Scotia Loan Protection insurance1

Many of us rely on our vehicles everyday. Be prepared for the unexpected that can hinder your ability to make your auto loan payments.

Did you know?

Nearly half of Canadians carrying non-mortgage debts say paying them off is stressful.2

Scotia Loan Protection for your auto loan can offer financial support if you experience an involuntary job loss, illness, injury or if you pass away.

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Drive with confidence knowing your loan is covered with Scotia Loan Protection

If your claim is approved, this optional insurance makes payments either toward your scheduled loan payments, or pay part or all of your outstanding loan balance which can help you:

Have more funds for everyday expenses such as food, housing, and auto insurance.

Prevent missed or late loan payments to maintain your credit score.

Avoid using savings or emergency funds to make your loan payments.

Safeguard the ownership of your vehicle if, due to certain life events, you can no longer afford the payments.

Don’t let life’s unexpected surprises derail your journey

Financial protection for your auto loan, with no medical questions asked.

What type of coverage bundle is available to you?

Basic Protection

Basic Protection provides the following insurance coverage:

  • Life Coverage only

Comprehensive Protection

Comprehensive Protection includes the five insurance coverages below:

  • Life Coverage
  • Terminal Illness Coverage
  • Critical Illness Coverage
  • Disability Coverage
  • Job Loss Coverage

Learn more about the coverage types


  • Your family can be more confident knowing your outstanding loan balance can be paid in part or full.
  • Can pay up to $300,000 towards your outstanding personal loans if you pass away.

Terminal Illness 

  • Can cover your outstanding loan balance, up to a maximum of $300,000, if you are diagnosed with a covered terminal Illness.3

Critical Illness 

  • If you experience a covered critical illness (cancer, heart attack or stroke) prior to your 70th birthday, you and your loved ones can have help paying your auto loan.
  • Can help cover your loan payments, up to $3,500 per month for up to 12 months.


  • Focus more on recovering from a physical or mental health condition and not on your loan payments.
  • Can help cover your loan payments, up to $3,500 per month for up to 12 months, if you become disabled and are unable to work.

Job Loss

  • While you’re looking for a new job, this coverage can help cover your loan payments, freeing up money for everyday expenses.
  • Can help cover your loan payments, up to $3,500 per month for up to 6 months or 12 months total lifetime if you involuntarily lose your job.

30-day ‘right to examine your coverage’ period

If you decide our loan insurance is not right for you, cancel within 30 days to receive a full refund of any premium paid. Call us today to enrol worry-free.

Learn more about Scotia Loan Protection

Calculate your Loan Balance Protection

Find out how much your monthly insurance premium would be.

Protect yourself financially with optional Scotia Creditor Insurance Protection

With or without dependents, the right coverage can help keep your financial goals on track. 

You may not be able to see the future, but we can help you plan for it.

See how Scotia Creditor Insurance can help you and your family get financially prepared.

Frequently asked questions

Ways to contact us

Scotia Loan Protection

Mon-Fri (8 am-8 pm ET)

Call for a quote about Scotia Loan Protection insurance

In person

Visit a local branch


We look forward to taking care of you every step of the way.

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