Chubb Insurance Co. of Canada Car Insurance Review

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Chubb Insurance Co. of Canada Insurance Company Overview

If you want to get insurance from one of the largest insurance companies worldwide, you could consider getting insurance from Chubb Insurance Company of Canada. The company may not have the most business in Canada, but they are the world’s largest publicly traded property and casualty insurance company. With offices in over 54 countries around the world, Chubb Insurance has come quite a long ways since back when they were founded back in 1882. The company does pretty well in terms of profitability in Canada with a total profit of $69,536,000 in 2015, which was the eighth highest profit in Canada for all insurance companies.

Products Offered by Chubb Insurance Co.

In order to be able to decide if Chubb Insurance Company of Canada is a company that you want to get insurance with, you will definitely want to learn about the products that they offer. Since the company has been around for so long and worked in so many markets, they do offer a cast variety of insurance plans to keep their clients happy without breaking their budgets. Here is a list of some of the many products that Chubb Insurance Company currently offers:

Individual and Family:

  • House
  • Condo
  • Liability
  • Natural Disaster
  • Automobile (comprehensive, collision)
  • Collector vehicles
  • Products/ valuables eg. Art and other household valuable items
  • Watercrafts eg. boats, rafts, canoes etc.
  • Group Insurance

Business Insurance:

  • Travel Insurance
  • Benefits
  • Liability
  • Cyber insurance
  • Natural disasters
  • Errors and omissions
  • Automobile Insurance
  • Volunteer workers
  • Casualty Insurance
  • Contractors
  • Medical and rehabilitation
  • Property
  • Contracts, bonds

Chubb Insurance Co. Car Insurance Review

If you have read through so far and think you see potential in Chubb Insurance, you may be interested to find out how the company is doing as a whole. One of the best ways to see how a company is doing is to check to see how much business they are generating. In all of Canada, the total written auto premium that the company makes is the best way to tell how much business is being generated by their automotive insurance. The total written premium stands for the total amount of premiums that the company collected over a given year. In 2015, Chubb Insurance collected a total written auto premium of $85,520,000. This is a very large sum of money and it just helps to prove how well Chubb Insurance does in the industry.

Chubb Insurance Co. Car Insurance Products:

Claims:

A problem that you might have with some insurance companies is putting a claim in at a weird time. It is important to make sure that you put your claims in as soon as possible. Holding off on claims can result in a less detailed description of what truly happened during an incident, which is why fast claims are essential. Chubb Insurance has a 24/7 number that you can call to make a claim so that you never have to worry about forgetting important details.

Rental Coverage:

While your car is being repaired some insurance companies will leave you fending for yourself and you will be forced to take taxis and ask people for rides. With Chubb insurance, they offer you the option to get coverage in order to pay for a rental vehicle for yourself while your car is under repair. It can take time depending on the extent of damage done in an accident, which is why you may want to consider grabbing this coverage to save yourself some money.

No surprise policy:

One problem many customers have with their insurance companies is that they don’t know how much coverage they actually have on their vehicle in the event of an accident. It is important to know this value so that you can be sure you have enough to get a replacement vehicle if you need. Chubb Insurance makes sure you know and agree on the value of your vehicle so that there are no surprises on a settlement if you get into a serious accident.

Waiver of depreciation:

If you buy a new vehicle and drive it off the lot and soon after, directly into another vehicle, some insurance companies will not pay you the value you just paid for that vehicle. Chubb has a policy that will cover you for different lengths of time removing the depreciation away from your vehicle when driving it off of the lot. This means that if you get into a serious accident and your new vehicle cannot be repaired, the company will replace your damaged vehicle with the current make and model so that you aren’t out money on your new vehicle and have to come up with more to get a new one. A great policy put in place to protect your investment.

Repairs:

One problem that you might find with some insurance companies is that they attempt to only pay to have repairs done on your vehicle using generic parts. This is not very fair to the consumer since it downgrades the overall quality of the vehicle. One nice thing about going with Chubb Insurance is that they guarantee that any repairs done will be done with original parts wherever possible. Another nice thing about repairs is that they trust their customers to go to their own body shop or they can recommend one to you.

Chubb Insurance Co. Total Sales/ Ranking by Province:

Although Chubb Insurance Co. of Canada may have a lot of premiums collected throughout all of Canada, this doesn’t necessarily mean they are perfect in every province. To give you an idea of how competitive the company is in your area, we have broken down the total written auto premium collected by province and compared the results to the top 30 insurance companies in each province. Looking at the data should help to give you a better idea as to if the company offers insurance in your area and if they have competitive plans and pricing. Here are the results from 2015:

Province:Direct Written Premiums 2015Ranking on Top 30
Newfoundland225,00016
Prince Edward Island13,00022
Nova Scotia259,00025
New Brunswick136,00027
Quebec7,281,00021
Ontario64,021,00023
Manitoba158,00015
Saskatchewan182,00018
Alberta12,898,00018
British Columbia318,00017
Yukon Territory6,00027
Northwest Territories23,00025
NunavutN/AN/A

Resources:

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

https://en.wikipedia.org/wiki/Chubb_Limited

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