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Chubb Auto Insurance Review 2020

If you are an enthusiast of classic or luxury cars, you probably know Chubb for its reputation for excellent customer service. The company offers amenities and perks not seen at many insurers, and it’s known for giving its customers and their cars excellent treatment.

That special treatment and the high-end services the company provides comes at a price; Chubb is probably not the best choice for those looking for a bargain.

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Chubb insurance overview

Chubb has been selling insurance both in the U.S. and globally for more than 100 years. The company prides itself on its attention to detail and going the extra steps to create a positive customer experience. Organizations that assess customer service, such as the Better Business Bureau and National Association of Insurance Commissioners agree: Chubb routinely earns scores above the industry average. Chubb car insurance services all 50 states and 53 other countries.

Chubb offers standard auto insurance options. Included in Chubb’s basic offerings are some unusual extras, including generous rental car reimbursement of up to $15,000, worldwide rental car coverage and reimbursement for using original equipment manufacturer (OEM) parts. Chubb’s coverages also come with higher limits than other companies, including up to $10 million in personal liability coverage.

One unique coverage is if your vehicle is totaled, Chubb will pay to have all your personal information and data, including phone numbers and garage door codes deleted from the car’s computers.

Optional add-ons include classic car coverage, agreed value coverage, road service coverage and coverage that will pay off your lease, even if it’s more than the car is worth.

Although Chubb insurance company is widely known for excellent customer service, it prefers you to work directly with an agent. There’s no online quote tool, as many insurers have, so you need to make a phone call to get a premium price for your vehicle. The company does have a useful app that allows you to pay your bill, make a claim, and otherwise manage your account. You can also file a claim at their website.

Price Varies by location, vehicle and other factors
Best for Classic car owners
High-net-worth individuals
High-end car owners
Not for Those looking for a bargain
Discounts Accident-free
Air bag
Anti-lock brakes
Anti-theft devices
Bundling
Defensive driving (if over 65)
Good student
Multi-vehicle
States served 50, plus 53 other countries
In business since 1882
Better Business Bureau rating A+
AM Best Rating A++
S&P rating AA
Moody’s rating A1
Standout features Excellent customer service
White glove treatment
Best-of-industry standard
Optional coverages

Chubb insurance rates

Chubb insurance is not going to have the lowest possible rates for your auto insurance. All those extra perks and great coverage options come at a price, and Chubb has focused on cultivating the high-wealth customer market.

Sample quotes for a standard policy in California on a Honda Accord may include the following:

21-year-old male $7,943
21-year-old female $7,308
30 year old female $4,376

Quotes sourced from California Department of Insurance, via insurance.com.

The Simple Dollar’s Chubb auto insurance review

Chubb offers several features that make it a winner for some people.

Coverage options

Chubb coverage options are fairly extensive in it’s basic Masterpiece policy, and may include:

  • Bodily injury liability: This pays if someone in the other car is injured in an accident.
  • Property damage liability: This pays if the other car in an accident or another person’s property such as a fence or building is damaged.
  • Medical payments (MedPay) and personal injury protection (PIP): These cover medical costs to the driver and passenger in the policyholder’s car.
  • Collision: If a policyholder’s car is damaged by a collision or other road accident, this coverage pays.
  • Comprehensive: This pays for damage caused by anything that’s not a collision, from theft to hitting a deer.
  • Uninsured and underinsured motorist: If the person in the other car doesn’t have any or enough insurance or the policyholder is in a hit-and-run, this will pay for losses.

Chubb insurance discounts

Although there aren’t a lot, Chubb does offer some standard discounts to bring down your premium costs:

  • Multi-car
  • Multi-policy
  • Anti-theft device
  • Anti-lock brakes
  • Airbag, passive restraint, or daytime running lights
  • Defensive driving course

Other unique features

Here is where Chubb excels with features such as the following:

  • Use of original manufacturer (OEM) parts in all repairs.
  • High coverage limits, including up to $10 million for liability and $1 million for uninsured motorist.
  • Agreed value coverage, which means you and the company agree on the value of the car at the beginning of the policy and that value remains constant throughout the life of the policy with no depreciation. This option is particularly useful for classic cars.
  • Worldwide rental car coverage and rental car reimbursement of up to $15,000.
  • Pet coverage.
  • Claims settlement in any of the 54 countries Chubb serves.
  • Child seat replacement.

Chubb’s competition

Because one provider might not be the best for everyone, it can be helpful to compare it to other similar providers.

  • Amica Insurance: We named Amica best overall in our Best Car Insurance Companies of 2020 review. With top rankings from J.D. Power and Consumer Reports, Amica competes with Chubb insurance reviews in the best customer service category.
  • Geico: Also a top provider on our listing, Geico scores well for customer service and offers a smooth experience for policyholders using its website and app.
  • Progressive: If you’re looking for inexpensive quotes, Progressive should be on your list. It offers competitive pricing and an extensive array of discounts to bring your premium prices down even more.
  • USAA: This company ranks up with Amica for customer service, and its prices compare to Progressive. The only limiting factor is that it sells policies just to current and former military members and their families.

