Chubb Insurance Review 2021 2021
- Financial Strength A++
- BBB Rating A+
- Coverages 5/5
- Discounts 5/5
- Support Exceptional
- User Ratings J.D. Power rating of 3.8/5
- Availability All 50 states
- Pricing Expensive
Are you searching for a trusted and reliable insurance company that can offer you the best auto coverage or home protection? Chubb can be a good choice. Read this review about Chubb insurance to learn about the company in detail.
Unlike other Chubb insurance reviews, our review is unbiased and comprehensive. We will cover everything you need to know about the company, especially from the auto insurance standpoint. Take a look.
About Chubb Insurance — A Quick Overview of the Company
Chubb is a well-reputed insurance company established by Thomas Caldecot Chubb and Percy (his son) in 1882. The company started as a marine underwriting business in New York City, but over the years, it expanded into diverse areas serving the needs of various clients across the globe. ACE limited acquired the company in 2016. Since then, it has built a stellar reputation for its exceptional financial strength and claims service like no other.
It’s the largest publicly traded P&C insurance company globally, with footprints in 54 countries. Chubb provides comprehensive coverage options, including home protection, auto insurance, travel, natural disasters, liability, valuables, boats and yachts, cyber, and more coverages, but all at a higher price point as compared to competitors. Therefore, it primarily caters to the insurance needs of high-net-worth families. In other words, it’s best for:
- Classic car owners
- High-end auto owners
- High-net worth individuals
The company has a growing global network of agents, including independent and exclusive agents.
How We Reviewed
When searching for Chubb auto insurance reviews, make sure to read our post. We aim to offer comprehensive and transparent information. As the company has the broadest range of policies, we have narrowed our focus on auto insurance in particular. We have reviewed the company’s financial strength, ratings, customer reviews, features, and more.
Chubb insurance in the United States is accessible to customers countrywide — in all 50 states. The entities of the company in North America are located in:
- Whitehouse Station, New Jersey
- Philadelphia, Pennsylvania
- New York, New York
Chubb has an extensive branch network in and across the US to serve clients to their complete satisfaction. The company employs over 31,000 individuals worldwide, and its team is growing rapidly day by day. Chubb nonetheless maintains its executive offices in:
- New York
Chubb Insurance Review
Chubb believes that when you pay premiums, you deserve a little extra. Hence, when you shop for an auto insurance policy with Chubb, rest assured you will get a policy that offers more than just the standard coverage options, such as:
- Bodily injury — pays for another person’s injuries.
- Property damage liability — pays for the damage to the other person’s car or property.
- Collision and comprehensive coverage — cover damage to the policyholder’s vehicle in the road accident or other covered events like theft, vandalism, etc.
Chubb’s insurance policies can be divided into two categories: Classic Car Coverage and Car Insurance (Chubb Masterpiece). Chubb insurance group offers unique auto insurance policies and features that make up for the high insurance costs. Some of the value-adding features that you may find in their auto insurance policy are listed below.
- Rental car coverage — What makes it different is the fact that this is no ordinary local coverage. That’s right; policyholders get access to worldwide rental coverage, rarely offered by other insurance companies.
- Personal liability coverage — Chubb offers $10 million in personal liability coverage. Wait, there’s more! Policyholders also get up to $1 million in uninsured and underinsured motorist coverage. This limit is excellent for high-net-worth individuals with expensive cars.
Other auto insurance policy features worth mentioning are:
|AVC (Agreed Value Coverage)||This coverage is exclusively for classic and exotic car owners. It allows them to determine their car’s worth and make an agreement with the insurer. In case of a total loss claim, the insurance company will cover the agreed amount.|
|Repair Shop Choice||Under this Chubb insurance coverage feature, policyholders can get their damaged vehicle repaired at their preferred repair shop or use a Chubb facility.|
|Rental Reimbursement Coverage||The company pays all the transportation costs that you incur when your vehicle is getting repaired.|
|OEM (Original Equipment Manufacturer) Parts Coverage||Get complete coverage for original factory parts during repairs.|
|Pet Injury Coverage||The company covers any injuries sustained by the pet in a covered accident. The coverage limit is up to $2,000.|
|Child Safety Seat Replacement||If the child safety seat gets destroyed or damaged, the company will replace it.|
|Lock & Key Replacement||Chubb insurance group covers and pays for lost, damaged, and stolen keys and locks. Policyholders face no out-of-pocket or deductible expenses.|
|Road Service Coverage||Policyholders have easy access to roadside assistance, such as towing or pickup services after an accident.|
|PII Removal Service||In case your car is totaled, the insurance company removes any PII (Personally Identifiable Information) remaining in its system.|
Chubb Insurance Discounts
When going through multiple Chubb insurance reviews, make sure to read this part carefully. Discounts are crucial for saving on premiums.
