Rental automobile insurance is a travel insurance profit included with many premium bank cards. Understanding bank card rental automobile insurance can offer you peace of mind and lower your expenses in your next trip. Let’s take a have a look at the perfect bank cards with rental automobile insurance coverage in Canada.
Selected bank cards
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American Express Cobalt Card
Features: Coverage for vehicles with a Manufacturer Suggested Retail Price (MSRP) of as much as $85,000 for as much as 48 consecutive days.
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Interest rates:
21.99% Purchase, 21.99% Cash Advance, N/A Balance Transfer
Welcome offer:
Value of $150
Earn 1,250 points for each month you spend $750, as much as a maximum of 15,000 points.
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Scotiabank Gold American Express Card
Features: Coverage for vehicles with an MSRP of as much as $65,000 for as much as 48 consecutive days.
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Interest rates:
20.99% Purchase, 22.99% Cash Advance, 22.99% Balance Transfer
Welcome offer:
Valued at $450
Earn as much as $950 in value in the primary 12 months, including as much as 45,000 bonus Scene+ points. To qualify, apply by December 31, 2024.
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Scotiabank Passport™ Visa Infinite Card
Features: Coverage for vehicles with an MSRP of as much as $65,000 for as much as 48 consecutive days.
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Interest rates:
20.99% Purchase, 22.99% Cash Advance, 22.99% Balance Transfer
Welcome offer:
Value of $250
Earn as much as $1,100 in value in the primary 12 months, including as much as 35,000 bonus Scene+ points. To qualify, apply by December 31, 2024.
Best bank cards for rental automobile insurance in Canada
Learn more in regards to the pros and cons of our top bank card picks.
American Express Cobalt
At a look: American Express Cobalt offers comprehensive rental automobile insurance with a Manufacturer Suggested Retail Price (MSRP) of as much as $85,000 for as much as 48 consecutive days. For an annual fee of $160, this card earns you 5 points per $1 spent on dining and groceries; 3 points for streaming subscriptions; 2 points for gas, public transportation and ridesharing; and 1 point on all other purchases.
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American Express Cobalt
Annual fee: $156
Welcome offer: Earn 1,250 points for each month you spend $750, as much as a maximum of 15,000 points.
Card details
| Interest rates | 21.99% on purchases, 21.99% on money advances |
| Income required | None specified |
| credit-worthiness | 725 or higher |
| Point value | 1 Amex Membership Rewards point = $0.01 when redeemed with the Flexible Points Travel Program, average $0.015 with the Fixed Points Travel Program, and as much as $0.02 with airline points transfers. |
Scotiabank Gold American Express
At a look: Scotiabank Gold American Express offers rental automobile insurance for vehicles valued as much as $65,000 MSRP for 48 consecutive days. With an annual fee of $120, you will earn 6 Scene+ points per $1 spent at Sobeys-owned grocery stores (including Safeway, FreshCo and Foodland); 5 points for groceries at other grocery stores and for dining and entertainment; 3 points for gas, each day transit and streaming services; and 1 point on all other purchases. It’s also one among the rare Canadian bank cards that does not charge a foreign transaction fee on foreign currency purchases.
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Scotiabank Gold American Express
Annual fee: $120
Welcome offer: Earn as much as $950 in value in the primary 12 months, including as much as 45,000 bonus Scene+ points. Offer ends December 31, 2024.
Card details
| Interest rates | 20.99% on purchases, 22.99% on money advances, 22.99% on balance transfers |
| Income required | $12,000 per 12 months |
| credit-worthiness | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel on any airline or hotel (including Airbnbs). |
Scotiabank Passport Visa Infinite
At a look: This card provides insurance on rental cars valued as much as $65,000 (MSRP) for 48 consecutive days. Although there may be an annual fee of $150, the dearth of a foreign exchange fee can offer you significant savings in case you incessantly travel outside of Canada or shop online in other currencies. You can even benefit from the cardboard’s comprehensive travel insurance and perks, corresponding to six free airport lounge visits per 12 months. Earn 3 Scene+ points per $1 at qualifying grocery stores; 2 points per $1 on restaurants, other grocery stores, entertainment and public transportation; and 1 point per $1 on other eligible purchases.
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Scotiabank Passport Visa Infinite
Annual fee: $150
Welcome offer: Earn as much as $1,100 in value in the primary 12 months, including as much as 35,000 bonus Scene+ points. Offer ends October 31, 2025.
Card details
| Interest rates | 20.99% on purchases, 22.99% on money advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 per 12 months or household income of $100,000 per 12 months |
| credit-worthiness | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel on any airline or hotel (including Airbnbs). |
BMO Ascend World Elite Mastercard
At a look: The BMO Ascend World Elite Mastercard provides coverage on rental cars as much as $65,000 MSRP for 48 consecutive days. Plus lower your expenses on gas and rent at select dealers. Cardholders earn 5 BMO Rewards points per $1 spent on eligible travel purchases; 3 points on dining, entertainment and recurring bill payments; and 1 point on all other purchases.
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BMO Ascend World Elite Mastercard
Annual fee: $150
Welcome offer: Earn as much as 100,000 bonus points (price $667).
Card details
| Interest rates | Interest rates: 20.99% for purchases, 23.99% for balance transfers, 23.99% for money advances |
| Income required | Personal income of $80,000 or household income of $150,000 |
| credit-worthiness | 760 or higher |
| Point value | 1 BMO Rewards point = $0.0067 when redeemed for travel. |
TD Cash Back Visa Infinite
At a look: This card provides rental automobile insurance for vehicles valued as much as $65,000 (MSRP) for 48 consecutive days. Plus, get 3% money back on gas, groceries, and recurring bill payments. This is one among the few cards in Canada that provides complimentary deluxe roadside assistance, covering things like towing, battery backup, fuel delivery and more.
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TD Cash Back Visa Infinite Card
Annual fee: $139 (waived in first 12 months)
Welcome offer: Earn as much as $500 in value, including 10% money back for the primary three months (as much as $350 money back). Conditions apply. Account have to be approved by January 6, 2025.
Card details
| Interest rates | 20.99% on purchases, 22.99% on money advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 or household income of $100,000 |
| credit-worthiness | 680 or higher (really useful) |
What is automobile rental insurance with a bank card?
Credit card insurance coverage for rental cars typically includes Collision Damage Waiver (CDW) and Loss Damage Waiver (LDW), which protects you from financial liability in case your rental automobile is broken or stolen. It typically doesn’t go into effect until your bank card is fully charged for the rental, and you will typically must decline the automobile rental company’s comprehensive insurance (CDW). If there isn’t a clearly marked area within the contract asking you to say no coverage, some bank cards will insist that you simply write on the contract yourself: “I decline the CDW provided by the car rental company.”
Some damage will not be covered, so it’s advisable to read the precise details of the bank card’s insurance policy before applying.
What does bank card rental automobile insurance cover?
Car rental insurance via bank card often covers the next:
- Damage to the rental vehicle as a result of a collision or accident
- Theft of the rental vehicle
- Loss of use fees, that are the prices of different transportation while your vehicle is being repaired
- Towing fees related to an insured loss
Below are common exclusions. Credit card issuers could have different exclusions. Therefore, at all times read your insurance contract fastidiously.
- Liability for damage to other vehicles or property
- Personal items stolen from rental automobile
- Exotic or luxury cars that exceed the coverage limit. (Note that vehicles corresponding to moving trucks, motorcycles, and pickup trucks are sorts of transportation which are often excluded from coverage.)
- Rental in some countries
- Rents that exceed the utmost insurance period
