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Chubb Insurance Review 2016

Credit Sesame

Financial security is essential, and insuring your home and vehicle makes it easier to bounce back from whatever challenges life throws at you. Chubb specializes in auto insurance and homeowners insurance, providing high-end market products for drivers, families, property owners and renters. Chubb’s insurance policies offer various levels of cover, so study the options carefully and compare with other insurance providers to find policies that are right for you.

Chubb Company Profile

Chubb is the world’s largest publicly traded property and casualty insurer, operating in 54 countries. The company targets the high-end market, providing premium service for individuals and businesses. ACE Limited acquired The Chubb Corporation in January 2016 and now has $160 billion in assets, with a credit rating of AA with Standard & Poor’s and A++ with A.M. Best.

Chubb has one of the largest product portfolios in the insurance industry, including over 200 commercial insurance and reinsurance products and services. Individuals can shop a variety of auto and home insurance options packed with a wealth of benefits.

Chubb Auto Insurance

Chubb offers collision, comprehensive and liability insurance for individual drivers. The company’s Masterpiece auto insurance is geared towards the high-end market and includes a few optional extras that aren’t common in standard policies.

  • Agreed Value coverage lets you define the value of your vehicle when the policy is written, and the insurance pays out that amount in the event of a claim.
  • Policy includes the option to choose any repair shop, including shops offered through Chubb’s Masterpiece Auto Preference Services.
  • Rental Car Reimbursement Coverage pays more than nine times as much as other insurance products, making it possible to rent a car like your own.
  • Coverage pays for original equipment manufacturer (OEM) parts rather than aftermarket parts.
  • Chubb offers up to $10 million in auto liability and $1 million in uninsured or underinsured motorist coverage.

This premium level of service makes Chubb a popular choice for drivers who own expensive cars, but the extra protection equates to higher rates. If you have a low-value vehicle or you only require limited coverage, then go online and get a few instant car insurance quotes to determine if there’s a more suitable product for you.

Collector Cars

If you’re a car collector, Chubb has a specialty product to protect your investment. The company’s classic car insurance grants flexibility and protection for complete peace of mind.

  • You define the value of each vehicle in your collection at the time you take out the policy.
  • You get to choose the body shop where you want any work completed.
  • The policy protects any newly purchased cars automatically for up to 30 days.
  • There are no deductibles.

Chubb Home Insurance

Chubb’s menu includes a suite of home insurance products for houses, condos and rentals. The company’s Masterpiece policy comes with premium features intended to protect high-value properties.

  • Extended replacement cost coverage restores your property, even if the cost exceeds the policy limit.
  • In the event of a covered total loss, you have the option of a cash settlement.
  • Chubb provides complimentary home appraisals to determine your amount of coverage.
  • Chubb covers additional living expenses you incur while your home is rebuilt.
  • Replacement cost coverage insures belongings for the amount it costs to replace them today.
  • The policy includes many “extras” as standard, including lock replacement.

Flood Insurance

Flood insurance isn’t part of the Masterpiece policy, but Chubb does offer Personal and Excess Flood Insurance as an alternative to the National Flood Insurance Program. The policy provides up to $15 million in property coverage for home and contents, pays to replace property and possessions without deductions for depreciation, and includes living expenses if you must temporarily live in alternative accommodation.

Other Types of Home Insurance

Chubb offers condo or co-op policies that include cover for additions and alterations, plus up to $50,000 coverage for any share of a loss assessment in common areas, such as the lobby or pool. Chubb also has policies tailored to renters and family protection policies covering expenses resulting from crimes such as home invasions and cyberbullying.

Complaint Ratio

The National Association of Insurance Commissioners publishes complaint data for insurance providers. The complaint ratio score represents the ratio of a company’s U.S. Market Share of closed complaints compared to the company’s U.S. Market Share of premiums for a given policy type. The national median is 1, so a company with a score less than 1 receives relatively few complaints considering its size, indicating good customer service and easy claim settlement.

For 2013 to 2015, NAIC recorded a complaint ratio of 0.00 for Chubb homeowner policies. This is a strong indicator of the company’s business practices, although not all states provide complaint data; therefore, these complaint figures may not present a complete picture and shouldn’t be used as the sole basis for making a purchasing decision.

Summary

Chubb’s product portfolio includes high-end market coverage for valuable homes and expensive vehicles. The company’s comprehensive protection options, strong financial strength and good customer service make it an appealing option. The premium service comes with a premium price, and there may be a more cost-effective product that better suits your personal requirements.

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved.
Published September 7, 2016
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