Chubb Car Insurance Rates Canada Review

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Chubb Car Insurance
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The largest publicly traded casualty and property insurer in the world is Chubb Corporation and Chubb Insurance Canada is a part of this conglomerate. Founded by Thomas Chubb in 1882, Chubb has a long history that goes back for more than 85 years. They operate in 54 countries and offer personal accident, supplemental health, commercial and personal property and life insurance products. Chubb’s clientele ranges from the high net worth individuals, middle-income farmers, multinationals, small businesses to middle-income consumers. Chubb Insurance offers a variety of insurance packages and high quality in settlement of claims. The car insurance pricing may not be on the cheaper side but the quality of service and claims experience is noteworthy.

ACE Limited bought Chubb Corporation in January 2016. This acquisition has ranked Chubb as a global leader and provider of insurance services to businesses and individuals. However, ACE Limited has retained the name Chubb Insurance as it is recognized worldwide as a prominent insurance company. Chubb underwrites their own policies and is well regarded for their underwriting excellence and international reputation. They are also one of the insurance companies that cover high-end luxury vehicles. These car insurance policies are very customized and flexible to offer the best options to the insured. The claims settlement procedures are tailor made for these policies. They have many regional locations in Canada and North America. There are offices in the provinces of Alberta, Ontario, and Quebec.

Contact Methods For Chubb Insurance

Phone: You may reach Chubb Insurance customer care by calling 1866-324-8222 and press option#2 on all weekdays between 8 am – 8 pm EST.

Email: The email address to contact Chubb Insurance is customercenter@chubb.com. Or you could direct your general queries on their website through a link.

Online: There is an option to fill out an online form to reach Chubb. You may also create an account login on the website to track and update your policy.

Chubb Car Insurance Market Share Review

Chubb Insurance Market ShareQuarterYear
0.50%Q32016
0.51%Q12016
0.51%Q42015
0.52%Q12015
1.04%Q32013
0.52%Q22012
0.51%Q22010
0.52%Q12010

2010-2011 Market Share Review

Chubb did not file for any rate changes in the 3rd and 4th quarters of 2010. The market share in the 1st quarter of 2010 was at 0.52%. This dropped marginally to 0.51% in the 2nd quarter of 2010. They did not file for rate changes in 2011. There were no filings done for the 1st, 3rd and 4th quarters of 2013. The market share increased to 1.04% in the 3rd quarter of 2013. Chubb made no filings for rate changes in 2014.

2015-2016 Market Share Review

They did not file for rate changes in the 2nd and 3rd quarters of 2015. The market share dropped to 0.52% in the 1st quarter of 2015. This almost stayed stable at 0.51% in the 4th quarter of 2015. There were no filings for rate changes in the 2nd and 4th quarters of 2016. The market share was stable at 0.51% in the 1st quarter of 2016. This dropped to 0.50% in the 3rd quarter of 2016. The market share data for the 4th quarter of 2016 is not updated yet.

Chubb Car Insurance Rate Changes Review

QuarterYearChubb Insurance Rate Change Approved %
Q320160.00%
Q12016-4.08%
Q42015-1.20%
Q12015-2.31%
Q320130.29%
Q220122.34%
Q22010-0.09%
Q120100.00%

2010 – 2011 Rate Change Review

Chubb Insurance did not file for a rate change approval in the 3rd and 4th quarters of 2010. There were no rate changes in the 1st quarter of 2010. The rate changes approved had a marginal decrease of 0.09% in the 2nd quarter of 2010. They did not file for any rate change approvals with FSCO in 2011. There were no filings for rate change approval in the 1st, 3rd and 4th quarters of 2012. The rate change approved by FSCO marginally increased by 2.34% in the 2nd quarter of 2012.

2013 – 2016 Rate Change Review

There were no filings for rate change approvals in the 1st, 2nd and 4th quarters of 2013. Chubb did not file for any rate change approvals in 2014. The rate changes approved decreased by 2.31% in the 1st quarter of 2015. In that quarter around 39 insurance companies filed for a rate change approval with FSCO. They represented 73.48% of the insurance market.  There was a decrease in the rate changes approved by 1.20% in the 4th quarter of 2015. That quarter saw 21 insurance companies filing for rate change approvals. That represented about 51.23% of the industry.

