Chubb Insurance review

Chubb offers a robust portfolio of personal insurance products and various commercial policies for business leaders. As the world’s largest publicly traded property and casualty insurance company, Chubb is an industry leader, operating in over 50 countries with an A++ (Superior) rating from AM Best. Bankrate’s Chubb Insurance review gives you insight into the company’s insurance offerings and could help you decide if you should get a quote.

Chubb car insurance

Chubb car insurance could be a good choice for drivers who want coverage that exceeds normal offerings. Chubb’s car insurance program is robust, offering drivers perks that could help with peace of mind. For example, Chubb’s Masterpiece auto insurance program always pays for original manufacturer parts and allows you to rent a vehicle comparable to your current one if your vehicle is not drivable due to a covered loss.

Chubb wasn’t ranked by J.D. Power for auto claims satisfaction, but the carrier does have a lower-than-average complaint index with the National Association of Insurance Commissioners (NAIC) for its private passenger program. The baseline complaint index is 1.00, whereas Chubb receives a score of 0.35, meaning that the NAIC receives fewer than half of the normal amount of complaints, when compared to other car insurance companies, about Chubb’s service. Because of its superior service and excellent add-on options, Chubb earned a Bankrate Score of 4.5 out of 5.0. The company’s weak digital tools and higher-than-average premium kept the score from being any higher.

Chubb car insurance cost

On average, Chubb’s premiums are higher than the national cost of car insurance. Nationally, full coverage costs an average of $1,771 per year, whereas Chubb’s cost comes in at $2,328 per year. This could be due to the company’s extensive extras. However, households with teen drivers may want to get quotes from Chubb, as the average cost of a policy with a 16-year-old is significantly lower than the national average.

Chubb car insurance discounts

Chubb offers a handful of car insurance discounts to its customers, including common savings like a multi-policy discount, a driver training discount and a good student discount. Savings may vary by state.

Chubb home insurance

Chubb home insurance could be a good fit for those who own high-value homes. The company’s home insurance product earned a 4.4 Bankrate Score due to its offerings, superior A++ financial strength rating from AM Best and low complaint index from the NAIC. However, the higher-than-average rates and lower-than-average J.D. Power score prevented Chubb home insurance from scoring any more highly in our ranking model.

Chubb’s Masterpiece home insurance is rife with policy options designed for higher-value houses. Many coverage types that are optional with other companies come standard with Chubb. For example, your policy will automatically have extended replacement cost coverage,  which will help to repair or rebuild your home to its pre-damaged state, even if the cost is more than your coverage limit. You could even choose the company’s cash settlement option if you do not want to rebuild your home after a total loss.

Chubb home insurance cost

Like its auto insurance, Chubb home insurance is usually more expensive than the national average cost for home insurance. For a policy with $250,000 in dwelling coverage, Chubb’s average annual premium is $1,763, whereas the national average is $1,383. In fact, across the entire range of coverage limits that Bankrate reviewed, Chubb is more expensive than the national average. Keep in mind that Chubb sells coverage geared toward high-value homes and high-net-worth clients, though, so the added cost is likely due to the extensive coverage you’ll receive.

Chubb home insurance discounts

Like its auto insurance discounts, Chubb’s home insurance discounts will vary by state and likely include other eligibility requirements. However, you may be able to save by installing a burglar or fire alarm system, bundling your home and auto policies, having a permanently installed backup generator or being mortgage free.

Chubb life insurance

While Chubb does sell life insurance, online information about its policies is limited. To learn more about Chubb life insurance, contact a Chubb representative or an agent in your area.

Other Chubb perks worth considering

In addition to auto, home and life insurance, Chubb also offers:

• Boat and yacht insurance
• Classic car insurance
• Condo insurance
• Earthquake insurance
• Flood insurance
• Home appliances and equipment insurance
• Identity management assistance
• Valuable items insurance

Chubb corporate sustainability

Brothers Brandon and Bradley Chubb co-founded the Chubb Foundation, which provides philanthropy through community involvement. The Foundation partners with Active Youth Academy to bring an annual entrepreneurship course to students in the winter months.

When the weather warms up, the foundation offers its annual Youth Football Camp, which is free of charge. While the camp certainly focuses on football skills, it also seeks to improve the confidence of participants through coaching. Not everyone is interested in sports, though, and the Chubb Foundation knows that. Springtime also brings around a 9-week chess course.

Not sure if Chubb is right for you? Consider these alternatives

While Chubb may be a great option for those seeking unique coverage options and increased limits, it is not the only option for these features. Consider these alternatives to Chubb to help find the best fit for your insurance needs:

• Nationwide: This insurer offers a wide range of insurance products, including high-value home insurance through its Nationwide Private Client division.
• PURE: PURE is a niche insurer offering coverage to high-net-worth clients. The company offers coverage for auto, home, collectibles and more.
• Travelers: With extensive add-on options for its home insurance, Travelers may be a good option for those wanting coverage with added benefits. The company also offers unique insurance options such as wedding and event coverage.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our sample drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.

Homeowners

• Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property:  $75,000, $125,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Bankrate Scores are calculated on a five-point scale and primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers and homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car and home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers and homeowners, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry, as well as 40-year-old male and female homeowners with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which drivers and homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.