Chubb Insurance review 2023

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 about Chubb’s service when compared to other car insurance companies. Because of its superior service and excellent add-on options, Chubb earned a Bankrate Score of 4.2 out of 5.0. The company’s weak digital tools and higher-than-average premium kept the score from being any higher.

Pros and cons of Chubb car insurance

When shopping for car insurance companies, it’s just as important to compare insurance carriers as it is to look at cost. Here’s a quick summary of the pros and cons of Chubb car insurance to make it easier to shop for the best car insurance for you:

Chubb car insurance cost

On average, Chubb’s premiums are higher than the national cost of car insurance. Nationally, full coverage car insurance costs an average of $2,014 per year, whereas Chubb’s cost comes in at $2,472 per year. This could be due to the company’s extensive extras and additional services, but keep in mind that individual rates may vary.

Chubb car insurance rates by driving history

Having a moving violation on your driving record or being involved in an at-fault accident can have consequences on your car insurance rates. Car insurance companies may add a surcharge to your car insurance based on the frequency and severity of incidents on your driving record, although that doesn’t mean it’s impossible to find savings on car insurance with different companies. Below is how much average car insurance rates with Chubb vary depending on driving history. DUI rates have been excluded, as not all car insurance companies accept drivers with a DUI. The best way to check this is to contact the company directly for a car insurance quote.

Average cost of car insurance by driving incident

Chubb car insurance quotes by age

Car insurance rates also vary by age. Young drivers who just started driving pay some of the most expensive car insurance rates, on average, both when on their parents’ policy and when they move onto their own car insurance policies. Below is a comparison of Chubb car insurance quotes by age, both with young drivers on parents’ policies and standalone policies. All show drivers with a clean driving record.

Average cost of car insurance for drivers on their parents’ policy

Average cost of car insurance for drivers on their own policy

Chubb car insurance discounts

Chubb offers a handful of potential 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, so it’s best to request a car insurance quote to see what your total savings might be.

Chubb car tools and benefits

Chubb’s coverage comes with numerous extras that may be appealing. For example, Chubb employs Collision Repair Experts who are highly trained and can help ensure your repairs go as planned. Additionally, damages that are repaired at any of Chubb’s certified body shops are guaranteed for the life of the vehicle. Chubb also offers agreed-value options for car insurance, so you can choose the value of your vehicle rather than have depreciation taken out of your claims settlement.

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 3.5 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 higher 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.

Bankrate Award winner for high-value homes

Our annual Bankrate Awards recognize top insurance companies that offer the best home, auto and life insurance policies. Factors considered include a variety of policy options, strong customer service and financial strength ratings, and much more. Chubb earned a Bankrate Award for being the best home insurance company for high-value homes.

Why Chubb won

A high-value home has unique considerations when it comes to home insurance. With Chubb, you can access a variety of policy add-ons, especially extended replacement cost coverage, to help rebuild your home after a covered accident. An extra perk is Chubb’s risk consulting program, in which a Chubb consultant can come into your home to survey any potential fire or security concerns before an accident occurs.

Pros and cons of Chubb homeowners insurance

Chubb homeowners insurance may have won a Bankrate Award for being the best for high-value homes, but there are other aspects to the carrier as well. If you’re thinking about Chubb homeowners insurance and how it compares to some of the best home insurance companies, here’s a quick summary to help you compare when searching for home insurance quotes:

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 $1,775, whereas the national average is $1,428 per year. 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 as part of your standard policy.

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 home tools and benefits

A home insurance policy with Chubb comes with plenty of unique services. One of the most impactful is the company’s risk consulting program. A Chubb risk consultant can visit your house and help ensure your coverage is adequate. They may also be able to help you identify fire or security concerns that you could address before an issue arises. Similarly, Chubb’s HomeScan program can help identify leaks, insulation issues and electrical problems before they can cause damage.

Chubb customer satisfaction

Getting a sense of an insurance company’s customer satisfaction can be important to some drivers. Shopping for insurance and dealing with claims can be stressful for some, so it can be helpful to speak with friends and family about their experience with certain carriers. You can also research ratings from third-party agencies, like J.D. Power’s many insurance studies as well as the National Association of Insurance Commissioners’ (NAIC) Complaint Index.

Chubb auto satisfaction

Chubb did not rank in J.D. Power’s 2022 Auto Claims Satisfaction Study, nor did it appear in any regions of J.D. Power’s 2022 Auto Insurance Study. It scored a 1.63 in the NAIC’s Complaint Index for private passenger auto, a sign that the company received nearly twice as many complaints as expected in the market.

Chubb homeowners satisfaction

Chubb scored 809 out of 1,000 points in J.D. Power’s 2022 U.S. Home Insurance Study. This was below the segment average of 819 out of 1,000 points, indicating that Chubb home insurance customers may not have been as satisfied with their policy and claims experience compared to other carriers.

How to file a claim with Chubb

Filing a claim with Chubb can be done online on its website or by contacting your local agent. If you have its mobile app, you can also start a claim there as well. Chubb’s claims office can also be reached at 1-800-252-4670.

Chubb availability

Chubbs is available in all 50 states.

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?

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. Whether you’re looking for cheap car insurance or cheap home insurance, stronger customer satisfaction or something else entirely, consider these alternatives to Chubb to help find the best fit for your insurance needs:

Chubb vs. Nationwide

This insurer offers a wide range of insurance products, including high-value home insurance through its Nationwide Private Client division. Interested policyholders can also purchase car and life insurance, conveniently having all their insurance policies managed in one place.

Learn more: Nationwide Insurance review

Chubb vs. PURE

PURE is a niche insurer offering coverage to high-net-worth clients. The company offers coverage for auto, home, collectibles and more. It also has a strong financial strength rating from AM Best, suggesting a positive outlook on PURE’s financial outlook based on past history.

Learn more: PURE Insurance review

Chubb vs. 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.

Learn more: Travelers Insurance review

Is Chubb a good insurance company?

Chubb offers a robust portfolio of personal insurance products for individuals and various commercial policies for business leaders. If you’re considering the carrier for your insurance needs, Bankrate’s Chubb Insurance review was conducted by an editorial team with over 45 years of industry experience.

Chubb could be the right fit for owners of high-value homes that want a robust homeowners insurance policy to insure their home. Likewise, its auto insurance also comes with a long list of add-on coverage to help customize the policy. However, it did have slightly more complaints compared to other insurance carriers, as evidenced by its J.D. Power and NAIC Complaint Index performance, and its higher-than-average premiums may price it out of budget for many consumers.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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 base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually. These are sample rates and should only be used for comparative purposes.

Age: Rates were calculated by evaluating our base profile with the ages 16–60 (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.

The rates for drivers ages 16–20 added to their parents’ policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16–20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.

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

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services, as well as the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options.
• Tier 3 (Support): To encompass the many ways an auto and home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.