Credit card rental car insurance: Stop paying car rental insurance

The BMO Ascend™ World Elite®* Mastercard®* is one of the few credit cards that includes a car rental personal effects benefit as part of its car rental insurance policy. What this means is that any personal property stolen in your car rental is covered up to $1,000 per person with a maximum of $2,000 per vehicle*.

The card also provides car rental accidental death and dismemberment benefits*. Obviously it’s a claim that you’ll hopefully never have to make, but the card entitles you (or your beneficiary) to lump sum payouts depending on your loss as a result of an accidental bodily injury while occupying an eligible rental car. For example, you’d be paid $50,000 if you lose a thumb or $200,000 if you suffer a loss of life.

Terms and conditions apply

Read our complete: BMO Ascend™ World Elite®* Mastercard®* review.

If you regularly travel to the U.S., look for a credit card that both provides car rental insurance and helps you defray foreign transaction fees. Enter the Rogers Red World Elite® Mastercard®, which covers a car rental up to 31 days, and offers payouts of up to $65,000 in damages. The card has no annual fee and gives 3% cash back on USD purchases, enough to cover the 2.5% foreign transaction fee and add an extra 0.5% cash back on top. Those are some great features for a card with no annual fee, but keep in mind that the Rogers Red World Elite® Mastercard® does have a relatively high minimum annual income requirement of $80,000 for an individual or $150,000 for a household, which may exclude a number of potential applicants.

Read our complete Rogers Red World Elite® Mastercard® review.

The CIBC Dividend Platinum® Visa’s car rental insurance is competitive with other credit cards featured on this page, providing coverage on rental vehicles with an MSRP up to $65K for up to a 48-day rental period†. But what makes it stand out from other cards providing similar rental car insurance levels is its accessibility: It’s available to those with an annual income of $15,000 or more†, whereas most cards providing strong rental car insurance require a minimum annual income of $80K or so. Just check your credit score before applying to make sure it’s in the good/excellent range, between around 740-850.

Another thing that makes the CIBC Dividend Platinum® Visa stand out is that it’s a cash back card, whereas most credit cards that provide strong rental car insurance are oriented toward travel rewards. If you prefer the seamlessness of earning cash back, you might gravitate toward the CIBC Dividend Platinum® Visa’s high earn rates. Cardholders earn 3% cash back on eligible gas, electric vehicle charging, and groceries†, 2% cash back on transportation, dining and recurring payments† and 1% cash back on everything else†.

Click here to apply or learn more by reading our complete CIBC Dividend Platinum® Visa review.

This offer is not available for residents of Quebec.

The information for the CIBC Dividend Platinum Visa has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.

A premium rewards card with a premium price tag of $799, The Platinum Card^® comes with many benefits that cardholders enjoy when driving or parking. Its Car Rental Theft and Damage Insurance can cover you for theft, loss, and damage of your rental car with an MSRP of up to $85,000 for rentals of 48 days or less when you fully charge your rental to The Platinum Card^®. To take advantage of this protection, simply decline the Collision Damage Waiver (CDW), Loss Damage Waiver (LDW), or similar option offered by the car rental agency*. When driving into or parking at Toronto’s Pearson Airport, cardholders will appreciate complimentary valet service at Express and Daily Parking, plus a discount off there as well.

Other exclusive benefits of The Platinum Card® are its unlimited and free access to over 1,400 airport lounges worldwide in the The American Express Global Lounge Collection^TM , and an extensive suite of travel insurance.

Repairs for cracked or damaged windshields may be covered by your credit card's car rental insurance coverage depending on your level of protection. Check the terms and conditions of your card's insurance coverage as rules can differs significantly between banks.

Your card's car rental insurance (sometimes referred to as Auto Collision Damage Waiver, covers vehicle rentals from most major car rental agencies, meaning you'll be covered by your card should you rent a vehicle abroad and use your Canadian credit card for the insurance protection. As always, read your card's terms and conditions for full answers.

Credit card car rental insurance typically provides coverage for damage to or theft of a rental vehicle. It may also offer liability coverage for bodily injury or property damage caused by the rental vehicle. However, it's important to note that coverage can vary depending on the credit card issuer and the specific terms and conditions of the insurance policy. It's always recommended to review the details of your credit card car rental insurance before relying on it for coverage.

Rental coverage covers the cardholder, other drivers on the rental agreement, and potentially the spouse or domestic partner. If someone not listed as an authorized driver causes damage in a wreck while driving the rental car, it may not be covered.

Your auto insurance through your credit card does not cover all facets of the car rental experience. For example, physical injury (to yourself or others) is not covered under the policy. Additionally, property damage, luggage damage and mechanical breakdowns are not covered under the basic policy.