Get to know your insurance benefits on the new CIBC Costco®^† Mastercard® and CIBC Costco®^† World Mastercard®

Mobile Device Insurance

Coverage is available for eligible devices purchased on or after March 4, 2022 using your CIBC Costco®^† Mastercard® or your CIBC Costco®^† World Mastercard®.

I purchased my cell phone in full with my eligible CIBC credit card and 10 days later my cell phone was stolen. Am I covered under Mobile Device Insurance?

Mobile Device Insurance is triggered 91 days after your purchase in order to avoid overlap with the 90 day coverage available to you under Purchase Security and Extended Warranty Insurance.

I put a down payment on my new cell phone and paid the balance through a Canadian wireless service provider’s monthly bill plan using my eligible CIBC credit card and 10 days later my cell phone was stolen. Am I covered under Mobile Device Insurance?

Yes, Mobile Device Insurance will reimburse the replacement cost, not exceeding the depreciated value, less a 10% deductible, to maximum of $1,000.

I purchased a new cell phone for $800, charged the full purchase price of the phone to my eligible CIBC credit card and connected it to a Canadian wireless plan. I lost my phone 14 months later. What am I covered for?

Purchase price $800
Less depreciation cost - $224 ($800 X 2% X 14 months)
Depreciated value $576
Less deductible - $ 57.60 ($576 X 10%)
Reimbursement $518.40
This coverage is in excess of any other insurance or compensation available to you.

I purchased a new cell phone for $800 and 5 months later I accidentally dropped it and cracked the screen and it needs to be repaired. What am I covered for?

If your mobile device is accidentally damaged and the total repair cost is $300, including applicable taxes, the maximum reimbursement upon approval of your claim will be $300.

I purchased my cell phone prior to the effective date of the certificate of insurance and I lost it 6 months later. Am I covered?

Mobile Device Insurance is only triggered if your mobile device is purchased with an eligible CIBC credit card on or after the effective date of the certificate of insurance.

Purchase Security and Extended Warranty Insurance

Coverage is available for eligible items purchased on or after March 4, 2022 using your CIBC Costco®^† Mastercard® or your CIBC Costco®^† World Mastercard®.

What are the Purchase Security benefits on my CIBC credit card?

Purchase Security Insurance provides worldwide coverage in the event of loss, theft or damage of qualified purchases charged to your eligible CIBC credit card for up to 90 days following the date of purchase. If the item is stolen or damaged it may be replaced or repaired, or we may reimburse you up to the original cost of the item.

What are the Extended Warranty benefits on my CIBC credit card?

Extended Warranty Insurance provides cardholders with an extension to the term of the original manufacturer’s warranty up to one additional year commencing at the expiry of the manufacturer’s original warranty term. Please note, the manufacturer's warranty cannot exceed five years, must be honoured in Canada or the U.S, and items must be charged to an eligible CIBC credit card.

Get to know your insurance benefits on the new CIBC Costco®† Mastercard® and CIBC Costco®† World Mastercard®

Mobile Device Insurance

Purchase Security and Extended Warranty Insurance

Get to know your insurance benefits on the new CIBC Costco®^† Mastercard® and CIBC Costco®^† World Mastercard®