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 the most effective bank cards with rental automotive insurance coverage protection in Canada.
Featured bank cards
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American Categorical Cobalt Card
Options: Protection for autos 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 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 Categorical 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.
Greatest bank cards for rental automotive 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 gives complete insurance coverage for rental vehicles with a producer’s urged retail value (MSRP) of as much as $85,000 for as much as 48 consecutive days. For an annual price 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 journey shares; and 1 level on all different purchases.
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American Categorical 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 greater |
| 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 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 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 international forex purchases.
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Scotiabank Gold American Categorical
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. Supply 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 yr |
| Credit score rating | 725 or greater |
| 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 vehicles valued as much as $65,000 MSRP for 48 consecutive days. Whereas it comes with a $150 annual price, the shortage of an FX price may prevent a major quantity, in the event you ceaselessly journey exterior 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 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. Supply 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 yr or family revenue of $100,000 per yr |
| Credit score rating | 725 or greater |
| 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 vehicles 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 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 greater |
| 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 gasoline, groceries and recurring invoice funds. This is among the solely playing cards in Canada to supply free deluxe roadside assistance, overlaying issues like towing, battery help, gas supply and extra.
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TD Money Again Visa Infinite Card
Annual price: $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 authorised 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 greater (really useful) |
What’s bank card automotive rental insurance coverage?
Bank card insurance coverage protection for rental vehicles 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 absolutely 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 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 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:
- Harm to the rental automobile as a consequence of a collision or an accident
- Theft of the rental automobile
- Loss-of-use prices, that means the price of alternate transportation whereas your automobile undergoes repairs
- Towing prices associated to a coated loss
The next are widespread exclusions. Bank card issuers could have totally different exclusions, so at all times learn your insurance coverage settlement rigorously.
- Legal responsibility for harm to different autos or property
- Private belongings stolen from the rental automotive
- Unique or luxurious vehicles exceeding the protection restrict. (Notice that autos like transferring 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