They did not file for rate change approvals in the 2nd quarter of 2016. The rate changes approved decreased hugely by 4.08% in the 1st quarter of 2016. There were no changes to rates approved by FSCO in the 3rd quarter of 2016.

Chubb Auto Insurance Discounts

Chubb Insurance offers many types of discounts to customers who insure their cars. They give a discount in terms of credits for loyalty and value of the insured vehicle. There are also discounts given for maintaining a good driving record. If you have several years of driving experience with a clean record that could also qualify you for a discount.

Benefits of Coverage You May Consider Buying With Chubb

car repair shop

There are many additional benefits with the purchase of Chubb Masterpiece car insurance for more protection as mentioned below. Though not the cheapest car insurer, there are many features offered by Chubb Insurance.

  • Genuine parts: Chubb uses only genuine auto parts when your car is repaired at one of the service centers. They use only original equipment parts by the manufacturer. You may not have to worry about using cheap generic parts that could damage your car in the long run. Chubb Insurance will assure you of the high quality of repair or replacement that you receive when your car is damaged.
  • Choice of body shop: You have a choice to either use your favorite repair center or a body shop that will be of high quality.
  • Higher rental limit: This coverage will allow you to claim for expenses towards renting a car. Your rental coverage limit is higher up to $75,000 all over North America.
  • Flexible rental limit: If you wish to claim for expenses due to not being able to use your car then there is no daily limit. There is flexibility to rent a car with a limit of up to $5000 per incident. So, rental expenses do not add up daily but counts per occurrence.
  • You may add an agreed value special endorsement to your car insurance policy. So, you have assurance about the settlement amount in case there is a damage to your car. This will be the same amount agreed by you when you initially set up your auto insurance policy.
  • Another special endorsement that you could add to your car insurance policy is a limited waiver of depreciation. This will ensure that if your car gets replaced due to damage then you would get the current make and model of that car.

Chubb Car Insurance Cancellation Policy

You may get in touch with Chubb Insurance customer care department to cancel your car insurance policy. The number to contact them is 1866-324-8222. On the basis of your cancellation request and policy terms, Chubb could issue a refund if applicable. You may pay some administrative fees for handling costs. Or, it could be deducted from the refund.

Making Chubb Car Insurance Claim

To make a car insurance claim you may call Chubb Insurance on 1800-252-4670. There is also an option to file a claim online by using an application. The fax number for claims department is 1800-300-2538. If you wish you may also contact your local broker or agent to file a claim on your behalf.

Chubb Insurance lets you download a mobile application called the Chubb Mobile Estimate that helps you to estimate the damages in an accident. Snapsheet has powered this application and you may use it to take photos related to the claim. When you submit relevant documents and photos through this application it will speed up your claims process. In order to use this mobile application, your claim should meet some criteria as per the claims adjuster. If you do meet the criteria, then the claims department will generate your claim estimate quickly. The speed and accuracy are very high and they mostly settle about 50% of such claims the same day.

Instead, if you have received a claims reference number from your claims specialist, you may submit your documents online too. If you prefer to fax or email your documents for the claim then your claims adjuster will help you. They will provide you the fax number and mailing address to send your documents.

How Can I Get Chubb Car Insurance Quote

You may find an agent to get a quote using the online tool on the Chubb website. There is also an option to call customer care on 1800-777-2131 to get a quote for your car insurance.


Disclaimer

We are not affiliated and make no representations or warranties, recommendations or endorsements of Chubb Insurance. This article is our review of Chubb Insurance for information purposes only.  The logos, trademarks, and copyrights mentioned in this article belong to the Chubb Insurance.


References:

https://www.fsco.gov.on.ca/en/auto/rates/pages/default.aspx

https://www2.chubb.com/ca-en/contact-us/general-inquiry.aspx

https://www2.chubb.com/ca-en/

https://www2.chubb.com/ca-en/individuals-families/your-auto.aspx


 

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