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Chubb Insurance Review 2020

Jan. 2, 2020
Auto Insurance, Insurance
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  • Specializes in insuring high-value homes, vehicles and valuables.
  • Home and auto policies include identity theft monitoring and other high-end perks.
  • Has fewer customer complaints than expected for a company of its size for auto and home insurance and far more than expected for life insurance.

Chubb specializes in auto and home insurance for well-to-do customers. The company’s suite of products features generous coverage options and perks that aren’t usually available from other insurers.


Chubb auto insurance

4.5 NerdWallet rating

Chubb auto insurance earned 4.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account a number of details including pricing and discounts and ease of filing a claim. Other factors analyzed include website transparency, financial strength, and complaint data from the National Association of Insurance Commissioners.

Based on these ratings, Chubb ranks 13th in our list of the 20 best car insurance companies for 2020.

As a company that primarily serves high-net-worth families, Chubb doesn’t focus on cheap insurance or price breaks, but rather on white glove perks, coverages and services.

Chubb’s Masterpiece auto insurance policy offers coverage found on a standard policy and extra features geared toward owners of expensive vehicles, including:

  • Generous rental reimbursement coverage. If you need to rent a car because yours is in the shop after an accident, you can rent a vehicle as nice as the one you normally drive. The coverage reimburses you up to $15,000 to rent a car, with no per-day limit.
  • Coverage for original equipment manufacturer parts. When your car needs repairs after an accident, Chubb’s collision and comprehensive insurance pays for parts made by your car’s manufacturer. Other insurers often pay only for aftermarket parts, which are made by companies other than the carmaker and are less expensive than original manufacturer parts.
  • Worldwide rental car coverage. A Chubb auto policy extends to damage to a rental car you drive anywhere in the world. Most car insurance companies limit coverage to rental cars in the U.S. and Canada. Chubb also provides worldwide auto liability coverage, for damage you cause to others, when you buy at least $1 million in liability insurance.
  • Removal of personal information. If your vehicle is totaled, Chubb will delete personal data stored in the car’s systems, such as GPS addresses, phone contacts and garage door opener codes.

Optional coverage from Chubb includes:

  • Agreed value for collision and comprehensive insurance. If you choose this option, you and the company agree on what your car is worth when you buy the policy. If the car is stolen or totaled, Chubb reimburses you for that amount. With a standard policy from other insurers, you’re reimbursed for the market value of the car at the time of the incident, minus your deductible. This is an important feature for owners of collector cars. See NerdWallet’s analysis of the best classic car insurance.
  • Ultra-high insurance limits. You can choose up to $10 million in liability insurance and up to $1 million in uninsured/underinsured motorist insurance.
  • Lease gap coverage. If your leased car is totaled or stolen, Chubb covers what you owe to the leasing company, including forfeited security deposits and early termination fees.
  • Corporate car personal extension. You can extend your Chubb coverage to your company car when you drive it for personal use.
  • Full window glass coverage. With this option, Chubb will replace any window on your car that cracks or breaks, with no deductible.

Chubb’s auto insurance discounts

With its focus on high-end customers, Chubb doesn’t emphasize discounts on its website. However, depending on the state where you live, Chubb may offer auto insurance discounts for:

  • Bundling your home and auto coverage.
  • Insuring more than one vehicle.
  • Completing driver training or an accident prevention course.
  • Having safety equipment like air bags, anti-lock brakes, daytime running lights or anti-theft devices.
  • Being a good student.

» MORE: Compare car insurance rates

Chubb homeowners insurance

Chubb’s Masterpiece homeowners policy offers features not found in most policies from other insurers, along with benefits targeting owners of expensive homes. Key features include:

  • Extended replacement cost. After damage that’s covered by your policy, Chubb pays to have your home repaired or rebuilt to original specs and up to modern building codes, even if the cost exceeds your policy limit.
  • Cash settlement. If you opt not to rebuild after total loss damage, or to rebuild elsewhere, Chubb will provide cash up to the amount of your policy. Most policies reimburse or pay rebuilding costs only directly.
  • Home appraisal. Chubb’s appraisers visit your home, estimate replacement costs, recommend the amount of coverage you need and offer security and safety advice.
  • Replacement cost coverage. Chubb insures most belongings for the amount it would cost to replace them today, up to your policy’s limit. You can opt for a cash settlement instead.
  • Chubb Wildfire Defense Services. This provides customers in certain locations with services to defend their home from wildfire threats. These include an assessment from certified wildfire fighters if a fire is heading your way and sending firefighters to your home if there’s a wildfire.

