Get to know your CIBC card benefits
Provides coverage for theft, loss, or damage to a rental car.
Car Rental Collision / Loss Damage Insurance covers you for vehicle loss or damage but does not include the contents of the vehicle. There is no coverage for third party liability, personal injury, damage to property, normal vehicle wear and tear or mechanical/electrical vehicle breakdown.
It is true that collision damage insurance is mandatory in some countries. In this case, should a loss occur, the rental agency will cover your loss according to the terms and conditions of their contract, subject to a deductible. Upon reviewing your claim, we may reimburse you up to the cost of the deductible.
Coverage for the rental vehicle cannot be extended for more than 48 consecutive days. If a rental period is longer than 48 days, no coverage is provided for that entire rental period.
Provided the full cost of the rental is charged to your eligible CIBC card, Car Rental Collision / Loss Damage Insurance covers you for theft, loss and damage, up to the actual cash value of the rental vehicle and for any rental agency loss of use charges. For example, any physical damage, vandalism, fire, theft, or damage to tires and windshields would be covered up to the full vehicle value.
This coverage has a rental period limit of 48 days and covers damage or theft of a rental vehicle up to the Manufacturer’s Suggested Retail Price outlined in your Certificate of Insurance.
Vehicles excluded from coverage include: vans, cargo vans, trucks, pick-up trucks, off-road vehicles, motorcycles and any vehicle, in its model year, over the Manufacturer’s Suggested Retail Price outlined in your Certificate of Insurance. The vehicles listed here is not a complete list of excluded vehicles. Please refer to your Certificate of Insurance for the full list of exclusions.