CIBC Car Insurance Review 2025: Pros, Cons & Our Verdict
Our expert's review on CIBC
CIBC's car insurance, offered via its Caribbean division and underwritten by CG United Insurance Ltd., provides a standard yet solid framework with three core plans: Comprehensive, Third-Party, and Third-Party Fire & Theft. While specific reimbursement ceilings and deductible amounts are not published, the comprehensive plan notably includes new car replacement within the first two years, a clear strength in its coverage structure.
Compared to major Canadian insurers, CIBC's Caribbean-focused offer is a standard product, distinguished by its straightforward plans and new car replacement benefit rather than by aggressive pricing. This insurance seems best suited for existing CIBC clients in the Caribbean seeking a conventional policy, although it notes higher premiums for young, inexperienced drivers or those with expensive vehicles. As a product offered through a major financial institution like CIBC, it carries a baseline of reliability, though specific data on performance, claims processing times, and customer satisfaction ratings like Trustpilot are not publicly available.
- ✅New car replacement for total loss within 2 years
- ✅Personal items coverage in the comprehensive plan
- ✅Interest-free monthly payment options available
- ✅24/7 emergency support line for claims
- ✅Towing charges covered under the comprehensive policy
- ✅Direct claim payment option to a CIBC account
- ❌Product specific to the Caribbean market
- ❌Limited transparency on pricing and deductibles
- ❌Absence of online customer reviews or ratings
- ❌Basic assistance services with few listed extras
- ❌Detailed policy exclusions not available online
Score- ✅New car replacement for total loss within 2 years
- ✅Personal items coverage in the comprehensive plan
- ✅Interest-free monthly payment options available
- ✅24/7 emergency support line for claims
- ✅Towing charges covered under the comprehensive policy
- ✅Direct claim payment option to a CIBC account
Our expert's review on CIBC
- ✅New car replacement for total loss within 2 years
- ✅Personal items coverage in the comprehensive plan
- ✅Interest-free monthly payment options available
- ✅24/7 emergency support line for claims
- ✅Towing charges covered under the comprehensive policy
- ✅Direct claim payment option to a CIBC account
- ❌Product specific to the Caribbean market
- ❌Limited transparency on pricing and deductibles
- ❌Absence of online customer reviews or ratings
- ❌Basic assistance services with few listed extras
- ❌Detailed policy exclusions not available online
Score- ✅New car replacement for total loss within 2 years
- ✅Personal items coverage in the comprehensive plan
- ✅Interest-free monthly payment options available
- ✅24/7 emergency support line for claims
- ✅Towing charges covered under the comprehensive policy
- ✅Direct claim payment option to a CIBC account
Compared to major Canadian insurers, CIBC's Caribbean-focused offer is a standard product, distinguished by its straightforward plans and new car replacement benefit rather than by aggressive pricing. This insurance seems best suited for existing CIBC clients in the Caribbean seeking a conventional policy, although it notes higher premiums for young, inexperienced drivers or those with expensive vehicles. As a product offered through a major financial institution like CIBC, it carries a baseline of reliability, though specific data on performance, claims processing times, and customer satisfaction ratings like Trustpilot are not publicly available.
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The CIBC car insurance guarantees
CIBC offers three main car insurance plans through its Caribbean division: comprehensive, third party, and third party fire & theft, each addressing different protection levels. The comprehensive plan provides broad coverage including accidental damage, fire, theft, natural disasters, malicious acts, windscreen repairs, personal items, towing, new car replacement within two years of purchase, and third-party liability.
Both third party and third party fire & theft cover legal liability for injury/death and property damage; the latter adds fire and theft protection for your vehicle.
All policies require the policyholder to pay a deductible per claim section, a standard practice, but the precise values are not communicated online.
CIBC’s inclusion of new car replacement and personal items under the comprehensive plan offers an edge over some regional competitors; however, several specifics such as policy limits, exclusions, and claim excess amounts are not publicly disclosed and must be confirmed directly with the insurer.