What others are saying

Insurance Journal posted an article on how Chubb is navigating Coronavirus and its impact on growth. CEO Evan Greenberg insisted that the company had “strong fundamentals,” but admitted that the times are challenging ones for the company, and in the short term, its profits will be impacted. Having said that, though, the company also announced sizeable grants for pandemic relief to charitable organizations such as Feeding America.

Chubb recently became the first major U.S. insurer to divest itself from writing policies for coal-fired power plants. The report says investors are pushing companies like Chubb to distance themselves from companies that contribute to climate change.

Several industry journals, including Carrier Management, reported that Chubb had sustained a hacker attack that may have compromised company data. Chubb says it’s working with law enforcement to track down the details, but denied that customer information had been stolen.

Chubb’s auto insurance simplified

  • If you can afford to insure your car with Chubb, you’ll receive white glove treatment and lots of perks.
  • Extensive coverage options, some of them standard, outshine the offerings of most other insurers.
  • The company is not for bargain hunters, with premium prices that range near the top of the pack among insurers.
  • The website and app have Chubb online payments set up and work hard to make the customer experience smooth and efficient.

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The post Chubb Auto Insurance Review 2020 appeared first on The Simple Dollar.

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CHUBB INSURANCE

How COVID-19 Could Change Insurance For the Better

The COVID-19 pandemic has already changed every industry on earth — air travel, retail, healthcare, you name it. There are so many things we can’t control about the novel coronavirus, but one thing we can do is ensure some of its lasting effects on the world are positive.

In response to the pandemic, some insurance companies have already made positive changes. For instance, back in March, auto insurance providers announced refunds and discounts to compensate for the fact that we aren’t driving as much these days.

“There aren’t many positives to the situation we’re in,” says Raymer Malone, a CFP with High Income Protection I spoke with over the phone last week. “However, for people looking to buy insurance in the future, they will be met with a more pleasant experience than before.”

The pandemic presents a unique opportunity for the insurance industry to evolve and support more people than ever before.

Insurance could be more accessible and affordable

“The biggest change that we’re seeing is that insurance carriers are being forced to adopt new technology in today’s socially distanced world,” Malone says. “E-applications, e-policy delivery, and waiving of physical exams are all innovations that are marching to the forefront.”

And this shift isn’t only relevant for a society battling an incredibly infectious disease.

“For the consumer, this will likely lead to access to more attractively priced insurance products (through increased competition), a simplified application process and ultimately a better purchasing experience overall.”

Digital insurance startup companies have been able to lure some customers away from the largest insurers by offering these types of solutions, even before the global pandemic made them a necessity. While insurers have begun investing in these types of companies (insurtechs raised $6.37 billion in 2019 alone), this could solidify the need for more investment in technological innovations in the long-term.

Now, insurers are being forced to take these steps on their own. This pandemic won’t turn large, traditional insurers into a lean, scrappy startup (they also have a lot of loyal customers that like things the way they’ve always been) but it may encourage an accelerated growth in this area.

Coverage options could be more personalized

As electronic systems are improved to enable better customer experience, they can also be leveraged to provide more accurate pricing based on consumers’ actual driving for auto insurance. While traditional auto insurance prices are based on primarily historical and personal information like history of traffic incidents and age, usage-based policies determine your risk based on how you drive (measured by miles driven or other driving-related factors.)

“One of the trends that we have seen at CMT that has also been observed by JD Power is the increase in interest in personalized pricing of insurance policies powered by telematics,” Ryan McMahon, VP of Insurance at Cambridge Mobile Telematics (CMT).

With a traditional policy, your risk has been predetermined and you’re charged a fixed premium every month regardless of whether you drive 10 miles or 100 miles a day, but people are now driving a lot less. According to Arity, a telematics data firm, total miles driven is down 49% as of April 29, 2020.

“There has been a sustained rise in individuals who want to save money based on how they drive, and as the gaps grow between those that drive safely, those that drive less and those that do not, there will be a greater need for the insurance industry to respond with options that give consumers the most flexibility and greatest control over what they pay for insurance at a time where our economy has slowed considerably.”

Your information could be even safer

“I believe cybersecurity is going to be at the forefront of everyone’s minds coming out of COVID-19. We are regularly seeing updates about various businesses being hacked and shut down on account of security breaches,” says Kirk Mason, Partner, HMC Lawyers.

While this will have a great impact on businesses seeking this type of insurance, it will likely affect the industry as a whole. As people increasingly conduct their insurance business all online and sign up for telematics-based car insurance programs, insurers will be holding onto even more personal data, data that will need to be protected if insurers are to build trust with their customers.

Consumers will need to be in control of their own data as well. Crises, including a global pandemic, are a popular time for scammers to strike, targeting people in vulnerable situations, but as more and more aspects of our personal lives are available online, this will continue to be a valuable protection for people. Allstate has already offered free identity protection for the remainder of the year to its customers in response to COVID-19.

Is your insurer keeping up?

I would encourage you to take note of how your insurer has reacted to the COVID-19 crisis and evaluate whether the measures they’ve taken are in line with what you’re looking for from a provider tasked with protecting you.

