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Chubb insurance review 2024

Updated Dec 21, 2023

At a glance

bankrate awards logo

Best home insurance company for high-value homes

4.3
Rating: 4.3 stars out of 5
Bankrate Score
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Auto

Rating: 4.2 stars out of 5

4.2

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Cost & ratings

Rating: 3.8 stars out of 5

3.8

Coverage

Rating: 4.5 stars out of 5

4.5

Support

Rating: 4.4 stars out of 5

4.4

Home

Rating: 4.3 stars out of 5

4.3

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Cost & ratings

Rating: 2.8 stars out of 5

2.8

Coverage

Rating: 5 stars out of 5

5.0

Support

Rating: 3 stars out of 5

3.0

About Bankrate Score

Bankrate's take

Policyholders with high-value assets seeking comprehensive coverage and extra coverage perks might consider Chubb as their company of choice. However, those prioritizing budget might find Chubb's above-average rates less appealing.

Who Chubb may be good for: Chubb could be an ideal choice for individuals seeking a premium insurance experience, especially those with high-value assets such as luxury homes and automobiles. Its expansive product range and commitment to using original equipment manufacturer (OEM) parts for auto repairs emphasize their dedication to quality and safety.

 

Who Chubb may not be good for: While Chubb offers a robust portfolio of services, its premium average pricing may not be suitable for budget-conscious consumers or those looking for basic coverage. Additionally, its slightly below-average scores in some customer satisfaction indices might deter those who prioritize peer reviews and ratings.

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Chubb car insurance

Chubb's Auto Bankrate Score of 4.2 out of 5.0 suggests the company's commitment to quality service and excellent coverage options for auto insurance. It may have scored higher, but it has relatively weak digital tools and an average premium that sits above the industry average. Therefore, Chubb may be a fitting choice for drivers seeking enhanced auto insurance coverage, particularly those who prioritize premium services over digital functionality and pricing.

Diving deeper into Chubb’s car insurance offerings, it provides a holistic suite of standard coverage types encompassing liability, comprehensive, collision and more. It offers exceptionally high coverage limits for liability and uninsured motorist coverage to those who qualify. One standout feature is Chubb’s Masterpiece auto insurance program. This program ensures that policyholders always receive original manufacturer parts for their vehicles; further, its coverage allows you to always select your repair shop of choice. In the event of a covered loss rendering the car undrivable, Chubb allows clients to rent a vehicle that matches or exceeds their original car’s standards. Its rental car coverage also extends worldwide.

Pros and cons of Chubb car insurance

When shopping for car insurance, 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:

Pros
  • Masterpiece auto insurance program allows for use of original manufacturer parts in car repairs

  • No per-day limit on rental reimbursement; coverage is up to $15,000

  • Licensed local agents can guide you through the life insurance process

Cons
  • Not rated in J.D. Power's 2022 Auto Claims Satisfaction Study

  • Online policy management not rated in J.D. Power's 2023 Insurance Digital Experience Study; shopping score in same study is well below industry average

  • Average car insurance rates higher than the national average

Chubb car insurance cost

On average, Chubb’s premiums are higher than the national cost of car insurance. For 2023, the national full coverage car insurance costs an average of $2,014 per year and a $684 average for minimum coverage, 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 will vary, as car insurance premiums are highly individualized.

Chubb car insurance rates by driving history

Having a moving violation on your driving record or being involved in an at-fault accident can impact your car insurance rates. Car insurance companies may add a surcharge (typically for three to five years) 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 save on car insurance. Below is a snapshot of how average car insurance rates with Chubb vary based on driving history. DUI rates have been excluded, as not all car insurance companies accept drivers with a DUI. If you have a DUI conviction, the best way to check whether it would write you a policy is to contact the company directly for a car insurance quote.

Chubb full coverage premium National full coverage premium
Clean driving history $2,472 $2,014
Speeding ticket conviction $2,756 $2,427
At-fault accident $3,389 $2,854
DUI conviction $4,722 $3,091

*All rates displayed are average annual rates.

Chubb car insurance quotes by age

Car insurance rates also vary by age in most states. Young drivers who just started driving typically 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 their parents’ policies and standalone policies. All show drivers with a clean driving record.

Average cost of car insurance for drivers on their parents’ policy
Chubb full coverage premium National full coverage premium
Age 16 $4,357 $4,392
Age 17 $4,357 $4,102
Age 18 $3,977 $3,837
Age 19 $3,464 $3,345
Age 20 $3,433 $3,149

*All rates displayed are average annual rates.

Average cost of car insurance for drivers on their own policy 
Chubb full coverage premium National full coverage premium
Age 18 $6,338 $6,110
Age 25 $3,161 $2,473
Age 30 $2,667 $2,125
Age 40 $2,014 $2,014
Age 60 $2,140 $1,824

*All rates displayed are average annual rates.

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 and ask for all discounts that you qualify for to be applied to see what your total savings might be.

