Review of Chubb Auto Insurance

Overview 

Chubb may not be a household name for auto insurance, but they’ve been insuring property and contents since 1792. Overall, the international carrier focuses on insuring and reinsuring businesses throughout 54 countries and territories. The breadth of Chubb’s commercial products has earned them the title of top publicly traded P&C insurer. In all 50 U.S. states, Chubb includes auto insurance as part of their personal lines product menu, as well as homeowners insurance. Consumers are expected to purchase coverage through the carrier’s nationwide network of independent insurance agents.  

Financial Health

Chubb’s holding company, Chubb Limited (NYSE: CB), is publicly traded on the New York Stock Exchange and is part of the S&P 500 Index. Last year Chubb reported more than $181 billion in assets, as well as $40 billion in gross written premiums. In other words, this world-class carrier has very deep pockets. 

Financial strength ratings for the carrier reflect this positive fiscal outlook. Year after year Chubb maintains the highest possible ratings from A.M. Best (“A++”) and Standard & Poor’s (“AA”). Obviously, the insurer demonstrates excellent financial stability. Chubb has more than enough assets and capital available to make good on approved claims. 

A 2015 headline-making, multi-billion-dollar merger between Chubb and ACE Limited lends itself to part of Chubb’s ongoing economic security. 

Pricing

Chubb is geared towards wealthy customers with high-priced luxury vehicles and classic cars looking for full coverage insurance, but not the cheap kind. The carrier’s laser focus on insureds in higher tax brackets may be the reason the average, working class American isn’t familiar with Chubb. However, this isn’t to say that only rich people can purchase a Chubb auto plan because the insurer doesn’t discriminate based on income or net worth. 

If you’re interested in getting a Chubb auto quote, be warned that their website doesn’t have an online quoting tool for consumers. Instead you’ll need to work with a Chubb-appointed insurance agent for estimated premiums and policy details. There is a directory of official Chubb agents on the corporate website. 

In comparing Chubb to three other popular auto carriers, it’s evident that Chubb premiums are quite a bit higher than most other insurers. The insurance company had auto insurance pricing that was as much as 62% higher than Progressive and State Farm. Chubb auto premiums were anywhere from 11% to 35% higher than Allstate rates. 

Customer Satisfaction

Chubb may sell pricey policies, but they do come with deluxe, white glove customer service. The insurer has an extremely low number of customer complaints. That should give consumers a positive perspective when they are considering buying a Chubb auto plan. 

The carrier maintains a steady “A+” Better Business Bureau (BBB) rating. Furthermore, Chubb has very rosy customer service stats according to the National Association of Insurance Commissioners (NAIC). NAIC published data showing Chubb had very few auto insurance complaints: 3 complaints (2019), 7 auto complaints (2018), and 5 complaints (2017). Last year Chubb received a 0.49 complaint index for auto insurance which is well below the 1.00 national average. 

Claims Processing

Chubb insureds are encouraged to work through their dedicated agent. However, the carrier does still offer the usual options for filing new claims, 24/7. Insureds may notify Chubb of new property losses via a toll-free phone number (1-800-CLAIMS), fax (1-800-300-2538), or online (with or without logging into the Client Portal). 

Chubb insureds may download their free app for iPhone or Android. Through the Chubb mobile app, you can file and track claims, and upload claim documents. (Besides claims matters, Chubb customers may also use the mobile app to view their ID cards and pay premiums, among other things.) 

The auto insurer has a Mobile Estimate app that is extremely helpful after being in an accident. Through this app, you can record your automobile’s VIN, upload photos of the damage, and get a repair estimate all within a few hours. It’s been reported that Chubb has even settled claims payments within the same day. 

Of course, most Chubb customers are successful people that are much too busy to be filing claims and chasing down a resolution. Therefore, Chubb insureds can expect to receive gold star treatment whether they’re working through an agent or directly with the carrier. 

As we detailed above, customer complaints are basically nonexistent considering the size of the insurer. So, one must assume that most insureds are satisfied with Chubb claims processing. 

Discounts

Chubb does offer a few of the standard auto insurance discounts consumers expect. These will shave a bit off the high base premiums but don’t expect to save a significant amount. Chubb auto policies will still be higher than average and most of their insureds are wealthy enough to pay the full price anyway. 

• Multi-vehicle
• Multi-policy
• Defensive driving course
• Safety devices (e.g. airbag, daytime running lights, passive restraint)
• Anti-theft devices
• Anti-lock brakes
• Defensive driving course
• Good student or college graduate

Coverage Options

Chubb doesn’t just sell boring old auto insurance policies but rather, what they call, Masterpiece Auto Coverage. That’s because along with the typical liability, comprehensive, and collision basics, the insurance company also includes exclusive perks and optional benefits that aren’t available through other insurers. 

High Insurance Limits: Chubb lets you choose up to $10,000,000 in liability insurance protection and up to $1,000,000 in uninsured/underinsured motorists coverage. 

Agreed Value: This is an optional benefit that applies to collision and comprehensive insurance policies. Under this protection, you and Chubb will come to an agreement as to the worth of your vehicle at the time you purchase the coverage. If your vehicle is totaled or stolen in the future, Chubb will pay the market value of the automobile at the time of the incident, minus the deductible. Classic car owners really appreciate this protection. 

Rental Reimbursement: If your vehicle is being repaired because of an accident, you can rent a car that’s just as luxurious as your own. Chubb will reimburse you up to $15,000 total for a rental, with no daily cost limit. 

Worldwide Rental Coverage: Chubb extends rental coverage to anywhere in the world you decide to drive, not just North America. The insurer also includes worldwide auto liability protections, for damage you cause to others, when you buy a minimum of $1,000,000 in liability insurance. 

Personal Information Protection: Chubb will delete all personal data stored in your automobile’s system should your car be totaled. This means things like phone contacts, GPS addresses, and garage door codes will be erased as an added convenience for you. 

Original Equipment Manufacturer (OEM) Parts: Comprehensive and collision policies will pay for replacement parts that come direct from your vehicle’s manufacturer. This is great considering most insurers will only pay for aftermarket parts since they are less expensive. 

Corporate Car Coverage: Chubb allows you to extend your existing vehicle policy to your corporate car when it’s driven for personal reasons. 

Glass Coverage: The insurer will pay for replacement of any car windows that’s broken or cracked, with no deductible required.  

Lease Gap Coverage: If your leased vehicle is stolen or totaled, the insurance company will pay the leasing company what you owe, including early termination fees and forfeited security deposits. 

Identity Management: This service comes along with a Chubb Masterpiece Auto policy, as well as homeowners plans. If you suspect identity theft or identity fraud, Chubb will introduce you to a fraud specialist that will assist in a resolution. This includes assisting you in filing police reports and other documentation, developing a case file, and monitoring your credit for a year. 

A few other Chubb Masterpiece features: 

Chubb at the Wheel: This is intended for teen motorists and is meant to monitor their driving habits and give a safety score. 

Chubb Connect: This makes your life easier by allowing you to connect to Wi-Fi hotspots anywhere in the world, as well as sends you travel alerts.

Conclusion

Chubb Masterpiece Auto policies are crafted for wealthy, well-traveled families that are willing to pay a high premium for five-star protection. Drivers with luxury vehicles or classic cars may be more likely to consider a Chubb auto plan.  The insurance company has nearly no customer complaints, so they are obviously living up to their promises. For the average working-class motorist, Chubb auto coverage may not be the most economical option.