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Chubb has gone through a lot of change and growth in recent years. Back in 1882, Chubb started out as a marine underwriting business based in NYC. The eponymous Thomas Caldecot and percy Chubb, a father and son duo, founded the business. As recently as 2016, Chubb was acquired by the major conglomerate ACE Limited. Today, both companies are working together to provide a diverse group of insurance coverages, including commercial, personal property, and casualty insurance, to clients in over 54 countries.
As stated above, Chubb does some pretty big business not just in a variety of US states, but in an equally vast number of countries as well. And their financial strength ratings show exactly how they are capable of managing such an expansive business:
|Better Business Bureau||F|
Based on their customer service ratings, however, it appears as though Chubb is dedicating more of its resources towards maintaining their exceptional financial strength than keeping customers happy. Granted, many of the angry reviews on Yelp are from people who did not receive payouts on claims where a Chubb-insured driver was held liable; they weren’t actual Chubb customers themselves. The “F” rating from the BBB, however, notes that 11 of the 18 complaints filed against Chubb in the past 3 years were due to “problems with product/service”.
Many automotive insurance companies try to attract customers by advertising how much their clients save money due to a selection of discounts that the insurer provides. Chubb, on the other hand, takes a completely opposite approach. They tailor their financial products to a niche market of high income earners who want to insure expensive vehicles with a premium, comprehensive policy. Their policies are specifically crafted for motorists who drive luxury vehicles or who own classic/collector cars. But if you contact a Chubb agent directly, you might want to inquire about bundling discounts on multiple vehicles, or multi-policy discounts.
Chubb is a company who prides itself on the ability to issue coverage on large and expensive pieces of property. Therefore, their coverage options are targeted towards customers who have an expensive vehicle which needs coverage, several vehicles which need coverage, or both. They also pride themselves on offering more options than most standard insurance companies, such as:
Comparison shopping is the key to getting the best deal on your automobile insurance premium. But in the case of Chubb, you aren’t just comparing prices – you’re comparing coverage options as well.
If you do have an expensive vehicle which needs more coverage options and higher limits on coverage, then you’re going to have to make some compromises between price and policy options. Chubb may not be the least expensive provider in your area, but the more affordable companies probably won’t offer the extra features or higher limits that Chubb is willing to.
|Strong financial strength rating||Bad reviews by the BBB and on Yelp|
|Offers unique coverage options which most standard insurance companies don’t||Meant for either commercial business owners or luxury/collector vehicles|
|Dedicated to offering a superior product to their customers||Their financial products might be outside the price range of the average driver|
Chubb has a history of offering very comprehensive insurance policies to their customers. However, doing such big business across multiple states and countries has led to the development of expensive, niche-market auto policies. And these policies may fall outside the price range of your average driver. But that doesn’t mean you shouldn’t compare a free quote from Chubb against at least 3-4 other companies before you decide on a policy – no matter how expensive or economical your vehicle may be.
Chubb Corporate Headquarters