RBC Visitors Insurance Review

RBC Visitors Insurance

RBC Insurance, the insurance arm of RBC Financial, was ranked the #1 Banking-based Insurance Brand Globally in 2015 by Brand Finance, an independent brand valuation firm that tracks top global companies. In November 2017 they revised their Visitors to Canada (VTC) insurance policy and initiated in order to place their brand in front of their online customers. As this is one of the largest financial brands available in Canada, we occasionally get asked to review how this coverage compares to the wide selection of policies that we quote online.

Advantages

  • Well known and trustworthy brand. This should mean that they will have proper policies and procedures in place for treating consumers fairly during claims administration.
  • Adequate secondary benefits (i.e., follow-up visits after emergency, dental, AD&D, meals and accommodation, etc.).
  • Covers stable (90 days) pre-existing medical conditions up to age 49 or even age 70 (180 days) with some restrictions (see below).

Disadvantages

  • As a well known premium brand, this coverage is offered at a premium price compared with similar coverage available from other VTC products that we quote online. While no one company ever offers the most competitive rates for all age groups, RBC's VTC coverage is often the more expensive price point, especially for Super Visa insurance coverage. 
  • Available only in $25,000; $50,000 and $150,000 sum insured amounts. This makes the policy quite expensive for Super Visa travellers as there is no $100,000 option. 
  • The $150,000 coverage amount is not available past the age of 69. Again, this indicates that they haven't designed the policy to be used with the wider Super Visa insurance market.
  • No trip break permitted. The policy ends on the date that the insured leaves Canada to return to home country. 
  • There is no specific wording in the policy addressing coverage while outside of Canada. 
  • The policy has restrictions on its pre-existing medical conditions coverage. For example, for travellers over 49 years of age heart conditions and lung conditions will not be covered if medications have been taken to treat those conditions at any time during the 180 days prior to the effective date.
  • Only available before arrival in Canada or within 5 days of arriving in Canada.