With Chubb auto insurance, you can enjoy amazing discounts. By combining Chubb home and auto insurance policies, you may be eligible for considerable savings on your premiums.
Some discounts that auto insurance policyholders can benefit from and save money are:
|Good Student||Licensed drivers who are also students may be eligible for a discount based on their GPA.|
|Driver Course Discount||This is ideally beneficial for newly licensed drivers. Such drivers can get discounts on their auto insurance policies if they have completed a recognized driver training course.|
|Accident Prevention||Policyholders are rewarded for driving responsibly and protecting their vehicles from accidents and potential risk of damage.|
|Passive Restraints/Airbags||Policyholders whose vehicles are equipped with airbags, passive restraints, and other safety features can enjoy amazing discounts too.|
|Anti-Lock Brake||Chubb insurance also offers discounts on some vehicles with anti-lock brakes, as this feature promotes road safety.|
|Multi-Car||As the name suggests, if you insure more than one car with Chubb insurance, you can lower the rate of premium on all cars in your policy.|
These discounts vary from state to state. Reach out to Chubb’s agent to discuss the available discounts in your state.
Customer Satisfaction — Chubb Insurance Reviews and User Ratings
In this section of our Chubb insurance review, we will focus on user ratings, the financial strength of the company, and customer reviews. Here is a quick overview of Chubb’s AM Best financial rating and ratings offered by other recognized financial companies.
|BBB (Better Business Bureau)||A+|
|AM Best Rating||A++|
The insurer has earned excellent financial ratings from all financial companies. That’s not surprising because, according to Chubb’s latest report of 2020, the company boasts financial assets of over $190 billion. In addition, Chubb insurance has also reported gross premiums of $41 billion.
With such strong financial ratings of Chubb insurance, rest assured you are likely to get coverage as soon as possible. After all, Chubb’s financial strength shows its ability to successfully meet its financial obligations, such as claims.
Now, let’s look at Chubb’s customer satisfaction reviews and clients’ experience with the company. To begin with, the insurer has earned mixed reviews. Some customers weren’t satisfied with the performance of the company. However, in general, there were more good remarks than bad ones.
Here are some positive and negative reviews to show you what customers have to say about the company and coverage services:
Customer Support — Chubb Auto Insurance Customer Service
Chubb insurance customer service is exceptional. The company extends support services to clients online and via calls. Hence, you can file a claim online or reach out to their claims immediate solutions team for support and assistance. The company has separate claims phone lines dedicated to personal and business claims.
Chubb insurance customer service phone number is available on their website.
Additionally, Chubb has a detailed FAQ page where you can find comprehensive answers to most of your queries and questions. Sometimes, you won’t even need to connect with a customer representative.
How Easy Is It to Buy Insurance?
To get a Chubb auto insurance quote and buy a policy, you will have to contact their agent or broker in your local area first. In other words, all products are sold through their vast network of brokers and agents. We think this is one of the factors that boost their prices somewhat.
To buy insurance, simply go to their website. Click on the find an agent page and specify your location to see the list of agents available in your area. Connect with one to discuss your requirements and get a quote. It’s as simple as that.
Car Insurance Competitors and Alternatives
Let us now compare and evaluate Chubb auto insurance with its competitors to see which option may better suit your auto coverage needs.
