RBC Avion cards offer good, flexible travel rewards with some pretty decent insurance coverage as well.

And now, the and the offer mobile device insurance as part of their suite of coverage. Sadly, it isn’t included with the .

This new coverage will provide up to $1,500 in protection if something happens to your mobile device – which isn’t offered by many credit cards.

How mobile device insurance works

So how does mobile device insurance work?

First, you have to charge the cost of the new device to your card. Or, if it was included as part of a phone plan, the cost of the plan must be charged to your card.

Your phone will be covered for 2 years for any of the following reasons:

  • accidental damage,
  • physical loss, or
  • mechanical failure.

How much will you be covered for?

While these RBC cards provide up to $1,500 in coverage, you’ll only be covered up to the cost of the device, minus depreciation. For RBC cards, that’s 2% per month.

You’ll also have to pay a 10% deductible off the depreciated value as well.

So, say your device cost $500 and you make a claim 6 months later. Here’s what your payout would be:

Depreciated value = 500 – (500 x 2% x 6 months) = $440

Then, you remove the deductible from this number:

Total Insurance Payout = 440 – (440 x 10%) = $396

However, every card is a little different. Be sure to read all the details of your insurance certificate to know exactly how it works.

Other credit cards with mobile device insurance

Of course, these RBC cards aren’t the only ones that provide mobile device insurance.

Here are a couple of other cards that include this rare perk:

Credit Cards Mobile Device Coverage Amount Welcome Bonus Annual Fee & Income Requirements Apply Now
National Bank myCredit Up to $1,000 Up to 6% cash back, up to $125 earned (terms) No annual fee or income requirements Apply Now
Scotiabank Momentum Visa Infinite Up to $1,000 First year free (terms) * $120 annual fee
* 60K personal or 100K household income requirements
Apply Now

National Bank myCredit

While the mobile device insurance is rare, it’s even rarer on credit cards with no annual fee.

However, the does both.

Earn cash back rewards, get mobile device insurance, and pay no annual fee.

To get you started, you’ll earn 6% cash back on recurring bills and restaurant purchases and 2% on all purchases (up to $125 in cash back earned).

Afterwards, you’ll earn 1% on restaurants and bills, and 0.5% on all other purchases.

Get more details here:

Scotiabank Momentum Visa Infinite

As of August 1, 2019, the gained $1,000 in mobile device coverage.

It’s a good addition to our top rated cash back card. And what makes it our top cash back card? The earn rates – you’ll earn plenty of cash back on your essentials:

  • 4% on groceries and recurring bills,
  • 2% on transit and gas purchases, and
  • 1% on all other purchases.

With high earn rates, great insurance, and mobile device coverage, this Scotiabank card has a lot to like. And, you also get the first year free to see if this card works for you.

Plus up to 4% cash back.
Ends December 18, 2019.

Your turn

What do you think of this addition to the RBC cards?

Is mobile device insurance something you think would be useful?

Let us know in the comments below.