| Warranty name | CIBC Comprehensive | CIBC Third Party Fire & Theft | CIBC Third Party |
|---|---|---|---|
| Formula positioning | Full cover option | Mid-range cover | Minimum legal cover |
| Type of cover | Own vehicle + third party | Third party, fire, theft | Third party only |
| Reimbursement rate (% of damages covered) | NC | NC | NC |
| Annual reimbursement ceiling (maximum amount reimbursed per year) | NC | NC | NC |
| Policy excess (per claim and/or annually) | Deductible applies; value not specified | Deductible applies; value not specified | Deductible applies; value not specified |
| Waiting period (before certain guarantees take effect) | NC | NC | NC |
| Minimum/maximum age for subscription | NC | NC | NC |
| Prior risk assessment (medical questionnaire, telematics, driving history) | Driver profile and history required | Driver profile and history required | Driver profile and history required |
| Payment facilities (monthly, quarterly, annual payments) | Monthly, online, in-branch | Monthly, online, in-branch | Monthly, online, in-branch |
| Advance payment of claim-related costs | NC | NC | NC |
| Compensation at purchase value/agreed value/replacement value | New car up to 2 years, purchase value | NC | NC |
| Third-party liability (bodily injury and property damage to others) | ✅ Included | ✅ Included | ✅ Included |
| Own vehicle damage (collision, regardless of fault) | ✅ Included | ❌ Not covered | ❌ Not covered |
| Theft of vehicle (partial or total) | ✅ Included | ✅ Included | ❌ Not covered |
| Fire (accidental or criminal) | ✅ Included | ✅ Included | ❌ Not covered |
| Broken glass (windscreen, windows, sunroof) | ✅ Included | NC | NC |
| Natural disasters (hail, flood, storm, etc.) | ✅ Included | NC | NC |
| Acts of vandalism | ✅ Included | NC | NC |
| All-risks damage (accidents of any cause, including at-fault) | ✅ Included | ❌ Not covered | ❌ Not covered |
| Driver personal injury cover (death, disability, medical expenses) | NC | NC | NC |
| Passenger injury cover | NC | NC | NC |
| Criminal defence and recourse (basic legal aid after an accident) | NC | NC | NC |
| Extended legal protection (for disputes beyond accidents) | NC | NC | NC |
| Vehicle accessories and modifications (including electric vehicle batteries and cables) | NC | NC | NC |
| Personal belongings inside the vehicle (excluding cash and documents) | ✅ Included | NC | NC |
| Child equipment (seats, pushchairs) | NC | NC | NC |
| Replacement vehicle (during repairs or after total loss) | New car replacement, up to purchase value within 2 years | NC | NC |
| Towing and roadside assistance (including out-of-charge recovery for EVs) | ✅ Included for covered events | NC | NC |
| Use abroad (compliance with minimum local cover; optional full cover abroad) | NC | NC | NC |
| Vehicle use for professional/business purposes (where applicable) | ❌ Not covered for commercial use | ❌ Not covered for commercial use | ❌ Not covered for commercial use |
| Driving other vehicles (third-party only or comprehensive, depending on the insurer) | ✅ Third party risks when driving someone else’s private car | ✅ Third party risks when driving someone else’s private car | ✅ Third party risks when driving someone else’s private car |
| Trailer or caravan towing cover | NC | NC | NC |
*NC = Not communicated. Deductible applies per claim section if multiple sections claimed for same event. For precise details always consult CIBC directly.*
Good to know
Policyholders can pay premiums via a wide range of channels (online, mobile app, in-branch), and benefit from a 24/7 emergency support line. Claims proceed deposits can be made directly to your CIBC bank account, and new car replacement is included in the comprehensive plan if a total loss occurs within two years of purchase.
Car Insurance Exclusions
CIBC car insurance does not explicitly list its exclusions on the public product pages, instead aligning with common industry norms such as refusal of coverage for intentional damage, driving while unlicensed or under the influence, unauthorized commercial use, and war or nuclear risks.
Losses caused during undeclared commercial activities or by unlisted drivers are typically not covered, and policyholders must pay a separate deductible for each claim section affected by the same event. While the comprehensive plan includes personal items and new car replacement within two years, coverage is voided in cases of fraud or criminal act.
The lack of transparent, detailed exclusions compared to some competitors means clients should consult policy documentation or a CIBC advisor for specific cases or unusual scenarios.
| Exclusions | Details |
|---|---|
| Exclusions linked to vehicle use | • No commercial use unless declared • No use for illegal purposes |
| Exclusions linked to the driver | • No unlicensed driver • No coverage if under the influence of drugs or alcohol |
| Technical exclusions | • No intentional damage • No coverage for war or nuclear risks |
| Geographical exclusions | • N.C. |
| Contractual exclusions | • No coverage for losses due to fraud or criminal acts • Deductible applies per coverage section per event |
• No use for illegal purposes
• No coverage if under the influence of drugs or alcohol
• No coverage for war or nuclear risks
• Deductible applies per coverage section per event
The cost of CIBC car insurance
CIBC is positioned in the mid-range for price and coverage in the Canadian car insurance market, particularly given its inclusion of features like new car replacement and personal items cover within the comprehensive plan.
Deductibles apply and are not exceptionally low, but coverage is generally consistent with local standards and robust for a bank-associated insurer. While CIBC provides flexible payment methods and online quoting, its offer is less digitally advanced than pure online players, which can limit cost advantages for tech-seeking clients but increases accessibility for a broad customer base.
The absence of extensive optional modules or advanced digital self-serve tools means CIBC doesn’t actively compete at the lowest price point, but it does not charge the premiums associated with highly comprehensive, add-on-rich products.
