Chubb Insurance – An Overview

Chubb is the world’s largest publicly traded property and casualty insurer. The Zurich, Switzerland-headquartered company provides unique auto and home insurance options to policyholders across the United States and in 53 other countries and territories worldwide. Keep reading to find out everything you need to know about Chubb, including how Chubb’s car insurance stacks up against other providers in the United States.

Chubb Insurance History

Chubb traces its history all the way back to 1882, then a man named Thomas Caldecot Chubb and his son Percy launched a marine underwriting business in New York City. The company specialized in insuring ships and cargoes. In 1967, the Chubb Corporation was incorporated, and by 1984, Chubb was a publicly-traded company on the New York Stock Exchange.

In 2015, a company called ACE Limited acquired Chubb Corporation for $28.3 billion in cash and ACE stock. ACE Limited is a Switzerland-based insurance company founded in 1985. Over the years, ACE Limited has grown to become one of the world’s largest insurance conglomerates, acquiring companies like the Insurance Company of North America (INA), Rain and Hail LLC, and more. ACE is also known for insuring high net worth individuals and is one of the largest such companies in the United States.

ACE’s acquisition of Chubb was completed on January 14, 2016, when the deal received final approval from shareholders and regulators. Today, the combined company is headquartered in Zurich, Switzerland (the same location as Ace Limited’s headquarters).

Chubb Insurance Rankings

chubb insurance reviewChubb is one of the world’s largest property and casualty insurance providers. However, the company’s car insurance customer base isn’t large enough to appear on J.D. Power’s annual rankings (the rankings include the top 20 car insurance companies nationwide).

Chubb does, however, appear on other insurance rankings from J.D. Power. Chubb was ranked as one of the best large commercial insurance providers in the country in 2018, for example, and scored similarly high rankings on the 2019 U.S. small commercial insurance study. Chubb scored middle of the road in the J.D. Power 2018 home insurance rankings with a 3/5 star score overall, although policyholders ranked the company high for property claims satisfaction.

We also rank companies based on their financial stability. Chubb is the world’s largest publicly traded property and casualty company, so it makes sense they have solid financial ratings. A.M. Best has given Chubb its highest possible score, an “A++”, indicating that Chubb should have no issues covering its liabilities or paying future claims. Chubb has also received a similarly impressive AA rating from Standard & Poor (although this is only the third-highest score available from the agency).

What Makes Chubb Unique?

Chubb differentiates itself from the competition by catering to a unique customer base of high net worth individuals. Some of the unique features of Chubb include:

Caters to High Net Worth Individuals with High-Value Cars and Properties: If you have one or more high-value cars or properties, then Chubb may be the best option for you. Chubb specializes in insuring the high-end property for high net worth individuals.

Excellent Customer Service: Like many companies catering to high net worth individuals, Chubb excels in customer service. The company is very well-rated for claims satisfaction and the overall customer experience.

High Pricing for High-Value Insurance: If you’re looking for barebones car insurance at rock bottom prices, then Chubb isn’t an option for you. The company specializes in insuring higher-end vehicles for higher net worth individuals. Chubb’s car insurance is priced much higher than most of its competitors in the United States.

Multiple Insurance Products: Chubb is one of the world’s largest insurance companies, so it makes sense they would offer a range of insurance products. You can buy business, life, car, and home insurance through Chubb, among other insurance products.

Is Chubb a Good Insurance Company? Our Review

Chubb offers a particular type of car insurance for a select type of customer. Chubb focuses mostly on insuring high net worth individuals and their high-value property, including higher-end cars, homes, and businesses.

With that wealthy customer base in mind, Chubb prices its car insurance policies much higher than any of its competitors in the United States. In exchange for that high pricing, customers generally rate Chubb positively for claims satisfaction and customer service. Chubb also includes many policies as standard that other companies would charge for, including worldwide rental car coverage, OEM parts coverage, and more.

Despite the high prices, Chubb offers a standard range of car insurance discounts. Chubb offers multi-vehicle discounts, for example, accident-free discounts, airbag discounts, ABS discounts, college graduate discounts, and more. These discounts can drop the price of Chubb policies slightly, although Chubb still ends up costing hundreds (even thousands) of dollars more than many of its competitors.

Chubb Auto Insurance Policies and Products

Chubb offers a mix of auto insurance policies catering mostly to high net worth individuals with higher-value cars. Some of the features that make Chubb auto insurance unique include:

Chubb Masterpiece: Chubb Masterpiece insurance includes liability insurance, uninsured/underinsured motorist, personal injury protection, and comprehensive and collision coverage.

Premium Coverage Included as Standard: Chubb’s basic Masterpiece policy includes several premium additions without additional cost, including rental car coverage, choice of the repair shop, worldwide rental car reimbursement, original equipment manufacturer (OEM) parts coverage, and more. Many other insurance companies offer this as an additional add-on, but Chubb makes them standard.

Unique Coverage Options: Chubb has several unique coverage options available at an additional price. You can get agreed value coverage, for example, which allows drivers to determine the worth of their vehicle with the agreement of the insurer, from the beginning of the policy. If your car is stolen or declared a total loss, Chubb will reimburse you for the agreed amount. Drivers can also add lease gap coverage for around $50 per year.

Road Service Coverage: For around just $20 per year, drivers can add road service coverage to their policy, which covers roadside assistance, towing, and pickup services after an accident.

Highest Coverage Limits in the Industry: Chubb’s auto insurance comes with some of the highest limit options in the industry, allowing policyholders to get up to $10 million in personal liability coverage and up to $1 million in uninsured and underinsured motorist coverage.

Final Word

Chubb may be the best option for shoppers that prioritize customer service quality and want a highly personalized relationship with their insurance provider. This isn’t a basic car insurance provider for basic needs; it’s a high-end car insurance provider for high net worth individuals. With that customer base in mind, Chubb specializes in providing higher levels of customer service to those who need insurance for higher-value cars and properties – and don’t mind paying more for it.

Be the first to write a comment.

Your feedback