RBC car insurance has quite a lot to offer Canadian consumers, including a wide array of options that let you customize your insurance policy to meet your needs. If you’re looking for the cheapest car insurance available, however, you’ll have to look elsewhere, as RBC’s premiums tend to fall somewhere in the middle of the pack, and they offer few ways to earn any discounts on your premiums.
That said, RBC insurance is widely available across Canada, and many people like the added peace of mind of having their insurance policy with one of Canada’s big banks. Even if you’re one of these people, however, you’ll still want to shop around, as some other banks offer better rates or more ways to save money on your insurance policy.
RBC auto insurance features
Here’s what RBC car insurance has to offer.
Why You Want It
Comprehensive offerings + Save up to 10% when bundling insurance.
Special Features
- Impressive Satellite Program for emergency roadside and driver assistance
- Quick # number for making claims on a Rogers cell phone
Eligibility
- Canadian citizen
- Age of majority
Provinces
AB, NB, NL, NS, NT, NU, ON, PE, QC, YT
Features
Liability Insurance
Accident Benefits / Bodily Insurance
Collision Insurance
Comprehensive Insurance
Emergency Road Service
Uninsured Motorist Coverage
Direct Compensation Property Damage
All Perils
Specified Perils
Accident Forgiveness
Replacement Value For Total Loss
See Issuer for Details
Family Protection
New Vehicle Protection / Depreciation
Loss Of Vehicle Use Endorsement
Rented Or Borrowed Car Protection
Ride Sharing
See Issuer for Details
Conviction Protection / Ticket Forgiveness
See Issuer for Details
Disappearing Deductible
RBC auto insurance rating: 4.5 stars
We’ve given RBC car insurance 4.5 stars for a few reasons. While it offers a variety of options that allows you to largely customize your car insurance policy to your needs, it is lacking in a few minor ways. It gained points for being widely available across Canada, though it does lack rental car insurance options.
We also don't love that it has middling premiums, without offering too many discounts to help you save money on your car insurance, but it does make up for these flaws in other areas.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of RBC auto insurance
RBC car insurance does have a few things going for it.
Pros
Fairly comprehensive options available
If you’re looking for insurance for a brand new premium SUV or just the basics for a used car you bought to make it through the winter, you can probably find an RBC car insurance package that is right for you. There are a few caveats to this, however, which we cover in the drawbacks below.
Middle-of-the-pack premiums
When researching this article, we got quotes from a number of different Canadian car insurance providers, based on the same make and model of car, the same address (in Ontario), and the same driver profile. RBC Royal Bank’s quote came in around the middle of the pack, meaning there are some that are more expensive, but there are also cheaper options available.
Backed by one of Canada’s big banks
RBC is one of Canada’s largest banks, and many people find that there’s added peace of mind having their insurance policies with such a tried and true Canadian institution. If you are one of these people, you should still do some comparison shopping, because other big banks (such as TD) offer more opportunities to save on your insurance premiums.
Recreational and other vehicle insurance options available
If you have an RV, classic car, or other leisure vehicle, RBC makes it easy to get insurance for those as well. And as with many insurance companies, you can get a blanket discount for bundling multiple insurance packages together with the same provider.
The cons of RBC auto insurance
There are a few drawbacks to RBC auto insurance that you should know about.
Cons
Few discounts available
While some auto insurance providers offer clear and significant discounts for auto insurance, RBC doesn’t advertise theirs in such an up front manner. They do mention that you can get discounts for being a seasoned driver with a clean driving record, but they don’t really get into the details. If you decide to go with RBC for your car insurance, be sure to inquire about what discounts may be available to you.
No option for rental car coverage
Many of the insurance providers we researched offer optional rental car coverage as part of your auto insurance package, but RBC doesn’t seem to offer this as an option. If you travel a lot, or make use of rental cars on a regular basis, you may want to consider another car insurance provider, or at very least get a credit card that includes complimentary rental car insurance coverage.
Gig-work isn’t covered
And while RBC is far from being alone in this, we mention this because of the growing popularity of doing gig-work driving for one of the rideshare or food delivery services. If you decide to take on one of these jobs, be aware that you will probably have to get additional auto insurance to cover you if you use your personal vehicle for business purposes. Most insurance companies require that you have additional commercial vehicle insurance in order to be covered while doing gig work. Double-check whatever auto insurance policy you have before you get started, else you could be in for an expensive surprise.
RBC auto insurance alternatives
Here are some of the other auto insurance providers we looked at, and how RBC car insurance stacks up in comparison.
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Auto Insurance | Scotiabank Car Insurance | TD Auto Insurance | CAA Auto Insurance |
| Genius Rating | ||||
| Why You Want It | Comprehensive offerings + Save up to 10% when bundling insurance. | 24/7 claims assistance available + Bundling discount opportunities. | Membership discounts for 750+ groups + Save with TD MyAdvantage. | Get comprehensive coverage options + Access discounts with membership. |
| Liability Insurance | | | | |
| Accident Benefits / Bodily Insurance | | | | |
| Collision Insurance | | | | |
| Comprehensive Insurance | | | | |
| Emergency Road Service | | | | |
Show More | ||||
| Get a quote See more RBC products Compare | Learn More See more Scotiabank products Compare | Learn More See more TD products Compare | Learn More See more CAA products Compare |
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FAQ
Is RBC car insurance any good?
RBC auto insurance is a solid option for Canadian drivers. That said, however, they don’t offer everything you may want in a car insurance policy, and their rates are average, at best. They also don’t advertise too many discounts, unlike some of their competitors.
Does RBC offer the lowest auto insurance rates?
RBC Royal Bank’s car insurance rates tend to fall somewhere in the middle of those we surveyed, so they’re not the most expensive, but they’re definitely not the cheapest option available. As one of Canada’s largest banks, however, the added peace of mind you get from having your insurance policy with such a well-known institution may be worth it to you.
Can I get discounts on my RBC car insurance?
RBC mentions that there are some discounts available for some people in some provinces, but they aren’t super clear about what these are or who can get them. If you choose to go with RBC auto insurance, be sure to ask your RBC insurance specialist about any discounts you may qualify for.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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