Allianz is actually part of a global conglomerate that was founded during the 1890’s in Berlin. Apparently, though, the company has been going through some major restructuring in the past few years. After changing hands (and names) a few times, it looks as though ordinary drivers who purchased a personal auto policy from Allianz 5 years ago or longer are now getting their policy managed through Chubb. There is still automotive insurance available through Allainz, but it primarily sells policies to owners of classic cars or companies which need to insure a fleet of business vehicles.
As a multinational company, Allianz deals in some big business. And for a company so large to survive for over a century, it’s got to have a strong financial foundation. The grades below are a very strong indication of that:
Keep in mind that Allianz mostly deals with commercial financial products and/or expensive, classic cars. But if you’re more like the average driver, you probably either have or are looking for a personal auto policy from a company known as Chubb. They have mixed reviews on sites like Yelp, but as of 2016, the company has an “F” from the Better Business Bureau. This rating is related to claims against Chubb for “billing/collection issues” and “problems with product/service”.
Chubb operates very differently than most personal auto insurance companies. They market their products to their customers not by advertising enticing discounts, but by convincing clients that they are offering a superior product. To get more information on potential discounts, like bundling, you’ll have to speak directly with a Chubb insurance agent for personal vehicle coverage. If you are a business owner with many commercial vehicles to insure, you’ll also need to contact Allianz directly. And if you are an owner/collector of classic cars, both companies can help you find a good rate.
Because Chubb and Allianz are major players in the insurance industry, their coverage options are geared more towards customers who either have an expensive vehicle that needs coverage, several vehicles that need coverage, or all of the above. They also pride themselves on offering more options than most standard insurance companies, such as:
If you want to make sure you’re getting the most affordable rate four your automotive insurance needs, you’re going to want to compare rates among different providers. This is a basic principle all drivers should follow, whether they need liability coverage on a used Dodge Neon or they’re looking to protect a brand new Escalade:
The chart above displays average rates for standard insurance policies from some of the biggest providers in the country. However, companies like Allianz and Chubb orient their business towards a different type of customer – usually someone who is in the market for a large or expensive policy. This may be because they are looking to insure multiple vehicles under one simple plan, or because the type of vehicle they are trying to insure might be too costly to fix or replace for most insurance companies.
|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|
Both Chubb and Allianz have a history of offering thorough, comprehensive insurance coverage to their customers over the years. However, doing such big business across multiple countries has led to some restructuring in the company. These changes might make the insurance policies they sell fall outside of what the average driver is looking for. But that doesn’t mean you shouldn’t compare a free quote from Chubb/Allianz against at least 3-4 others before you decide on a policy.Corporate Headquarters