If you’d prefer to go back to working with your insurance agent in person after the pandemic — if social distancing allows — or you have no interest in trading your personal driving data with an insurer in order to save money, I would still encourage you to look to your insurer to make sure they are supporting the services that are important to you.

But for those looking for a seamless online experience, tailored pricing, and top-notch cybersecurity, if you’re not seeing these changes in your insurer, it is time to shop around.

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Experts cited

Raymer Malone, CFP

Raymer Malone

Raymer is a Certified Financial Planner with High Income Protection with over 20 years of experience in the financial services industry. Follow Raymer on Twitter.

 

 

 


Ryan McMahon

Ryan McMahon, CMT_Headshot

Ryan is the Vice President of Insurance at Cambridge Mobile Telematics, the leading mobile telematics service provider. Follow CMT on Twitter.

 

 

 


Kirk Mason

Kirk Mason


Kirk is a Partner at HMC Lawyers, an Alberta-based law firm that serves a wide range of litigation types. Kirk specializes in insurance law.

 

 

 

 


COVID-19 and your finances

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The post How COVID-19 Could Change Insurance For the Better appeared first on The Simple Dollar.

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Most Americas Won’t Ask for Help if Their Car Breaks Down, But Drivers Would Stop to Help Others

Did you know that there are 69 million vehicle breakdowns in the U.S. every year?

That comes out to one in three drivers, so it’s not a surprise if you’ve found yourself dealing with a car breakdown. Or that you’ve seen a car broken down on the side of the road. What would you do in either situation?

That’s what we wanted to find out. We took a unique approach by surveying Americans on what they would do in the case of a car breakdown as a bystander or the driver. Needless to say, the results were unexpected.

Key takeaways:

  • 56% of Americans would stop for someone having car trouble.
  • Only 3% of drivers would flag down a stranger for help if they had a flat tire.
  • 34% of Americans would use roadside assistance if they had a flat tire or if they were locked out of their car.
  • 66% of men would fix their own flat tire, while 38% of women would do the same.

56% of Americans would stop for someone having car trouble, but it depends on their circumstance

A majority of Americans were willing to extend a hand to help someone during car trouble, but they wouldn’t stop for just anyone. While 37% of Americans said they would stop no matter the situation, the other 19% revealed that it would depend on who was in the car — a family (11%), a woman (7%) or a man (1%).

age

When we broke this down by gender, we found that men were more likely to help someone having car trouble regardless of what they look like (46%) compared to women (27%) who were less likely to help someone. However, women would be more willing to stop if they saw a family or another woman in the car (23%) while only 13% of men answered similarly.

Americas

Our data found that people in the Northeast were the most unlikely to stop for someone on the side of the road at 52%. That’s compared to the people who said they wouldn’t stop in the Midwest (40%), South (46%) and West (39%).

Only 3% of drivers would flag down a driver to help them with a flat tire

We wanted to get the perspective of those who broke down too — do drivers even want someone to stop and help?

Although 56% of drivers would stop to help someone on the side of the road, only 3% of drivers with a flat tire would actually try to flag someone down. In fact, 52% said they would fix a flat tire on their own. But that varies greatly by gender — 66% of men would fix their own flat tire, while 38% of women would do the same.

Women are more apt to call roadside assistance when they get a flat tire (35%) while only 22% of men would use roadside assistance for the same issue. We also found it interesting that 24% of women said they would call a family member or friend for help, but only 7% of men would do the same.

auto insurance

It’s worth noting that while many auto insurance companies will offer roadside assistance as a policy add on, benefits vary, so not all types of breakdowns are covered. Let’s delve deeper into the reasons why Americans would call roadside assistance.

34% of Americans would use roadside assistance if they had a flat tire or if they were locked out of their car

We asked Americans what they would call roadside assistance for and found that 39% of people wouldn’t call roadside assistance at all. However, the other 61% of people would use roadside assistance in some capacity. We gave surveyors the option to select multiple options and these were the results.

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Since 39% of Americans said they wouldn’t call roadside assistance for car trouble, we wanted to know what they would do instead.

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Calling a significant other was the second most popular response that Americans had if their car broke down, but that varied greatly by demographics.

When we asked women, 29% said they would call a significant other while only 13% of men would do the same. For men, the second most popular response behind roadside assistance was to try to fix it themselves (30%).

We also found that the age group most likely to try to fix their car themselves was those between the ages of 35-44 (28%). That’s significantly more people than we saw in other age groups who would try to fix it themselves: age 18-24 (17%), ages 25-34 (18%), ages 45-54 (21%), ages 55-64 (18%), ages 65 and over (14%).

Our main takeaway in this study is that while 56% of Americans would stop for someone having car trouble, only 3% of drivers actually want someone to stop to help. Does that change how you would respond to seeing a car broken down on the side of the road?

Check out our visual to get the full picture on how Americans handle situations when their car breaks down or they see cars break down.

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Methodology

The Simple Dollar conducted an online survey of 1,000 Americans aged 18 and older to learn what they would do in situations with car problems. The survey consisted of 4 questions fielded January 2020 using Google Surveys.

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