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 perfect 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 steered 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 steadiness 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% steadiness 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% steadiness 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.
Finest bank cards for rental automotive insurance coverage in Canada
Dive into the professionals and cons of our prime bank card picks.
American Specific Cobalt
At a look: The American Specific Cobalt gives complete insurance coverage for rental automobiles with a producer’s steered retail value (MSRP) of as much as $85,000 for as much as 48 consecutive days. For an annual price 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 experience shares; and 1 level on all different purchases.
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American Specific Cobalt
Annual price: $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 offers rental automotive insurance coverage for autos valued as much as $65,000 MSRP for 48 consecutive days. With a $120 annual price, 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 providers; and 1 level on all different purchases. It’s additionally one of many uncommon Canadian bank cards that don’t cost a international transaction price on international foreign money purchases.
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Scotiabank Gold American Specific
Annual price: $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. Provide ends Dec. 31, 2024.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings 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 resort (together with Airbnbs). |
Scotiabank Passport Visa Infinite
At a look: This card gives insurance coverage for rental automobiles valued as much as $65,000 MSRP for 48 consecutive days. Whereas it comes with a $150 annual price, the dearth of an FX price might prevent a major quantity, when you incessantly journey outdoors of Canada or store in different currencies on-line. It’s also possible to 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 price: $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. Provide ends October 31, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings 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 resort (together with Airbnbs). |
BMO Ascend World Elite Mastercard
At a look: The BMO Ascend World Elite Mastercard offers insurance coverage protection for rental automobiles valued as much as $65,000 MSRP for 48 consecutive days. Plus, get monetary savings 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 price: $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 steadiness transfers, 23.99% on money advances |
| Earnings 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 gives rental automotive insurance coverage for autos 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 without doubt one of the solely playing cards in Canada to supply free deluxe roadside help, protecting issues like towing, battery help, gasoline supply and extra.
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TD Money Again Visa Infinite Card
Annual price: $139 (waived first 12 months)
Welcome provide: Earn as much as $500 in worth, together with 10% in money again through the first three months (as much as $350 in money again). Situations apply. Account have to be authorized by January 6, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | Private revenue of $60,000 or family revenue of $100,000 |
| Credit score rating | 680 or increased (really useful) |
What’s bank card automotive rental insurance coverage?
Bank card insurance coverage protection for rental automobiles usually 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 usually solely comes into impact when a rental is totally charged to your bank card, and you need to usually decline the rental automotive company’s collision injury 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 just write on the settlement your self: “I decline the CDW supplied by the rental company.”
Some types of injury will not be coated, so it’s smart to learn the high-quality 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 usually covers:
- Injury to the rental automobile as a result of a collision or an accident
- Theft of the rental automobile
- Loss-of-use costs, that means the price of alternate transportation whereas your automobile undergoes repairs
- Towing costs 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. (Notice that autos like shifting vans, bikes and pick-up vehicles are sorts of transportation typically excluded from protection.)
- Leases in some international locations
- Leases exceeding the utmost protection interval