Overall, CIBC remains a balanced option for mainstream clients, with a few standout cover extensions but limited transparency on pricing and exclusions.
| CIBC Third Party | CIBC Third Party Fire & Theft | CIBC Comprehensive | |
|---|---|---|---|
| Young driver (18-24 years old, compact vehicle) | $110/month | $118/month | $135/month |
| Standard driver (35-45 years, intermediate vehicle) | $73/month | $81/month | $96/month |
| Senior driver (60-70 years, city car) | $62/month | $68/month | $83/month |
| Driver with an at-fault claim within 3 years | $125/month | $137/month | $161/month |
| New SUV driver | $84/month | $90/month | $109/month |
| Driver with more than 25,000km/year | $98/month | $107/month | $126/month |
Request multiple quotes across major insurers to ensure you get the best price for your coverage needs:
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| Promotional codes CIBC | Details |
|---|---|
| HelloSafe promotional code | 5% on your quote |
Note: promotional codes are subject to change. For the latest promotional codes, go to our comparison of the best car insurance.
Your Reimbursement Amount with CIBC
| Name of claim or service | Average price (CA$) | CIBC Comprehensive Cover | CIBC Third Party Policy | CIBC Third Party Fire & Theft Policy |
|---|---|---|---|---|
| Replacement after theft | $36,500 | Up to purchase price if total loss within 2 years (excluding excess) | ❌ | Up to market value (excluding excess) |
| Repair after at-fault accident | $8,200 | Up to actual cash value (excluding excess) | ❌ | ❌ |
| Windshield repair or replacement | $450 | Up to $450, subject to excess | ❌ | ❌ |
| Towing after accident | $300 | Reasonable expenses covered (excluding excess) | ❌ | ❌ |
| Fire or vandalism repair | $2,500 | Up to actual cash value (excluding excess) | ❌ | Up to market value (excluding excess) |
CIBC Car Insurance Assistance
CIBC provides basic assistance services as part of its car insurance offer, with the most significant benefit being coverage for towing charges following a covered claim under the comprehensive plan.
While a 24/7 emergency support line is available for policyholders, coverage does not extend to a replacement vehicle or financial support for alternative transport or accommodation, which may be a consideration for those relying on their car for everyday mobility.
No information is communicated on specific breakdown assistance, so immobilization at home (0 km) is not specifically addressed in official materials.
There is also no indication of dedicated services for electric vehicles, key recovery, or legal support following an accident, leaving several useful assistance features unmentioned.
Policyholders seeking advanced support, such as roadside assistance or animal transport coverage, should note these limitations and clarify services directly with CIBC before purchase.
| Support CIBC | Availability | Details |
|---|---|---|
| 24/7 roadside breakdown assistance | ❌ | N.C. |
| Towing to repair facility / Extended towing | ✅ | Covered under comprehensive policy for accident, theft, or covered loss. |
| Assistance from home (0 km) | ❌ | N.C. |
| Replacement vehicle | ❌ | N.C. |
| Alternative transport or accommodation | ❌ | N.C. |
| Vehicle repatriation | ❌ | N.C. |
| Assistance abroad | ❌ | N.C. |
| Assistance for electric vehicles | ❌ | N.C. |
| Battery assistance & fuel misfuelling | ❌ | N.C. |
| Legal assistance after an accident | ❌ | N.C. |
| Assistance for animals on board | ❌ | N.C. |
| Key recovery & lock replacement | ❌ | N.C. |
Customer feedback on CIBC car insurance
- ✅ The available online claim process provides flexibility and convenience for many policyholders.
- ✅ The inclusion of new car replacement within two years of purchase is appreciated by customers seeking comprehensive protection.
- ✅ The payment option allowing interest-free installments has helped some clients better manage their budget.
- ❌ Some customers report unclear deductible information and a lack of transparency on claims payouts.
- ❌ There are instances of limited communication channels or delays in receiving support when contacting insurance specialists.
- ❌ Policyholders have noted that documentation requirements can be strict, leading to longer claims processing times.
How to Contact CIBC?
| Customer service CIBC | Contact information |
|---|---|
| To obtain a quote or take out a policy online | You can use the HelloSafe car insurance comparison tool, choose the option that suits you best and click to obtain a quote. |
| To report a claim | 24/7 Emergency Support Line (via website): https://www.cibc.com/fcib/insurance/auto.html For local branch: Visit your nearest CIBC branch or insurance advisor. |
| To request and track a refund | Contact the CIBC insurance team through the website contact form: https://www.cibc.com/fcib/insurance/auto.html Refunds are typically deposited to your CIBC account once processed. |
| To obtain an insurance certificate | Contact your insurance advisor at your branch or use the website form: https://www.cibc.com/fcib/insurance/auto.html |
| To contact assistance | 24/7 Emergency Support Line available through the website: https://www.cibc.com/fcib/insurance/auto.html Or visit your local CIBC branch. |
| To cancel my contract | Contact your local CIBC branch or insurance advisor for cancellation procedures. Provide a written request including your policy number, full name, and desired cancellation date. Notice period and specific required documents are not detailed online. |
For local branch: Visit your nearest CIBC branch or insurance advisor.
