Do the math.
If you qualify for E50/Gold annually, and/or primarily fly business class, have Nexus; then the airline perks of a high end credit card are not worth very much.
Depending on the credit card, the insurance may not be a first tier payer, i.e. you must first claim under your home or auto policy before you can claim under the credit card. Canadian auto unsureds, typically have better coverage with their own auto insurance if the have a Form No. 2 (Drive other Automobiles) or an Endorsement No 27 (Legal Liability for Damage to Non Owned or Hired Vehicles) attached to their anchor Auto Form No. 1 policy wording, and would not need the credit card coverage.

I liked my Amex Aeroplan card, and my Amex was accepted at most of the places I transacted with. Amex service was good. I just did not see the value in paying $150 for the card. Over the years I had CIBC/and TD Aero Gold/Infinite Visa cards. TD service was poor and there were always problems. Worse were the annoying calls from the call center to sell me financial products I did not need nor want. CIBC was slightly better. I got rid of the fee card last year, when I discovered that CIBC has a no fee Aeroplan card. I use that for my *A airline purchases and some travel expenses. I have a cash back credit card from my primary bank, and a US credit card for my US expenses. The US credit card saves me the inflated FX fees on US transactions and is ideal for anyone with some US$ income and US expenses. I like the cash back on my regular credit card. I may have forgone 5-10,000 in bonus aeroplan miles, but no biggie, since I am sitting on 600,000 miles and have been unable to redeem- purchase a reasonable business or first class seat to Asia over the past 3 years.
If you will travel alot, do not have a primary automobile insurance policy and are good at playing the redemption game then yes a premium card (fees $139-$150) may be good for you. However, for the majority of flyers, a basic affinity card without the fee is sufficient. The loaded cards (e.g. $599+) are best for the real frequent flyers who can manage the rules of aeroplan and know how to book reward seats, and do so frequently.