Chubb Insurance Review 2022 | NextAdvisor with TIME
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With company origins dating back to the late 1800s, Chubb is a global company known for selling business and commercial insurance, The company also carries auto, home, and life insurance policies for private customers. Chubb is known for insuring high-value cars and properties with reliable coverage, but keep in mind their policies can be pricey.
Chubb Auto Insurance
If you’re looking for auto insurance for an expensive or classic car, Chubb might be a good option to look into. The company’s Masterpiece plan offers quite a few coverage options that go above and beyond the standard policy. But potential customers could pay high premiums in order to get that extra coverage.
Types of Coverage
On top of the standard coverages — bodily injury and property damage liability, collision and comprehensive, and uninsured motorist — Chubb’s Masterpiece policy offers a few novel coverages, including:
- Agreed Value Coverage – Your car’s value is decided when the policy is written. If your car needs to be replaced, Chubb writes you a check for that amount.
- Original Equipment Manufacturer Parts and Procedures – If your car needs repairs, this coverage ensures parts are replaced with original equipment from the car’s manufacturer.
- Worldwide Rental Car Coverage – This means your policy will cover you with auto liability coverage everywhere in the world.
- Choice of Repair Shop – While you can always go with the repair shop Chubb suggests, you have the option to choose the mechanic you want.
- Safety Advocates – Chubb’s claims adjusters will oversee repairs to your car to ensure everything is repaired with your safety in mind.
- Rental Car Reimbursement – If your car needs repairs after an accident, this coverage reimburses the cost of a rental car.
Cost of Chubb Auto Insurance
The cost of auto insurance depends on a number of factors, such as age, gender and driving history. On average, women generally pay less for car insurance than men, and younger drivers usually pay more than older drivers. People with clean driving histories also generally pay less.
The average cost of full coverage car insurance is $1,674 annually, or $139.50 monthly, according to the latest data from Bankrate. NextAdvisor sought a car insurance quote from Chubb but was unable to obtain one online.
Chubb Auto Insurance Discounts
Chubb offers discounts to reduce the cost of monthly insurance premiums. These auto insurance discounts include:
- Good student – Drivers in school can receive a discount for maintaining a specific GPA.
- Driver training – Get a reduced rate for completing certified programs.
- Accident Prevention Course – Lower your rate with a defensive driving credit.
- Airbag/Passive restraint – Cars with certain safety features might lower your rate.
- Anti-lock brake – Some cars with anti-lock brakes could receive lower rates.
- Anti-theft – Cars outfitted with certain alarm systems can get lower rates.
- Multi-car – If you insure more than one car, it could lower the rate on all cars in the policy.
Chubb Home Insurance
Chubb home insurance policies include a wide array of coverages to protect your home and possessions. Chubb policies tend to be more expensive than those of competitors. If you have a high-value property that needs a lot of protection, Chubb home insurance might be for you. But you can expect to pay top dollar on monthly premiums.
Types of Coverage
Aside from the standard protections for dwellings and personal property, Chubb’s home insurance policies include the following coverages:
- Extended replacement cost – This coverage guarantees your home will be repaired or rebuilt to its original condition after a covered loss—even if the cost exceeds your policy limit.
- Temporary living arrangements – If your home is uninhabited after a covered loss, this coverage pays for housing while your home is undergoing repairs.
- Risk consulting – Chubb offers complementary risk consulting, where a consultant comes to your home and accesses any potential risks to you and your home.
- Cash settlement – After a covered total loss, you have the option to take a cash settlement instead of rebuilding your home.
- Replacement cost – After a covered damaging event, this coverage ensures the damaged items inside your home are covered, not just with how much the items are worth, but with the amount it costs to actually replace those items.
People also have the option to buy extra protection with their Chubb home insurance policies. Here are additional coverages you get in some areas:
- HomeScan – With HomeScan, Chubb sends a consultant to your home who will use an infrared camera technology to help identify moisture problems and potential fire hazards.
- Equipment breakdown – This covers damage to home appliances after an unexpected loss that’s covered by your policy.
- Cyber insurance – This covers financial loss and other expenses related to cyber crime.