By insuring both your home and vehicle with Chubb's Masterpiece policies, you could receive a percentage off your auto insurance where eligible.
This potential discount recognizes academic achievements by offering a rate reduction for students who maintain a high GPA.
This discount opportunity rewards newly licensed drivers who have successfully completed an approved driver education course.
Those who complete an approved defensive driving course that emphasizes safer driving practices might be able to take advantage of this savings opportunity.
For vehicles equipped with safety features like air bags, a discount might be available to reflect the reduced injury risk.
Cars with security systems or anti-theft devices may qualify for a discount due to decreased theft risk.
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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. The company did, however, win a Bankrate Award recognizing it as the best among those companies we studied for insuring high-value homes.

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, which helps explain its higher average rates. For example, your policy will automatically include 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 also offers coverage for identity theft and home appliances and equipment, and its risk consulting program allows you to have a dedicated consultant visit your home to help ensure that your coverage aligns with your assets and potential vulnerability to future perils.

Bankrate's image file
Best 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.

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Pros and cons of Chubb home insurance

Chubb homeowners insurance may have won a Bankrate Award for being our pick for 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 the company’s strengths and weaknesses when searching for home insurance quotes:

Pros
  • Free consulting service helps customers make educated decisions regarding coverage and risk management

  • Some coverage add-ons come standard at no additional charge

  • Extended replacement cost coverage is standard

Cons
  • May have eligibility requirements based on home value

  • Scored well below segment average in the J.D. Power 2023 U.S. Home Insurance Study

  • Average premiums for home insurance may be more expensive than the national average

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’s average rates are 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. Still, those perks may be too robust for the cost for some homeowners.

Dwelling coverage limit Chubb average premium National average premium
$150,000 $1,128 $975
$250,000 $1,775 $1,428
$350,000 $2,313 $1,879
$450,000 $2,858 $2,343
$750,000 $4,519 $3,761

*All rates displayed are average annual rates.

Chubb home insurance discounts

Like its auto insurance discounts, Chubb’s home insurance discounts will vary by state and likely include other eligibility requirements. To determine which discounts you might be eligible for, speak with your Chubb agent. Here’s a list of common discounts offered with Chubb’s home insurance policies:

Insure your primary home and autos with Chubb and receive a credit on your homeowner insurance premium, where applicable.
When homeowners insurance customers opt for valuable articles coverage from Chubb, they could obtain a credit on their homeowners insurance premium.
Chubb rewards homeowners who implement top-tier security measures, including closed-circuit TV cameras that are monitored 24/7, motion-activated detection systems external to the residence, and round-the-clock on-site security guards.
Homes with a year-round, full-time caretaker could qualify for a special discount.
Homes equipped with a system that monitors against freezing temperatures and activates a central station alarm when necessary could net their owners an insurance discount.
Properties equipped with advanced wildfire suppression systems that can be manually activated, triggered through the telephone, or automatically set off by a fire sensor could help homeowners benefit from premium reductions.
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Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
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Compare Chubb with other insurers

While Chubb may be a great option for those seeking unique home and auto coverage options and increased limits, it is not the only option for people seeking these features. Whether you’re looking for stronger customer satisfaction or something else entirely, you might want to consider these alternatives to Chubb to help find the best fit for your insurance needs.

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Chubb

Item
Rating: 3.9 stars out of 5
3.9
Info
Read review Read Bankrate's full Chubb Insurance review
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Nationwide

Item
Rating: 3.6 stars out of 5
3.6
Info
Read review Read Bankrate's full Nationwide Insurance review
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PURE Insurance

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Rating: 0 stars out of 5
0
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Read review Read Bankrate's full PURE Insurance review
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Travelers

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Rating: 3.7 stars out of 5
3.7
Info
Read review Read Bankrate's full Travelers’ Insurance review
Overview
Overview
Overview
Overview
Policyholders with high-value assets seeking comprehensive coverage and extra coverage perks might consider Chubb as their company of choice. Those prioritizing budget might find Chubb's above-average rates less appealing.
Policyholders who value bundling insurance coverage, robust coverage options or have unique coverage needs might consider Nationwide as their company of choice.
Privilege Underwriters Reciprocal Exchange, or PURE Insurance, is tailored to individuals with a high net worth. The company offers a wide range of insurance policies for high-value vehicles, homes and items, but may not be a prudent choice for the average American.
Customers who value robust policy options and want the ease of managing all their insurance policies in one place may find Travelers to be an appealing option.
Avg. full coverage auto rate
Avg. full coverage auto rate
Avg. full coverage auto rate
Avg. full coverage auto rate
$2,472
$1,422
$4,460
$1,551
Avg. home rate for $250k dwelling coverage
Avg. home rate for $250k dwelling coverage
Avg. home rate for $250k dwelling coverage
Avg. home rate for $250k dwelling coverage
$1,775
$1,153
$2,205
$1,249
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
Not rated
713/1,000
Not rated
694/1,000
.J.D. Power Digital Experience Study - Shopping
.J.D. Power Digital Experience Study - Shopping
.J.D. Power Digital Experience Study - Shopping
.J.D. Power Digital Experience Study - Shopping
505/1,000
519/1,000
Not rated
517/1,000
AM Best rating
AM Best rating
AM Best rating
AM Best rating
A++
A+
A
A+

Is Chubb a good insurance company?