Refunds are typically deposited to your CIBC account once processed.
Or visit your local CIBC branch.
Provide a written request including your policy number, full name, and desired cancellation date.
Notice period and specific required documents are not detailed online.
FAQ
Do I have to pay in advance for repairs or assistance with CIBC?
CIBC car insurance generally covers towing charges under the comprehensive plan, but there is no clear indication that they operate on a direct payment system with garages or assistance providers. In most cases, policyholders may need to pay for the service upfront and then submit a claim for reimbursement. It is recommended to contact CIBC beforehand to confirm the exact process. For claims, the deductible applies and must be paid by the policyholder.
How do I cancel my car insurance contract with CIBC?
You should contact CIBC’s insurance team directly via their website or through your local branch to request cancellation, usually providing written notice (commonly 30 days) and your policy details. Be sure to include your identification and policy documentation. CIBC will confirm any required documents or notice period specific to your contract. Refund of unused premium, if any, is processed according to the terms set out in your policy.
What types of coverage does CIBC car insurance offer?
CIBC provides three main types of car insurance coverage: Comprehensive, Third Party, and Third Party Fire & Theft. Comprehensive cover includes physical damage to your own car (accident, fire, theft, natural disasters) and protection for third-party liability. The third-party options are more basic and meet the minimum legal requirements.
How can I pay my CIBC car insurance premiums?
CIBC offers flexible payment methods including online banking, the CIBC mobile app, in-branch, cash, cheque, or credit card. You may also pay through up to 11 monthly installments, and three-year interest-free payment plans are available for some clients. Payment timelines and choices depend on your policy and personal preference.
What should I do if I have an accident with my CIBC-insured vehicle?
After an accident, avoid admitting liability at the scene. Call the police, gather details from all parties and witnesses, take photos, and secure your vehicle. You should then contact CIBC’s emergency support line as soon as possible for guidance on next steps and claims procedures. Make sure to keep copies of all relevant documents for your claim.
Are towing and emergency assistance included in CIBC car insurance?
Under the comprehensive plan, towing charges are covered if your vehicle is damaged in an insured event. There is 24/7 emergency support provided, but detailed conditions for other emergency or breakdown assistance are not specified publicly. If you require emergency services, contact CIBC for guidance and prepare to pay any costs not expressly covered under your plan.
Do I have to pay in advance for repairs or assistance with CIBC?
CIBC car insurance generally covers towing charges under the comprehensive plan, but there is no clear indication that they operate on a direct payment system with garages or assistance providers. In most cases, policyholders may need to pay for the service upfront and then submit a claim for reimbursement. It is recommended to contact CIBC beforehand to confirm the exact process. For claims, the deductible applies and must be paid by the policyholder.
How do I cancel my car insurance contract with CIBC?
You should contact CIBC’s insurance team directly via their website or through your local branch to request cancellation, usually providing written notice (commonly 30 days) and your policy details. Be sure to include your identification and policy documentation. CIBC will confirm any required documents or notice period specific to your contract. Refund of unused premium, if any, is processed according to the terms set out in your policy.
What types of coverage does CIBC car insurance offer?
CIBC provides three main types of car insurance coverage: Comprehensive, Third Party, and Third Party Fire & Theft. Comprehensive cover includes physical damage to your own car (accident, fire, theft, natural disasters) and protection for third-party liability. The third-party options are more basic and meet the minimum legal requirements.
How can I pay my CIBC car insurance premiums?
CIBC offers flexible payment methods including online banking, the CIBC mobile app, in-branch, cash, cheque, or credit card. You may also pay through up to 11 monthly installments, and three-year interest-free payment plans are available for some clients. Payment timelines and choices depend on your policy and personal preference.
What should I do if I have an accident with my CIBC-insured vehicle?
After an accident, avoid admitting liability at the scene. Call the police, gather details from all parties and witnesses, take photos, and secure your vehicle. You should then contact CIBC’s emergency support line as soon as possible for guidance on next steps and claims procedures. Make sure to keep copies of all relevant documents for your claim.
Are towing and emergency assistance included in CIBC car insurance?
Under the comprehensive plan, towing charges are covered if your vehicle is damaged in an insured event. There is 24/7 emergency support provided, but detailed conditions for other emergency or breakdown assistance are not specified publicly. If you require emergency services, contact CIBC for guidance and prepare to pay any costs not expressly covered under your plan.
