Read on to learn about the best credit cards offering mobile device insurance in Canada and how this coverage works.
Cell phones are a part of our everyday life, and they have become increasingly expensive in recent years.
When you get a new phone on contract from your cell phone provider, they will offer you optional cell phone insurance coverage to protect your purchase in the event it becomes damaged, lost, or stolen.
Alternatively, you can get cell phone insurance coverage by making your purchase using a credit card with mobile device insurance.
What is Mobile Device Insurance?
Mobile device insurance is often also referred to as cell phone insurance.
This insurance coverage usually protects your mobile devices, i.e. smartphones or tablets, against damage, theft, or loss.
You can buy cell phone insurance from your cellular provider or directly from the manufacturer, such as AppleCare+ in the case of iPhones.
You can also get this benefit for ‘free’ using a credit card that has mobile device insurance as one of its benefits.
Top Credit Cards With Mobile Device Insurance
Here are the best credit cards that offer mobile phone insurance in Canada:
| Credit Card | Mobile device coverage | Coverage starts | Coverage duration |
| Tangerine World Mastercard | $1,000 | 30 days from the purchase of the mobile device | 2 years |
| American Express Cobalt Card | $1,000 | Following purchase with your credit card | 2 years |
| National Bank mycredit Mastercard | $1,000 | 60 days following the purchase of your mobile device | 2 years |
| CIBC Aventura Visa Infinite Card | $1,000 | The 91st day following the date of purchase of your mobile device | 2 years |
| BMO eclipse Visa Infinite Card | $1,000 | 91 days following the purchase of your mobile device | 2 years |
Tangerine World Mastercard
The Tangerine World Mastercard is a no-annual-fee credit card with mobile device insurance and other perks.
- Mobile device insurance benefit: Up to $1,000
- Coverage starts: 30 days from the purchase of the mobile device
- Coverage duration: 2 years
- Depreciation: 2% rate
For a no-fee card, the Tangerine World Mastercard stands out with unlimited 2% cash back on up to three categories of spending and 0.50% cash back on all other purchases.
It also provides rental car insurance, free Boingo Wi-Fi, and complimentary Mastercard Airport Experiences provided by Loungekey membership.
Tangerine World Mastercard
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
American Express Cobalt Card
The American Express Cobalt Card is one of the best travel credit cards in Canada with mobile device insurance.
- Mobile device insurance benefit: Up to $1,000
- Coverage starts: Upon purchase with your credit card
- Coverage duration: 2 years
- Depreciation: 2% rate
This card offers comprehensive travel benefits, including emergency medical insurance, flight delay, baggage delay, hotel burglary, travel accident, car rental, and other insurance coverage (7 types).
Cardholders earn 5 points per dollar spent on food and drinks, 3 points per $1 spent on streaming subscriptions, 2 points per $1 spent on travel and gas purchases, and 1 point/$1 spent on everywhere else.
It also has a welcome bonus of up to 30,000 points (valued at up to $600).
American Express Cobalt Card
Rewards: Earn 5x pts per $1 spent on food & drinks; 3x pts on streaming subscriptions; 2x pts on travel; 1x pts everywhere else.
Welcome offer: Get up to 30,000 bonus points in the first year.
Interest rates: 20.99% on purchases and 21.99% on cash advances.
Annual fee: $155.88
National Bank mycredit Mastercard
National Bank’s mycredit Mastercard is one of a few no-fee credit cards with mobile device insurance in Canada.
- Mobile device insurance benefit: Up to $1,000
- Coverage starts: 60 days following the purchase of your mobile device
- Coverage duration: 2 years
- Depreciation: 3% rate
Cardholders earn 1% cash back on restaurant purchases and recurring pre-authorized payments; and 0.50% cash back on all other purchases.
It also offers purchase protection and extended warranty benefits.
CIBC Aventura Visa Infinite Card
This travel rewards credit card has a $139 annual fee and provides mobile phone insurance along with several other perks.
- Mobile device insurance benefit: Up to $1,000
- Coverage starts: on the 91st day following the date of purchase of your mobile device
- Coverage duration: 2 years
- Depreciation: 2% rate
The CIBC Aventura Visa Infinite Card has a comprehensive list of travel insurance benefits (10 types) and you earn 2 points for every $1 spent on travel purchased via the CIBC Rewards Centre; 1.5 points per $1 spent on gas, grocery, and drugstore purchases, and 1 point per $1 spent everywhere else.
Meridian Visa Infinite Cash Back Card
The Meridian Visa Infinite Cash Back card is one of the best grocery and gas credit cards in Canada.
It also offers mobile device insurance along with several other travel insurance benefits.
- Mobile device insurance benefit: Up to $1,000
- Coverage starts: 90 days after the date of purchase of your mobile phone
- Coverage duration:2 years
- Depreciation: 2%
This card pays 4% cash back on gas and grocery purchases, 2% cash back on pharmacy purchases, and 1% back on everything else.