- Tree removal – This coverage pays for tree removal on your property after a storm.
- Electronic data restoration – This coverage helps pay for data restoration after a virus.
- Lock replacement – This coverage pays for lock replacement after a key to the home is lost or stolen.
- Wildfire Defensive Services – This coverage actively protects your home from wildfires using the services of Chubb’s partner organization, Wildfire Defense Systems, Inc.
Cost of Chubb Home Insurance
Chubb home insurance is more expensive on average than many competitors. Based on a policy with $250,000 in dwelling coverage, policyholders can expect to pay about $1,630 per year in premiums, which breaks down to about $136 per month.
Chubb Home Insurance Discounts
Chubb offers quite a few home insurance discounts, but not all of them are available everywhere. Here are a few of the common discounts you can qualify for:
- Multi policy discounts – Save when you buy multiple Chubb policies
- Superior Protection Discount – Save with extra security and monitoring equipment
- Additional Fire & Security Discounts – Save with sprinkler systems and fire-resistant construction
- New/Renovated Home Discounts – Save when the home is seven-years-old or less, or if the home has been renovated in the last ten years.
- Condo, co-op, renters discounts – Save when your building has sprinkler and alarm systems or is built with fire-resistant materials.
- City home discounts – Save with a central station fire or burglar alarm.
Chubb Life Insurance
Chubb life insurance plans change depending on the state, but Chubb generally offers both main categories of life insurance—term and whole. A term plan pays out a cash benefit during a specific timespan. This kind of life insurance is usually the most affordable.
Cost of Chubb Life Insurance
The cost of life insurance depends on your age, health, and more. For a 35-year-old female with a 30-year term policy that includes a death benefit of $250,000, the average monthly term life insurance premium is about $23, according to the latest data from Bankrate. NextAdvisor sought a life insurance quote from Chubb but was unable to get a quote online.
Chubb Life Insurance Discounts
A multi-policy discount for life insurance may be available in some states if you use Chubb for more than one kind of insurance, such as auto or home.
Chubb Insurance Ratings
Chubb Auto Insurance
J.D. Power: N/A (Industry Average: 872)
NAIC: N/A
A.M. Best: A++ (Superior)
Chubb Home Insurance
J.D. Power: 871 (Industry Average: 88)
NAIC: 0.3/1
A.M. Best: A++ (Superior)
Chubb Life Insurance
J.D. Power: N/A (Industry Average: 763)
NAIC: N/A
A.M. Best: A++ (Superior)
Chubb Pros and Cons
Pros
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Available in 50 states and internationally
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Unique coverages available in auto & home policies
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Lower-than-average customer complaints (NAIC)
Cons
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Policies tend to be expensive
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JD Power ranks Chubb home insurance below industry average
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No online quote tool
“It’s slightly more expensive than other insurers, and there are limited options to get a quote online. Considering the present digital transformation, it would be great if the company smoothens the process to obtain quotes online,” says Martin Orefice, insurance expert and founder of Rent to Own Labs.
Other Policies Offered by Chubb
Chubb offers insurance policies in a range of industries. Aside from auto, home, and life, other types of Chubb insurance include:
- Business
- Liability
- Flood
- Travel
- Boat
Bottom Line
“Chubb’s clients are usually well-to-do homeowners, and other clients such as owners of high-end vehicles and other kinds of valuables,” says James Surrey, founder of Review Home Warranties.
If you’re looking for a white-glove insurance policy with coverages available for almost any situation you can imagine, Chubb’s plans in auto, home, and life are worth further study. But the premiums on these policies often run higher than those of other providers, so if you’re looking for the most affordable route, there might be a better option to consider.
Frequently Asked Questions
What states have Chubb insurance?
Chubb offers various insurance policies in all 50 states. Check with a local insurance dealer to see which policies are available in your area.
How much can I expect to spend on home insurance?
According to data sourced from Bankrate, you can expect to pay roughly $1,630 per year in home insurance premiums. This is based on a policy with $250,000 in dwelling coverage.
Does Chubb insurance cover cybercrime?
Chubb offers specialized cyber insurance to protect you and your family from risks that originate online.