Rental automotive insurance coverage is a journey insurance coverage profit included with many premium bank cards. Understanding bank card rental automotive insurance coverage may give you peace of thoughts and prevent cash the subsequent time you hit the highway. Let’s dive into the very best bank cards with rental automotive insurance coverage protection in Canada.
Featured bank cards
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American Specific Cobalt Card
Options: Protection for autos with a producer’s recommended retail value (MSRP) of as much as $85,000 for as much as 48 consecutive days.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
Welcome provide:
$150 worth
Earn 1,250 factors for every month you spend $750, as much as a most of 15,000 factors.
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Scotiabank Gold American Specific Card
Options: Protection for autos with an MSRP of as much as $65,000 for as much as 48 consecutive days.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
Welcome provide:
$450 worth
Earn as much as $950 in worth within the first 12 months, together with as much as 45,000 bonus Scene+ factors. To qualify, apply by December 31, 2024.
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Scotiabank Passport™ Visa Infinite Card
Options: Protection for autos with an MSRP of as much as $65,000 for as much as 48 consecutive days.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
Welcome provide:
$250 worth
Earn as much as $1,100 in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. To qualify, apply by December 31, 2024.
Greatest bank cards for rental automotive insurance coverage in Canada
Dive into the professionals and cons of our high bank card picks.
American Specific Cobalt
At a look: The American Specific Cobalt provides complete insurance coverage for rental automobiles with a producer’s recommended retail value (MSRP) of as much as $85,000 for as much as 48 consecutive days. For an annual charge of $160, this card offers you 5 factors per $1 on eating and groceries; 3 factors on streaming subscriptions; 2 factors on gasoline, transit and experience shares; and 1 level on all different purchases.
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American Specific Cobalt
Annual charge: $156
Welcome provide: Earn 1,250 factors for every month you spend $750, as much as a most of 15,000 factors.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 725 or increased |
| Level worth | 1 Amex Membership Rewards level = $0.01 when redeemed with the Versatile Factors Journey Program, $0.015 on common with the Mounted Factors Journey Program, and as much as $0.02 with airline factors transfers. |
Scotiabank Gold American Specific
At a look: The Scotiabank Gold American Specific gives rental automotive insurance coverage for autos valued as much as $65,000 MSRP for 48 consecutive days. With a $120 annual charge, it earns you 6 Scene+ factors per $1 spent at Sobeys-owned grocery shops (together with Safeway, FreshCo and Foodland); 5 factors on groceries at different grocery shops and on eating places and leisure; 3 factors on gasoline, every day transit and streaming providers; and 1 level on all different purchases. It’s additionally one of many uncommon Canadian bank cards that don’t cost a overseas transaction charge on overseas forex purchases.
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Scotiabank Gold American Specific
Annual charge: $120
Welcome provide: Earn as much as $950 in worth within the first 12 months, together with as much as 45,000 bonus Scene+ factors. Supply ends Dec. 31, 2024.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | $12,000 per yr |
| Credit score rating | 725 or increased |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey on any airline or lodge (together with Airbnbs). |
Scotiabank Passport Visa Infinite
At a look: This card provides insurance coverage for rental automobiles valued as much as $65,000 MSRP for 48 consecutive days. Whereas it comes with a $150 annual charge, the dearth of an FX charge might prevent a big quantity, in case you incessantly journey outdoors of Canada or store in different currencies on-line. You may as well make the most of the cardboard’s complete journey insurance coverage and perks, like six free airport lounge visits yearly. Earn 3 Scene+ factors per $1 at qualifying grocery shops; 2 factors per $1 on eating places, different grocery shops, leisure and transit; and 1 level per $1 on different eligible purchases.
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Scotiabank Passport Visa Infinite
Annual charge: $150
Welcome provide: Earn as much as $1,100 in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. Supply ends October 31, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | Private earnings of $60,000 per yr or family earnings of $100,000 per yr |
| Credit score rating | 725 or increased |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey on any airline or lodge (together with Airbnbs). |
BMO Ascend World Elite Mastercard
At a look: The BMO Ascend World Elite Mastercard gives insurance coverage protection for rental automobiles valued as much as $65,000 MSRP for 48 consecutive days. Plus, lower your expenses on gasoline prices and leases from choose sellers. Cardholders get 5 BMO Rewards factors per $1 spent on eligible journey purchases; 3 factors on eating, leisure and recurring invoice funds; and 1 level on all different purchases.
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BMO Ascend World Elite Mastercard
Annual charge: $150
Welcome provide: Earn as much as 100,000 bonus factors ($667 worth).
Card particulars
| Rates of interest | Rates of interest: 20.99% on purchases, 23.99% on stability transfers, 23.99% on money advances |
| Earnings required | Private earnings of $80,000 or family earnings of $150,000 |
| Credit score rating | 760 or increased |
| Level worth | 1 BMO Rewards level = $0.0067 when redeemed for journey. |
TD Money Again Visa Infinite
At a look: This card provides rental automotive insurance coverage for autos valued as much as $65,000 MSRP for 48 consecutive days. Plus, earn 3% money again on gasoline, groceries and recurring invoice funds. This is likely one of the solely playing cards in Canada to supply free deluxe roadside help, overlaying issues like towing, battery help, gasoline supply and extra.
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TD Money Again Visa Infinite Card
Annual charge: $139 (waived first yr)
Welcome provide: Earn as much as $500 in worth, together with 10% in money again throughout the first three months (as much as $350 in money again). Circumstances apply. Account should be authorized by January 6, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | Private earnings of $60,000 or family earnings of $100,000 |
| Credit score rating | 680 or increased (advisable) |
What’s bank card automotive rental insurance coverage?
Bank card insurance coverage protection for rental automobiles sometimes features a collision injury waiver (CDW) and a loss injury waiver (LDW), which protects you from monetary legal responsibility in case your rental automotive is broken or stolen. It sometimes solely comes into impact when a rental is totally charged to your bank card, and you should typically decline the rental automotive company’s collision injury waiver (CDW) advantages. If there isn’t a clearly marked space on the contract asking you to say no protection, some bank cards insist that you just write on the settlement your self: “I decline the CDW supplied by the rental company.”
Some types of injury is probably not coated, so it’s clever to learn the wonderful particulars of the bank card’s insurance coverage contract earlier than you apply.
What does bank card rental automotive insurance coverage cowl?
Bank card rental automotive insurance coverage sometimes covers:
- Injury to the rental car because of a collision or an accident
- Theft of the rental car
- Loss-of-use expenses, that means the price of alternate transportation whereas your car undergoes repairs
- Towing expenses associated to a coated loss
The next are frequent exclusions. Bank card issuers might have totally different exclusions, so all the time learn your insurance coverage settlement rigorously.
- Legal responsibility for injury to different autos or property
- Private belongings stolen from the rental automotive
- Unique or luxurious automobiles exceeding the protection restrict. (Word that autos like shifting vans, bikes and pick-up vans are varieties of transportation typically excluded from protection.)
- Leases in some nations
- Leases exceeding the utmost protection interval