Best Credit Cards For Car Rental Insurance In Canada.

You can get car rental insurance as an added benefit with many credit cards. Here are the best credit cards for car rental insurance in Canada.

For cars, rental insurance protects against damage and loss while you own it. You can get this insurance as an added benefit with many credit cards. In fact, it’s better to use your credit card as your primary car rental coverage provider. Specialized rental insurance is usually very expensive. While some rental cards may not accept insurance, most Canadian joints will allow it. In the article, let’s share information about the best credit cards for car rental insurance in Canada.

While no one wants bad things to happen, rental car insurance can help you in many difficult situations. For example, if you are in an accident, your car rental insurance will cover any damage to the vehicle. A person at fault may be liable for any damages caused by him. You do not have to pay the cost of repair or replacement. However, if you are at fault, your car rental insurance will cover any vehicle damage. However, you have to offer some additional documents.

In extreme cases, the car rental company may hold you responsible for any damage caused by your rental car. You will be charged a fee. The company can also blacklist you and prevent you from renting for a long time. However, a good rental car insurance coverage can help you in such cases as well. Insurance covers everything within reason. You usually won’t need to pay extra. This includes extreme events like theft/vandalism etc.

Additionally, car insurance is really needed in case of a hit and run. Your car rental insurance will cover you even if the other driver doesn’t stop or report the incident to the authorities. Any damage to the vehicle will be covered by your car rental insurance. Also, the renter’s policy covers drivers in case of driving under the influence of drugs/alcohol and speeding violations. While specialized rental insurance is usually very expensive, you can get this insurance as an added benefit with many credit cards.

Most affordable – TD Aeroplan Visa Unlimited Card

  • 10% off on car rental with Axis and budget car rental companies.
  • 50,000 welcome bonus points in the first year
  • Annual fee waived in first year
  • Free checked bag
  • Nexus Rebates
  • $139 annual fee
  • Minimum income of $60,000 for individuals and $100,000 for families

Best for low income earners – CIBC Dividend Platinum Visa

  • 3% cash back on eligible gas payments
  • Lower annual fees compared to competitors
  • Low minimum requirement $15,000
  • Excellent credit history is essential

The CIBC Dividend Platinum Visa is intended for low income earners. It offers additional primary rental car coverage to users with incomes as low as $15,000. However, you need to have excellent credit of 740 and above. In case of theft or damage to rental vehicles, this credit card offers up to $65,000 in insurance coverage on most cars and trucks. However, the rental agreement must be paid in full with your CIBC Dividend Platinum Visa Card.

While the coverage limit is $65,000 per claim, there are certain exclusions such as damages from natural disasters. CIBC Dividend Platinum Visa offers theft coverage up to a maximum of $3500 per occurrence. However, theft outside of Canada is not covered by this policy. If no bodily injury occurs during the accident, it can be covered up to $4000 per incident. You will also get 3% cash back on qualifying gas payments.

Best Cash Back Rate – BMO World Elite MasterCard

  • 60,000 signup bonus points
  • Annual fee waived in first year
  • Extended warranty and purchase protection
  • $65,000 rental car insurance
  • Rewards for every purchase
  • Not deductible
  • $150 annual fee
  • 2.5% foreign transaction fee
  • $80,000 minimum personal income fee or $150,000 household fee

The BMO World Elite MasterCard is a great option for users who need more than standard car rental insurance. Along with theft and collision damage, it offers additional coverage of up to $1 million per accident (up to a maximum of $2 million). With the BMO World Elite MasterCard, you get up to $65,000 in rental car coverage for 48 days. Thanks to all the bonuses and rewards, the BMO World Elite Mastercard is the essential card for all your needs, including vehicle rental insurance.

This credit card is for high income earners with excellent credit. For primary card holders, it offers zero annual fee during their first year. You will also get 60,000 bonus points and rewards. On travel purchases, you can earn 5x points for every dollar spent. There is also an extended warranty (extended up to 1 year) and purchase protection (up to 90 days). To enjoy their best bonuses and rewards, you must rent from Hertz, Avis or Budget.

Best Travel Medical Insurance – PC Financial World Elite MasterCard

  • There is no annual fee
  • Emergency medical insurance
  • Travel and concierge facilities
  • High income requirement

PC Mastercard is also a no-annual-fee card. It also offers higher earning rates in select stores. Additionally, as long as your account is in good standing, reward points do not expire. You can earn up to 45 points per $1 on eligible purchases at an interest rate of 20.97% on purchases. Along with rental car insurance, it offers additional travel amenities and concierge facilities.

With the PC Financial World Elite Mastercard, you get up to $1,000,000 in emergency travel medical insurance for the first ten consecutive days of your trip. In case of emergency, you can get medical help. PC Mastercard also waives fare collision damage. However, to get this benefit, you have to decline the rental company’s collision insurance and charge it to your card.

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