Chubb’s home insurance discounts

Chubb has an extensive list of discounts for homeowners, primarily centered on safety. Details vary by state, but Chubb frequently offers discounts for:

  • Having a home with burglar or fire alarms, closed-circuit TV cameras, motion detectors, a permanent backup generator, a sprinkler system, a perimeter gate or various other security features.
  • Living in a gated community.
  • Having a full-time, live-in caretaker or around-the-clock security guard.
  • Using fire-resistant or masonry construction.
  • Having storm shutters.
  • Bundling home and auto coverage.
  • Buying extra coverage for valuable items.
  • Staying claims-free for three years.
  • Insuring a relatively new or recently renovated home.

White glove services from Chubb

Identity management services are included in all auto and home policies from Chubb. If you suspect identity fraud or theft, Chubb will connect you with a fraud specialist to help guide you through the resolution. It includes help in filing police reports and other documentation, developing a case file and credit monitoring for a year.

Masterpiece Cyber Protection is a policy that can help restore your identity and reimburse for losses related to cybercrime, hacking, identity theft or cyberstalking. It also includes an assessment to determine which crimes you’re vulnerable to, with advice to prevent those.

Property Manager provides hurricane assistance for customers with coverage on second or seasonal homes in select states likely to be hit by hurricanes. In your absence, a Chubb representative will inspect your home, provide a damage report, submit a claim on your behalf and start repairs after a hurricane.

Chubb complaints and customer satisfaction

Chubb had fewer than the expected number of complaints to state regulators relative to its size for auto and home insurance, according to three years’ worth of data from the National Association of Insurance Commissioners. For life insurance, Chubb had far more than the expected number of complaints.

Customer satisfaction ratings for home insurance are mixed.

2019 J.D. Power StudyChubb ranks...
Home insuranceBelow average
Property claimsBetter than most

More about Chubb

Website: You can find an agent and access your policy, billing and claims information. You also can pay your bill online.

Mobile apps: Chubb has several options for both Apple and Android devices.

  • Chubb Mobile is the company’s one-stop assistance app. Customers can pay bills, file and track claims, upload claim documents, view their auto insurance ID cards and more.
  • Chubb’s Mobile Estimate app lets you get car repair estimates after an accident. You can record your car’s vehicle identification number, take a photo of the damage and get a repair estimate through the app within a few hours. Chubb says some settlements are even finalized the same day.
  • Chubb Connect helps you connect to Wi-Fi hot spots worldwide and sends you travel alerts.
  • Chubb at the Wheel, for teen drivers, monitors driving habits and gives novice drivers a safety score.
  • Cyber Alert lets you quickly report an online security breach.

Other insurance is available from Chubb’s family of companies, including supplemental life and health insurance.

Chubb offers a few additional policy types, including:

  • Watercraft insurance, including coverage for luxury yachts.
  • Travel insurance, including coverage for valuables while you travel.
  • Valuable articles insurance, including jewelry, art and other collectibles.
  • Umbrella insurance, up to a $100 million limit.
  • Collector car insurance.
  • Farm and ranch insurance.

Recap: Chubb pros and cons

ProsCons
Generous coverage and perks for high-end customers.Below-average customer satisfaction for home insurance.
Cash settlements available for both auto and home policies.Far more complaints than expected for life insurance.
Above-average customer satisfaction with property claims.Does not focus on providing cheap insurance.

Auto insurance ratings methodology

NerdWallet’s auto insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints, website transparency and affordability. Using our editorial discretion, we also consider customer satisfaction surveys. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home and life insurance.

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