Accurate precipitation estimation is essential for hydrological research and applications. This study assesses the performance of IMERG V07, IMERG V06, and ERA5 over snow-ice-covered and snow-ice-free surfaces, using three years (2018-2020) of MRMS gauge-adjusted data as a reference. Besides the IMERG final products, the study compares precipitation estimates from the IR and PMW components of IMERG V07 under different surface and environmental conditions. This is particularly relevant as both IR and PMW products face significant limitations over cold regions, especially over snow-ice-covered surfaces, complicating the choice of products for integration in the merged products like IMERG. We found that IMERG V07 offers notable improvements over IMERG V06 and generally outperforms ERA5 over snow-ice-free regions, demonstrating enhanced accuracy in precipitation intensity and spatial coverage. Conversely, ERA5 outperforms IMERG V07 over snow-ice surfaces, highlighting remaining challenges in satellite-based precipitation products over cold regions. An evaluation of PMW precipitation products indicates that while they generally perform better than IR precipitation product in warmer conditions, IR precipitation is still invaluable in cold regions with snow-ice cover. Among the PMW products and over snow-ice surfaces, AMSR 2 underperforms other PMW precipitation products for most statistical metrics, while GMI, SSMIS, and MHS products perform relatively better than others. The results emphasize the need for improving spaceborne sensors and algorithms to improve their accuracy across diverse environmental conditions, especially over cold regions in the presence of snow or ice on the surface.