RBC Car Insurance

RBC is one of the “Big Five” banks in Canada, and offers traditional banking services (both personal and commercial) as well as a full range of investment options. It also operates a subsidiary, RBC Insurance, which provides a wide range of home, life, travel, health and car insurance policies.


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RBC Insurance sells the following car insurance policies:

  • Third-party liability: This protects you in the event you are responsible for injuring someone or causing damage to their property while operating your vehicle.
  • Accident benefits: Covers you if you are injured in a car accident, and provides compensation for medical and rehabilitation expenses that are not reimbursed by government health plans, as well as lost income.
  • Uninsured motorist or automobile: Protects you in the event that you are injured in a collision with an uninsured driver, and provides compensation if you are in an accident with a driver who cannot be identified (i.e. a hit and run).
  • Collision: Covers expenses involved in repairing a car that’s been in an accident or is otherwise damaged while driving, up to a maximum of the vehicle’s cash value.
  • Comprehensive: Whereas collision insurance covers damages suffered while driving your car, comprehensive protects you in the event that your vehicle is lost or damaged in some other way (i.e. natural disasters, fire, theft, etc.).
  • Specified perils: With this coverage, you are only covered for particular risks, such as theft, vandalism or natural disaster.
  • All perils coverage: This is a combination of the collision and comprehensive policies. It also protects you if your car is stolen by someone who lives with you, or someone you hired to repair it.

Optional RBC Car Insurance Policies

In addition to the insurance policies listed above, RBC Insurance also offers many optional insurance policies you can add onto your package to increase your coverage, including:

  • Family protection coverage: This option provides benefits if you or a family member is killed or seriously injured in an accident with uninsured or unidentified driver. Without this endorsement, your benefits are capped by your province’s minimum required liability coverage amount. RBC recommends using this endorsement to increase your liability coverage beyond the provincial minimum.
  • Waiver of depreciation: With this option, RBC will not factor any depreciation of your vehicle, if you make a claim for loss or damage within the first 24 months. Instead, RBC will cover the original value of the vehicle.
  • Loss of vehicle use: Provides compensation for the cost of alternate transportation (taxis, rental cars, public transportation) while your car is being repaired or replaced, as a result of damage or loss covered by your policy.
  • Accident protection: This coverage, sometimes called accident forgiveness, keeps your premiums low even if you were at fault for a collision. To qualify, you must be a resident of Ontario, accident-free for 6 years and licensed for 15 years.
Note : RBC doesn’t provide car insurance in British Columbia, Manitoba or Saskatchewan, due to their public auto insurance systems. If RBC doesn’t offer car insurance where you live, use our widget to find the best extended car insurance in your area.

Factors That May Result in a Denial of Coverage

RBC may cancel your car insurance policy or deny coverage in a number of situations, such as:

  • A material misrepresentation of information on your application (including about both yourself and your vehicle)
  • If your risk factors have changed since you purchased insurance
  • Certain convictions, such as racing or driving while impaired by alcohol or drugs
  • Using your car as a taxi
  • Non-payment of insurance premiums

RBC Car Insurance Discounts Available

RBC offers numerous discounts that can help you reduce your car insurance premiums, including:

  • Save up to 5% when you apply online
  • Save up to 15% when you insure more than one vehicle through RBC
  • Save up to 12% when you also purchase homeowner’s, renter’s or condo insurance through RBC
  • Choosing a higher deductible
  • Installing an approved anti-theft device in your car
  • Passing an approved driver training program

More About RBC Insurance

RBC is Canada’s largest bank by assets, employs over 80,000 people worldwide and has 1,209 branches across the country. RBC Insurance employs 3,000 people around the globe and serves 4 million customers. Enter your location and car information into our widget and find out if RBC can offer you one of the best car insurance rates in Canada.

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