While its average rates may be higher than many other companies, Chubb's homeowners insurance offers standard coverage that is anything but standard compared to most of those companies, which may appeal to individuals looking for financial protection against damage to high-value homes. Its auto insurance is not far behind, featuring multiple add-ons to tailor the policy to your specific needs. In addition, Chubb’s AM Best financial strength rating is the highest possible, indicating that the company has met its claims obligations with no trouble, an important consideration for an insurance company.

Yet every provider has areas for potential improvement, and for Chubb, customer experience might be one such area. Chubb’s scores in the J.D. Power studies it is rated in are typically below the industry average, indicating it may have some work to do in terms of making its customers feel satisfied with their experience.

Chubb customer satisfaction

When evaluating an insurance provider, it can be valuable to consider third-party ratings, as these often provide an unbiased perspective on the company's performance, service quality and overall reliability. Notably, J.D. Power offers some insight into customers’ overall satisfaction with their insurers digital experience, overall customer satisfaction and claims experience; however, Chubb is only rated by J.D. Power for its homeowners insurance experience in the 2023 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 experience compared to other carriers.

The company’s digital shopping experience is well below the J.D. Power industry average, and it didn’t rank in the service portion of that survey, indicating that its digital suite of tools for servicing your insurance policy are not particularly notable. Its financial strength rating with AM Best, however, could not be higher.

Study or Rating agency Chubb Industry average
2023 J.D. Power Digital Experience Study - Service Not Scored 702/1,000
2023 J.D. Power Digital Experience Study - Shopping 505/1,000 521/1,000
AM Best rating A++ (Superior) N/A

Chubb homeowners claims satisfaction

In the J.D. Power Property Claims Satisfaction Study, Chubb achieved a score of 880, slightly above the industry average of 874. This suggests a decent level of customer satisfaction concerning property claims handling and resolution.

J.D. Power Property Claims Satisfaction Study

Chubb customer complaints

The National Association of Insurance Commissioners (NAIC) is a reputable authority that provides complaint index ratios for insurance companies. Its complaint index is based on the number of complaints filed against a company to help consumers gauge an insurer's performance relative to its market share. The baseline for these indexes is set at 1.00. A score above 1.00 indicates that the insurer has a higher than average complaint rate, while a score below suggests fewer complaints than average. It's also worth noting that the NAIC differentiates complaint indexes based on product type, allowing a more precise evaluation of an insurer's performance in specific categories.

When considering Chubb's performance in the realm of auto insurance, the NAIC's private passenger auto complaint index provides a valuable lens. For 2022, Chubb recorded a score of 0.90. This places them below the industry average benchmark of 1.00, suggesting that Chubb received fewer complaints than average for their auto insurance segment. This lower score might indicate a more satisfactory experience for Chubb's auto insurance policyholders when compared to those of other insurers.

Delving into Chubb's homeowners insurance segment, for 2022, Chubb received a score of 0.12. This is significantly below the industry benchmark of 1.00, indicating that Chubb had far fewer complaints in the homeowners insurance category than most of its competitors. Such a low score suggests that Chubb's homeowners insurance policyholders tend to be more satisfied and encounter fewer issues than those insured by other companies in the industry.

Other Chubb tools and benefits

These are some of the additional tools and perks that Chubb offers as part of its home and auto insurance, as well as some other insurance types.

  • Boat and yacht insurance: This coverage safeguards watercraft owners against potential losses related to their boats or yachts, from minor damages to significant mishaps at sea.
  • Classic car insurance: Tailored for vintage and collector vehicles, this policy provides specialized coverage that considers the unique value and characteristics of classic cars.
  • Condo insurance: Designed for condominium owners, this insurance offers protection for personal property and any parts of the unit not covered by the condominium association's policy.
  • Earthquake insurance: A policy specifically for damages caused by earthquakes, filling the gap as most standard home insurance policies don't cover such natural disasters.
  • Flood insurance: While standard home policies often exclude flood damages, this insurance provides coverage for losses incurred due to flooding.
  • Valuable items insurance: A policy for high-value possessions like jewelry, art, or antiques, ensuring they're adequately protected against loss, theft, or damage.
  • HomeScan Program: Before small issues become major problems, Chubb's HomeScan program can detect leaks, insulation gaps, and electrical anomalies, helping homeowners address them proactively.
  • Agreed Value Coverage: Instead of leaving the value of your car up to debate, Chubb lets you determine its worth upfront (within certain guidelines). If your vehicle is stolen or totalled, they'll hand over a check for the predetermined amount, potentially saving you significant money.

Frequently asked questions about Chubb

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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.
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Written by
Ashlyn Brooks

Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.

Edited by Senior Editor, Insurance