BMO eclipse Visa Infinite Card
The BMO eclipse Visa Infinite Card has mobile device insurance along with out-of-province/country emergency medical insurance, common carrier insurance, and car rental insurance.
- Mobile device insurance benefit: Up to $1,000
- Coverage starts: 91 days following the purchase of your mobile device
- Coverage duration: 2 years
- Depreciation: 2% rate
This card has a $120 annual fee and 5 points per $1 spent on dining, food, delivery, groceries, gas, and public transit. All other purchases earn at a rate of 1 point per $1.
Scotia Momentum Visa Infinite Card
Get mobile device insurance along with a suite of comprehensive travel insurance coverage benefits when you sign up for the Scotia Momentum Visa Infinite Card.
- Mobile device insurance benefit: Up to $1,000
- Coverage starts: 30 days from the date of purchase of your mobile device
- Coverage duration: 2 years
- Depreciation: 2% rate
This credit card is one of the best cash back credit cards in Canada.
For a $120 annual fee, cardholders earn 4% cash back on groceries and recurring payments, 2% cash back on gas and daily transit, and 1% on everything else.
Learn more in this detailed review.
RBC Avion Visa Infinite Card
The RBC Avion Visa Infinite has mobile device insurance and is also a great way to earn RBC Rewards points. It has a $120 annual fee.
- Mobile device insurance benefit: Up to $1,500
- Coverage starts: 91 days from the date of purchase of your mobile device
- Coverage duration: 2 years
- Depreciation: 2% rate
This card pays 1 point for every $1 spent (plus an extra 25% when spending on travel purchases).
Cardholders also enjoy Avioner benefits and save on gas purchases at Petro-Canada.
TD Aeroplan Visa Infinite Card
The TD Aeroplan Visa Infinite Card offers mobile device insurance along with a long list of travel benefits you would expect to find in a premium credit card.
- Mobile device insurance benefit: Up to $1,000
- Coverage starts: 30 days after purchasing a mobile phone
- Coverage duration: 2 years
- Depreciation: 2% rate
Cardholders earn 1.5 points per $1 spent on gas, grocery, and Air Canada purchases; 1 point per $1 spent on all other purchases. It has a $139 annual fee.
This TD Aeroplan Visa Infinite Card review provides more details.
Odyssey World Elite Mastercard
The Odyssey World Elite Mastercard comes with mobile device insurance and other travel perks such as 8 free passes to the Desjardins Odyssey Lounge at the Montreal-Trudeau airport.
- Mastercard device insurance benefit: Up to $1,500
- Coverage starts: 60 days after the purchase of your mobile device
- Coverage duration: 2 years
- Depreciation: 2% rate
This card has a $130 annual fee.
Credit Cards With Cell Phone Insurance
In addition to the credit cards listed above, you can also enjoy mobile phone insurance and protection with these credit cards:
- Desjardins Cash Back Visa
- Desjardins Cash Back Mastercard
- BMO eclipse Visa Infinite Privilege Card
- Brim Mastercard
- Brim World Mastercard
- Brim World Elite Mastercard
- CIBC Aeroplan Visa Infinite Card
- TD Aeroplan Visa Infinite Privilege Card
- TD Aeroplan Visa Platinum Card
How Does Credit Card Mobile Device Insurance Work?
Read the fine print of your credit card mobile device insurance certificate to get the full detail of your coverage.
In general, you must charge the full purchase price of the mobile device to your card for the coverage to apply.
If you are financing a cellular device, you must pay the full monthly bills to your card for the entire duration of your phone contract.
You will also need to consider when coverage starts. This can be on the date of purchase or 30-90 days after. In the first 60 to 90 days, the standard purchase protection coverage could cover loss, theft, and accidental damage to your phone.
While many credit card cell phone insurance plans cover $1,000 to $1,500, you will generally pay a deductible and account for depreciation in the value of your cell phone, smartphone, or tablet.
Deductibles vary with the purchase price such as:
| Purchase Price (Less Taxes) | Applicable Deductible |
| $0 – $200 | $25 |
| $200.01 – $400 | $50 |
| $400.01 – $600 | $75 |
| $600.01+ | $100 |
Example: Assuming you purchase a new phone for $1,000 before taxes and you have owned it for 5 months before it was stolen.
The depreciated value of your phone at the time of your claim is $1,000 less than the rate of depreciation (typically 2%) for 5 months.
I.e., $1,000 – (2% x 5 months x $1,000) = $900
Using the deductible amount from the table above, you will get a maximum reimbursement of $800 (i.e. $900 – $100 deductible).
How To File a Mobile Device Insurance Claim
To file a claim, contact your credit card company as soon as possible, but no later than 14 days after a loss.
You should also contact your wireless provider to suspend wireless services within 48 hours in the event of a loss or theft.
Note that mobile device insurance does not cover:
- Cosmetic damages that do not affect your phone’s functionality
- Damage resulting from power surges
- Laptops
- Batteries
- Refurbished mobile devices or those that have been previously owned or used
- Accessories
