Rental automotive insurance coverage is a journey insurance coverage profit included with many premium bank cards. Understanding bank card rental automotive insurance coverage can provide 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 automotive insurance coverage protection in Canada.
Featured bank cards
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American Categorical Cobalt Card
Options: Protection for automobiles with a producer’s urged 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 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 automotive insurance coverage in Canada
Dive into the professionals and cons of our high bank card picks.
American Categorical Cobalt
At a look: The American Categorical Cobalt gives complete insurance coverage for rental automobiles with a producer’s urged 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 fuel, transit and experience 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 larger |
| 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 supplies rental automotive 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 overseas transaction charge on overseas forex 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. Supply 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 larger |
| 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 charge, the shortage of an FX charge may prevent a big quantity, in the event you steadily journey outdoors of Canada or store in different currencies on-line. You can even 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 supply: 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 steadiness transfers |
| Revenue required | Private earnings of $60,000 per 12 months or family earnings of $100,000 per 12 months |
| Credit score rating | 725 or larger |
| 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 supplies insurance coverage protection for rental automobiles 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 earnings of $80,000 or family earnings of $150,000 |
| Credit score rating | 760 or larger |
| 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 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 likely 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 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). Situations apply. Account should be accredited 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 earnings of $60,000 or family earnings of $100,000 |
| Credit score rating | 680 or larger (really useful) |
What’s bank card automotive rental insurance coverage?
Bank card insurance coverage protection for rental automobiles sometimes features a collision harm waiver (CDW) and a loss harm 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 have to usually decline the rental automotive company’s collision harm 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 simply write on the settlement your self: “I decline the CDW offered by the rental company.”
Some types of harm is probably not lined, so it’s sensible to learn the fantastic 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:
- Harm to the rental automobile attributable to a collision or an accident
- Theft of the rental automobile
- Loss-of-use fees, which means the price of alternate transportation whereas your automobile undergoes repairs
- Towing fees associated to a lined loss
The next are widespread exclusions. Bank card issuers might have totally different exclusions, so at all times learn your insurance coverage settlement rigorously.
- Legal responsibility for harm to different automobiles or property
- Private belongings stolen from the rental automotive
- Unique or luxurious automobiles exceeding the protection restrict. (Observe that automobiles like transferring vans, bikes and pick-up vans are sorts of transportation usually excluded from protection.)
- Leases in some international locations
- Leases exceeding the utmost protection interval