Rental automobile insurance coverage is a journey insurance coverage profit included with many premium bank cards. Understanding bank card rental automobile insurance coverage can provide you peace of thoughts and prevent cash the subsequent time you hit the highway. Let’s dive into the perfect bank cards with rental automobile insurance coverage protection in Canada.
Featured bank cards
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American Specific Cobalt Card
Options: Protection for automobiles with a producer’s recommended 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 stability 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 Specific 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% stability 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% stability 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.
Finest bank cards for rental automobile 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 affords complete insurance coverage for rental automobiles with a producer’s recommended retail worth (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 gasoline, transit and trip shares; and 1 level on all different purchases.
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American Specific Cobalt
Annual price: $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 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 supplies rental automobile insurance coverage for automobiles 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 gasoline, day by 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 forex purchases.
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Scotiabank Gold American Specific
Annual price: $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 stability transfers |
| Revenue required | $12,000 per yr |
| Credit score rating | 725 or larger |
| 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 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 may prevent a major quantity, for those who regularly 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 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 stability transfers |
| Revenue required | Private revenue of $60,000 per yr or family revenue of $100,000 per yr |
| Credit score rating | 725 or larger |
| 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 supplies insurance coverage protection for rental automobiles valued as much as $65,000 MSRP for 48 consecutive days. Plus, get monetary savings 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 price: $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 stability transfers, 23.99% on money advances |
| Revenue required | Private revenue of $80,000 or family revenue 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 affords rental automobile insurance coverage for automobiles 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 without doubt one of 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 price: $139 (waived first yr)
Welcome supply: 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). Circumstances apply. Account should be authorised by January 6, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | Private revenue of $60,000 or family revenue of $100,000 |
| Credit score rating | 680 or larger (beneficial) |
What’s bank card automobile rental insurance coverage?
Bank card insurance coverage protection for rental automobiles 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 just write on the settlement your self: “I decline the CDW supplied by the rental company.”
Some types of harm will not be coated, so it’s sensible to learn the high-quality 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:
- Harm to the rental automobile attributable to a collision or an accident
- Theft of the rental automobile
- Loss-of-use expenses, which means the price of alternate transportation whereas your automobile undergoes repairs
- Towing expenses associated to a coated loss
The next are widespread exclusions. Bank card issuers might have totally 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 automobiles exceeding the protection restrict. (Observe that automobiles like shifting vans, bikes and pick-up vehicles are forms of transportation typically excluded from protection.)
- Leases in some international locations
- Leases exceeding the utmost protection interval
