Rental automobile insurance coverage is a journey insurance coverage profit included with many premium bank cards. Understanding bank card rental automobile insurance coverage may give you peace of thoughts and prevent cash the following time you hit the street. Let’s dive into one of the best bank cards with rental automobile insurance coverage protection in Canada.
Featured bank cards
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American Categorical Cobalt Card
Options: Protection for automobiles with a producer’s prompt retail worth (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 steadiness switch
Welcome supply:
$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 Categorical Card
Options: Protection for automobiles 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% steadiness switch
Welcome supply:
$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 automobiles 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% steadiness switch
Welcome supply:
$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 automobile insurance coverage in Canada
Dive into the professionals and cons of our prime bank card picks.
American Categorical Cobalt
At a look: The American Categorical Cobalt affords complete insurance coverage for rental vehicles with a producer’s prompt retail worth (MSRP) of as much as $85,000 for as much as 48 consecutive days. For an annual charge of $160, this card provides you 5 factors per $1 on eating and groceries; 3 factors on streaming subscriptions; 2 factors on fuel, transit and trip shares; and 1 level on all different purchases.
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American Categorical Cobalt
Annual charge: $156
Welcome supply: 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 |
| Revenue 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 Fastened Factors Journey Program, and as much as $0.02 with airline factors transfers. |
Scotiabank Gold American Categorical
At a look: The Scotiabank Gold American Categorical gives rental automobile insurance coverage for automobiles 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 fuel, each day transit and streaming companies; and 1 level on all different purchases. It’s additionally one of many uncommon Canadian bank cards that don’t cost a foreign transaction fee on overseas foreign money purchases.
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Scotiabank Gold American Categorical
Annual charge: $120
Welcome supply: Earn as much as $950 in worth within the first 12 months, together with as much as 45,000 bonus Scene+ factors. Provide ends Dec. 31, 2024.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Revenue required | $12,000 per 12 months |
| 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 affords insurance coverage for rental vehicles valued as much as $65,000 MSRP for 48 consecutive days. Whereas it comes with a $150 annual charge, the shortage of an FX charge might prevent a major quantity, for those who often journey outdoors of Canada or store in different currencies on-line. You can even benefit from 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 supply: Earn as much as $1,100 in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. Provide ends October 31, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Revenue required | Private revenue of $60,000 per 12 months or family revenue of $100,000 per 12 months |
| 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 vehicles valued as much as $65,000 MSRP for 48 consecutive days. Plus, lower your expenses on fuel 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 supply: 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 steadiness transfers, 23.99% on money advances |
| Revenue required | Private revenue of $80,000 or family revenue 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 affords rental automobile insurance coverage for automobiles valued as much as $65,000 MSRP for 48 consecutive days. Plus, earn 3% money again on fuel, groceries and recurring invoice funds. This is among the solely playing cards in Canada to supply free deluxe roadside assistance, protecting issues like towing, battery help, gasoline supply and extra.
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TD Money Again Visa Infinite Card
Annual charge: $139 (waived first 12 months)
Welcome supply: Earn as much as $500 in worth, together with 10% in money again in the course of the first three months (as much as $350 in money again). Circumstances apply. Account have to be permitted by January 6, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Revenue required | Private revenue of $60,000 or family revenue of $100,000 |
| Credit score rating | 680 or increased (beneficial) |
What’s bank card automobile rental insurance coverage?
Bank card insurance coverage protection for rental vehicles usually features a collision harm waiver (CDW) and a loss harm waiver (LDW), which protects you from monetary legal responsibility in case your rental automobile is broken or stolen. It usually solely comes into impact when a rental is absolutely charged to your bank card, and it’s essential to typically decline the rental automobile company’s collision harm waiver (CDW) advantages. If there is no such thing as a clearly marked space on the contract asking you to say no protection, some bank cards insist that you simply write on the settlement your self: “I decline the CDW offered by the rental company.”
Some types of harm will not be lined, so it’s sensible to learn the wonderful particulars of the bank card’s insurance coverage contract earlier than you apply.
What does bank card rental automobile insurance coverage cowl?
Bank card rental automobile insurance coverage usually covers:
- Injury to the rental car on account of a collision or an accident
- Theft of the rental car
- Loss-of-use prices, that means the price of alternate transportation whereas your car undergoes repairs
- Towing prices associated to a lined loss
The next are frequent exclusions. Bank card issuers could have completely different exclusions, so all the time learn your insurance coverage settlement fastidiously.
- Legal responsibility for harm to different automobiles or property
- Private belongings stolen from the rental automobile
- Unique or luxurious vehicles exceeding the protection restrict. (Observe that automobiles like shifting vans, bikes and pick-up vehicles are kinds of transportation usually excluded from protection.)
- Leases in some international locations
- Leases exceeding the utmost protection interval
Steadily requested questions
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