Chubb specializes in auto and home insurance for well-to-do customers. The company’s Masterpiece suite of products features generous coverage and perks that aren’t usually available from other insurers.
Where Chubb shines
- Offers white-glove service and coverage perks.
- Agents specialize in the high-end market.
- Offers high liability limits.
- Provides special services such as fire protection for customers in wildfire areas.
at a glance
- A.M. Best financial strength rating: A++ (superior).
- Complaints: Fewer than the industry median for a company of its size.
- Size: No. 43 auto insurance company based on direct premiums written.
In this article
Chubb homeowners insurance
Customer service and ratings
Website and apps
Next steps
Overview
Now headquartered in Warren, New Jersey, Chubb got its start in 1882 when Thomas Caldecot Chubb and his son Percy started a marine insurance business in New York, focused on ships and cargoes. Chubb was acquired in January 2016 by ACE Limited, the parent of ACE Group, a global property and casualty insurer with headquarters in Zurich.
In addition to home and auto insurance, Chubb offers coverage for condos and co-ops, valuable articles, watercraft, excess liability and collector cars.
Chubb auto insurance
Chubb’s Masterpiece auto insurance policy offers coverage types found on a standard policy, along with additional benefits geared toward owners of expensive vehicles. Special features include:
- Agreed-value option for collision and comprehensive insurance: If you choose this option, you and the company agree what your car is worth when you buy the policy. If the car is stolen or totaled, Chubb reimburses you for that amount, minus the deductible. With a standard policy, 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.
- 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 fancy as the one you normally drive. The coverage reimburses you up to $15,000 to rent a car, with no per-day limit. The coverage can also be used to pay for transportation expenses, such as plane tickets and hotel stays, if the accident occurred more than 50 miles from home.
- 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 the original car manufacturer. Car insurance policies from other insurers often pay only for after-market parts, which are made by companies other than the carmaker and are less expensive than original manufacturer parts.
- Ultra-high insurance limits: You can choose up to $10 million in liability insurance and up to $1 million in uninsured/underinsured motorist insurance. The highest liability or uninsured motorist coverage limit offered by many car insurers is $500,000.
- Worldwide coverage: A Chubb policy extends to damage to a rental car you drive anywhere in the world. Most standard 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 purchase at least $1 million in liability insurance.
- Pet injury coverage: Chubb provides up to $2,000 for pets injured or killed in a crash. The coverage pays to treat, board or replace pets, including horses pulled in trailers.
» COMPARE: Car insurance rates
Auto insurance discounts from Chubb
Chubb offers a variety of car insurance discounts. The options and percentages vary by state; check with an agent for details. The options include:
- Good student.
- Driver training.
- Accident-prevention course.
- Car-safety equipment, including air bags, anti-lock brakes and daytime running lights.
- Anti-theft device.
- Insuring multiple cars on one policy.
- Bundling auto insurance with a home insurance policy.
Chubb homeowners insurance
Chubb’s Masterpiece homeowners policy offers some protections not found in most standard policies, 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, even if the cost exceeds your policy limit.
- Cash settlement: If you opt not to rebuild after damage, or to rebuild elsewhere, Chubb will provide cash up to the amount of your policy.
- Additional living expenses: If your home can’t be inhabited because of damage covered by your policy and you need a temporary place, Chubb will help cover increases in your typical expenses. “This coverage is designed so customers can maintain their standard of living,” says Christie Alderman, a vice president at Chubb. “We’re not going to put you up in a cheap apartment while your home is being rebuilt.”
- Replacement cost coverage: Chubb insures most belongings for the amount it would cost to replace them today, up to your policy’s limit and without a deduction for depreciation. You can also opt for a cash settlement instead.
- Chubb Wildfire Defense Services: This provides customers in certain locations with services to defend your home from wildfire threats, including a hazard assessment from certified wildfire fighters if a fire is encroaching and deployment of firefighters in the event of a wildfire.
- Home appraisal: Chubb’s appraisers visit your home, estimate replacement costs, recommend the amount of coverage you need and offer security and fire-prevention advice.
- Cyberbullying insurance: This pays out when cyberbullying results in wrongful termination, false arrest, wrongful discipline in school and other incidents that leave the client unable to attend school or work for more than a week. It provides up to $60,000 in compensation to customers and family members to recover costs, including for lost wages, temporary relocation, psychiatric services, rest, recuperation and other expenses. Cyberbullying coverage is available to homeowners insurance customers in certain states who buy a Family Protection policy, which typically costs $70 a year.
Chubb also offers coverage for guest houses and landscaping, and rebuilding using energy-efficient and resource-efficient practices.
Home insurance discounts from Chubb
Chubb offers dozens of discounts on home insurance. Availability and percentages vary by state, so check with an agent. Discounts include:
- Portfolio discounts: Receive a credit on your homeowners insurance rate when you insure your primary home and vehicles with Chubb. Homeowners insurance policyholders who buy valuable articles coverage from Chubb can also get a credit on their homeowners rate.
- Home and contents policy discounts: You’re eligible for discounts for a broad range of measures, including for installing security devices such as burglar and fire alarms, for living in a new or renovated house, for living in a gated community with patrol service, for building with fire-resistant materials or masonry construction, for having a sprinkler system, or for having weather protection such as lightning-protection systems or storm shutters.
Customer service and ratings
Chubb was rated “about average” for customer satisfaction in a 2015 J.D. Power U.S. Household Insurance Study.
Chubb’s financial strength is rated A++ (superior) by A.M. Best, the highest rating given.
Website and apps
On the Chubb website, you can find an agent and access your policy, billing, claims information and, in some cases, your appraisal information. You also can pay your bill online.
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 delivered through the app within three hours.
Next steps
If you’re looking for generous coverage and perks not available from most insurance companies, and especially if you’re looking for an insurance company that specializes in the needs of wealthy clients, then Chubb is worth considering. Keep in mind, prices match Chubb’s niche as a high-end insurer. As always, it’s a good idea to shop around and get quotes from different companies.
When shopping for car insurance, NerdWallet’s auto insurance quotes tool can help.
Juan Castillo is a staff writer at NerdWallet, a personal finance website. Email: jcastillo@nerdwallet.com. Twitter: @JCastilloNerd.
This article was updated. It was originally published April 26, 2016.
from NerdWallet
https://www.nerdwallet.com/blog/insurance/chubb-insurance-review/
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