastercard RBC · $139/yr 4.1/5? | Aeroplan Reserve American Express · $599/yr 4.1/5? |
|---|---|---|---|---|
Trip cancellation Per person, per trip cap | Not covered Cover this gap → | $1,500 / person 27 covered reasons | $1,500 per person Charged to card or WestJet dollars | $1,500 / person Covered reasons apply |
Emergency medical Hospital bills abroad | Not covered Cover this gap → | $5,000,000 15 days, 3 days at 65+ | Unlimited No dollar ceiling | $5,000,000 Age 64 or under only |
Emergency evacuation Air ambulance + repatriation | Not covered Cover this gap → | Within $5M medical Within emergency medical | Within medical Air ambulance pre-authorized | Within $5M medical Within emergency medical |
Trip delay trigger Hours before benefits kick in | Not covered Cover this gap → | 4h / $500 4-hour trigger | 4h / $500 $250 per day | 4h / $1,000 agg 4-hour trigger |
Rental CDW Primary or secondary | Not covered Cover this gap → | Primary / $85,000 Primary CDW | Primary / actual cash value Primary coverage | Primary / $85,000 Primary CDW |
StrongLimited / misleadingNot covered
Data verified against each card's Guide to Benefits, May 2026.
Cardholder reviews
What cardholders say about the CIBC Costco Mastercard
Paraphrased from public Canadian sources (Reddit, Trustpilot, card comparators). Sentiment synthesis, not verbatim quotes. To be validated before publication.
JL
Jennifer L.
Free card, fine for everyday spend
No annual fee and decent cash back on restaurants and gas. As a no-cost companion to my Costco membership it does the job. I just do not treat it as a travel card, because it is not one.
SM
Sophie M.
Mobile device coverage is a nice touch
The one insurance perk people mention is the mobile device coverage up to $1,000. It is not generous once you account for the deductible and depreciation, but for a free card it is more than most competitors offer.
MT
Marc T.
Lost the travel coverage in the switch
When the card moved from Capital One to CIBC, the travel insurance it used to include disappeared. I only realized it comparing the card to other no-fee options. For any trip now, I rely on a separate travel insurance policy.
DR
Daniel R.
Rough transfer to CIBC
The migration from Capital One was messy. My replacement card took weeks and several calls, and the app feels clunky. The insurance side is thin, so there is not much reason to keep it beyond Costco shopping.
Emergency · Card assistance line
How to contact CIBC Costco Mastercard assistance?
Benefit administrator: Belair Insurance Company Inc. — claims via Purchase Security & Extended Warranty Claims Management Services
Claims & pre-authorizations
How to file a CIBC Costco Mastercard claim
1
Step 1: Give notice within 90 days
Report the loss, theft, or damage within 90 days of the occurrence. Keep your receipt and the card statement showing the purchase.
2
Step 2: Gather your documents
For a damaged item, get proof of the repair cost. For a mobile device, note the purchase date so depreciation can be calculated. For theft, file a police report.
3
Step 3: Submit to the administrator
Send your claim to the Purchase Security & Extended Warranty Claims Management Services in Mississauga, ON, with all supporting documents.
FAQ
What people ask about the CIBC Costco Mastercard
- There is nothing to activate, and there is no travel insurance to activate in the first place. The card's only coverage is Purchase Security, Extended Warranty, and Mobile Device Insurance, all underwritten by Belair Insurance Company Inc. They apply automatically when at least part of the purchase price is charged to the card. For a mobile device, the phone or tablet must be charged to the card or financed through it. Keep your receipt and the original packaging, since any claim requires proof of purchase. If you are planning a trip, treat travel medical, cancellation, and rental coverage as something you buy separately.
- The insurance is for the cardholder's benefit only. Purchase Security, Extended Warranty, and Mobile Device Insurance protect eligible items that you charge to the card. There is no travel insurance, so there is no concept of a covered spouse, dependent children, or travel companions here. That difference matters. On most travel cards, family members are automatically covered while travelling, but this card carries none of that. If you travel with family and want everyone protected for medical emergencies or trip cancellation, a standalone travel insurance policy is the way to cover the whole group.
- No. The CIBC Costco Mastercard provides no rental car coverage of any kind. There is no collision or loss damage waiver, no liability coverage, no roadside assistance, and no protection for personal items left in the vehicle. If you decline the rental agency's own waiver and the car is damaged or stolen, you are personally responsible for the full cost, which can run from a few thousand dollars to the value of the vehicle. To rent with peace of mind, either use a credit card that includes CDW, buy the waiver at the counter, or confirm your personal auto policy extends to rentals.
- Claims are handled by the Purchase Security & Extended Warranty Claims Management Services (2 Prologis Blvd., Suite 100, Mississauga, ON), on behalf of the insurer Belair. Give notice within 90 days of the loss, theft, or damage. You will need your receipt, the card statement showing the purchase, and for a damaged item, proof of the repair cost. For a mobile device, expect the payout to be the depreciated value, minus a 10% deductible, capped at $1,000. The single most useful habit is to keep receipts and packaging for big purchases, because a claim without proof of purchase usually goes nowhere.
- The biggest gap is travel. There is no emergency medical, no trip cancellation or interruption, no flight delay, no baggage coverage, and no rental car protection. On the purchase side, Purchase Security excludes mysterious disappearance, motor vehicles, perishables, and items bought for resale or business. Mobile Device Insurance excludes used or refurbished devices, devices over $3,000, and cosmetic damage that does not affect function, and it applies a 10% deductible plus monthly depreciation. In short, this is a purchase-protection card, not a travel card. For any trip, plan to buy travel insurance separately.
- No, and it is worth being blunt about it. The card carries zero travel insurance, so for any trip outside your province you are effectively uninsured for the risks that matter most. A provincial health plan pays almost nothing abroad, an emergency room visit in the US can cost tens of thousands of dollars, and a cancelled trip means losing every non-refundable dollar. None of that is covered here. The practical move is to pair the card with a standalone travel insurance policy that includes emergency medical and trip cancellation. Comparing a few quotes takes minutes and closes the entire gap.
- Mobile Device Insurance covers a phone or tablet against loss, theft, and accidental damage, as long as the device was charged to the card or financed through it. The benefit pays up to $1,000 per occurrence. Two adjustments reduce the payout: a 10% deductible and depreciation of 2% of the purchase price for each month you have owned the device. For example, a $900 phone lost after ten months depreciates by $180, then the 10% deductible applies. Used devices, devices over $3,000, and mysterious disappearance are excluded, so report a theft to police and keep your receipt.
Not just CIBC
Other cards worth considering
Costco Mastercard is a strong choice — but depending on what you prioritize, one of these may suit you better.
WestJet World Elite Mastercard
RBC
Aeroplan Reserve
American Express
Aeroplan Visa Infinite
CIBC
Aventura Visa Infinite
CIBC
Find your ideal travel insurance
Tell us about your trip and get a tailored recommendation.
Step 1 of 3