CIBC Auto Rental Collision and Lost Damage Insurance with your CIBC Credit Card

February 2, 2024

In this post Hide

Coverage Eligibility
Vehicles Covered
What is not covered?
Additional Drivers
Conclusion

Have you ever read the details of your CIBC Auto Rental Collision and Lost Damage Insurance provided by your credit card?

I have summarized important details as you evaluate whether you need to purchase car rental insurance directly from the rental car company or you can rely on your CIBC credit card.

The following credit cards have CIBC Auto Rental Collision and Lost Damage Insurance:

Other insurance benefits information for being a CIBC credit card holder is available here:

CIBC Out of Province Emergency Travel Medical Insurance

For other credit card issuers, information about their car rental policy is available here:

The information listed below is my interpretation of the insurance policy.

Coverage Eligibility

For all credit cards, the following conditions apply prior to using your credit card car rental insurance:

You must use the credit card to pay for the entire rental from the rental agency.
You must decline the rental agency’s damage waiver coverage.
Coverage will be extended if you use the credit card rewards to pay for your car rental. If the credit card reward will not cover the full amount, then any remaining amount must be put on your CIBC credit card. For CIBC, this will either be using Aventura Points or Aeroplan Points.
Coverage will be extended if the car rental is part of a prepaid travel package, and the travel package was paid in full on your credit card.
Coverage will be extended for free rentals as a result of a promotion where you had to make previous vehicle rentals, provided, if all previous rentals were paid entirely with your credit card.

Coverage is also extended to all additional drivers who legally drive the rental vehicle and who follow all the terms of the rental contract, regardless if they are listed in the rental contract.

A few additional notes that apply specifically to CIBC:

Car sharing programs are explicitly called out as being covered by CIBC
Turo or Turo like services are not explicitly called out as being covered by CIBC. If you are renting a vehicle from Turo, I would recommend purchasing rental car insurance directly from the platform.

Vehicles Covered

All vehicles that are used to transport a maximum of 8 people, including the driver. The vehicle must also:

Exotic brands are not covered. However, luxury brands, such as BMW, or Mercedez Benz are covered, or,
Replacement vehicle for which your personal automobile insurance is covering all or part of the cost of the rental, or,
Pick-up trucks are not included.

Even though luxury brands are covered, the maximum manufacturer suggested retail price (MSRP) for the vehicle will differ depending on the credit card. The differences are listed below:

Most CIBC credit cards have a maximum MSRP of C$65,000.
CIBC Aeroplan Visa Infinite Privilege and CIBC Aventura Visa Infinite Privilege have a maximum MSRP of C$85,000

There are more conditions, most of which are irrelevant, that are listed in the certificate of insurance.

What is not covered?

The following are not covered when using the CIBC Auto Rental Collision and Lost Damage Insurance:

Third party liability, or,
Personal injury or damage to property, other than the rental vehicle.

There are more conditions, most of which are irrelevant, that are listed in the certificate of insurance.

Additional Drivers

In addition to the primary driver, all additional drivers are covered by CIBC.

Conclusion

CIBC has a very standard Auto Rental Collision and Lost Damage Insurance policy provided for holding selected CIBC Credit Cards. The amazing thing about CIBC is that there are some credit cards that provide coverage without any annual fees.