Chubb Auto Insurance vs. GEICO
In comparison to GEICO, Chubb auto insurance is a clear winner. GEICO offers limited auto insurance coverage. Apart from the standard options, the company provides rideshare insurance and mechanical breakdown coverage. However, Chubb insurance USA offers more extensive coverage options with high limits. There is no competition with GEICO in this aspect.
Additionally, GEICO car insurance offers services in limited areas and has smaller worldwide coverage. Besides, if you want to access their services locally, it may be challenging because they have a limited network of local agents.
Chubb Auto Insurance vs. Liberty Mutual
Liberty Mutual is an established company and a strong competitor of Chubb insurance. Liberty Mutual car insurance offers various coverage options, which makes their policies attractive. However, they are still not as extensive as Chubb.
Apart from that, the company has a poor J.D. Power rating of 3.8/5, which shows that their customers are not happy with their services. On the other hand, Chubb insurance has earned the trust and respect of clients based on their excellent customer service experiences.
Also, Liberty Mutual’s AM Best rating is A, while Chubb’s is A++. Nonetheless, Liberty Mutual is a good option for those who want a reasonably priced policy, diverse auto insurance coverage options, and discounts.
Chubb Auto Insurance vs. Progressive
Progressive may be a feasible option for those who want good customer service and excellent affordable coverage. The company offers extensive auto insurance coverage beyond the standard options, such as deductible savings bank, loan payoff, rental car reimbursement, rideshare, custom parts and equipment, gap insurance, pet injury protection, and more.
Progressive auto insurance has expanded beyond the US territory. However, it has a long way to go if it wants to compete with Chubb. Currently, Progressive provides coverage to clients in the US and Australia. So, if you are looking for a company with extensive coverage options, discounts, and global coverage, Chubb auto insurance is your best bet.
Pros & Cons
- Extensive auto insurance options with a high coverage limit.
- Broadest range of discounts for newly licensed drivers, good students, and those with multiple cars.
- Superior customer service — you can connect with a customer representative right away via call or online.
- Excellent financial strength means you are likely to get your claim coverage amount in the fastest possible time.
- Worldwide coverage and presence — if you're traveling to areas covered by Chubb, you know your coverage can come in handy if you need it.
- It protects privacy — it’s the first auto insurer in the United States to remove personal identification information (PII) from your totaled car completely on the spot.
- Extremely expensive.
- It specializes in high-value vehicles. If you own a regular vehicle, this insurance company is not the best choice because the premium is overpriced.
- It’s not for everyone — if you are tight on budget, Chubb insurance is not an ideal choice for you.
Is Chubb Insurance Good Auto Insurance?
Here are the pros and cons of Chubb insurance:
Chubb insurance is best for:
- High-net-worth individuals
- Those who own expensive and vintage cars
Who Is It Not Right For?
We don’t recommend Chubb insurance for:
- Those with a tight budget Bargain hunters
In a nutshell, we can say that Chubb insurance is a good choice for high-net-worth families looking for quality coverage options regardless of the price. The company offers the perfect coverage options and goes the extra mile to serve its clients. Rest assured, you can expect the best value and exceptional service when you need insurance coverage. The extensive coverage options provided by Chubb indeed outshine the offers of most of its competitors.
Unlike other Chubb insurance reviews, we’ve tried to provide you with in-depth info about the company with transparency. If you can afford the premiums, go for it. You will receive extensive coverage and excellent service.
However, this company is not for bargain hunters. Our goal is to help you make the best and right choice so that you can partner with an insurance provider that serves your needs and meets your expectations. It’s advisable to evaluate and compare your options first and then make your final decision. Good luck!
How expensive is Chubb insurance?
Chubb insurance is suitable for high-net-worth individuals. Take a look at the table below to see how it’s priced as compared to its competitors:
|Insurance Company||Annual Premiums|
How long has Chubb been in business?
Chubb has been in the business for more than 139 years. Since its launch in 1882, the company has provided quality insurance services to automobile owners, homeowners, and others.
What kind of insurance is Chubb?
Apart from auto insurance, Chubb also specializes in homeowners insurance, valuables, liability, flood, travel insurance, etc.
Who is Chubb Insurance owned by?
Chubb is now owned by ACE Limited, which acquired Chubb for $28.3 billion in 2016.