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Chubb auto insurance: everything you need to know

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Chubb car insurance: the most important thing you need to know

Owning a car implies responsibility, it is a valuable asset that will spend a lot of time on the street, exposed to risks of many kinds. In addition, it is an object that by its very nature can be dangerous – for you as well as for your companions – and above all, for the people around you.

For this reason, just as it was an important decision to choose a car when buying it, protecting it adequately with insurance can save you many headaches and, above all, problems that can be serious for your assets , for your physical condition or even for your freedom.

Therefore, in GUROS we designed a guide With which you can make better decisions when choosing the company with which you are going to contract your auto insurance. Choose well, sleep well.

1. Chubb Auto Insurance

1.1 Types of vehicles that can be insured in Chubb

Chubb, formerly ABA Seguros, is a company focused on insuring cars, especially those that have special equipment or belong to the luxury line, as it offers exclusive coverage for high-cost vehicles.

The type of cars they insure are:

  • Cars
  • Trucks
  • Pickups
  • Tipos de coches Chubb

    1.2 Vehicle uses that Chubb Seguros covers

    These vehicles can be used for the following purposes:

      Private: Belonging to a natural or legal person with commercial activity.

    • Federal: To travel on federal roads with plates issued by the Federal Authority for private use.
    • Auto Schools: Used for teaching driving and driving motor vehicles.
    • Private security: Used to provide security and private protection services.
    • Public security: Used to provide security and protection services to the company d in general, being part of a government agency.
    • Ruleteo / Site: Used for the transfer service of people by means of a charge and / or fee for said transfer.
    • Tourism Transport: Used for the transport of people and provides the tourism service on established land communication lines. It circulates throughout the Mexican Republic, and must have its current registration with the Ministry of Communications and Transportation.
    • Emergency services: Used to assist society by providing the service of transfer of people, derived from an accident or eventuality. Generally part of 117 hospitals, government agencies (Ambulances, Civil Protection and Firefighters).
    • School or Personal Transportation: Used for the transportation of students or employees from a fixed place to the institution school or work and back; as well as the transfer to cultural or recreation centers whose destination has been determined by the responsible institution.
    • Daily Rent: Used by a third party who does not own the vehicle, through a daily rental contract for a specified time.
    • Executive Taxi / APP (mobile application): Used for the transfer service of people or goods upon request through a technological application designed for smartphones.
    • Delivery / Courier: Used for transportation and / or delivery of ground courier or collection procedures.
    • Freight / Transfer: Used to provide cargo, merchandise or household transfer services by paying a consideration.

    1.3 Packages and Coverages of Chubb auto insurance

    Chubb Insurance auto coverage offers all three traditional package options:

    • Wide
    • Limited
    • Civil Liability

    These packages include coverage such as:

    1.3 Paquetes Y Coberturas de Chubb

    Qualification of compulsory insurance of Chubb

    Rating: 1.5 (Place 22 of 23)

    1.3.1 Ranking Chubb

    The National Commission for the Protection and Defense of Users of Financial Services (Condusef) is the body in charge of evaluate the performance of financial entities, in the case of insurers, through the Financial Entities Bureau, which analyzes Claims and Controversies; Sanctions received; and Supervision by the Condusef in the face of complaints filed by users.

    In the case of the Standardized Basic Automobile Insurance, Chubb Insurance did not have a good rating. In 2014 (when the most recent study was conducted ) came in penultimate place (1.5 out of 10 possible points) out of 23 companies that offer this insurance.

    You may be interested in: How the mandatory civil liability insurance works

    1.4 Deductibles and Insured Amounts of Chubb Auto Insurance

    After analyzing the package you want to contract with Seguros Chubb, the next step is to understand under what circumstances these coverages operate, for example, what are the maximum amounts with which each coverage protects you (Sum Insured) or the percentage with which you must participate in each loss (deductible) and other terms that you should know.

    In Guros we show you a brief diagram with some of these concepts for basic packages:

    1.4 Deducibles Chubb

    1.5 General conditions of Chubb auto insurance

    If you want to know the details of these coverages, check the general conditions of the Chubb insurance .

    1.6 How much does car insurance with Chubb cost for 03 types of cars sold in Mexico?

    Now, in terms of cost, here we show you the differences between each of the basic Chubb Insurance packages. To do this, we use the list of the 10 best-selling models in Mexico , in the form of annual payment , with Zip Code 333333, corresponding to the Colony Juárez in Mexico City , for models 2017.

    1.6. Seguro Chubb Vehiculos Vendidos

    1.7 Chubb Insurance Claims Hotline

    In the event of a claim, the national service number is: 01 782 825 3400. In addition, they have a mobile application to contact the road assistance service and monitor the status of the repairs made to your car, payment and inquiries of your policy, payment of deductible, billing inquiry, locate offices and report claims .

    1.8 Other insurance and coverage offered by Seguros Chubb

    Chubb is a multi-line company, that is, it offers insurance for other types of goods and / or activities. Among them the following stand out:

    • Home
    • Pet life
    • SMEs
    • General civil liability
    • Professional civil liability
    • Freight and freight transport
    • Specialized insurance such as: cancellation of events, all risk for works of art and film and television productions

    If you want to know the rest of the products offered by Chubb, you can consult the Register of Insurance Adhesion Contracts (RECAS) in the Condusef, which summarizes the 176 products that are registered by the company.

    2. Information about Chubb Insurance

    2.1 General information

ABA Seguros is a company that sells accident, health, life and personal lines insurance. It currently belongs to Chubb Seguros México, a corporate that has achieved global recognition for its wide range of products and services, distribution capacity, financial strength, careful design of each policy and specialized knowledge in claims management and local operations.

ABA Seguros has undergone several modifications since its founding as Aztlán Insurance Company. In 1974 changed its name to Insurer Banpaís, nine years later became Seguros del País and returned to ABA Seguros in 1991, when it was acquired by Grupo Financiero ABACO. Said corporate was absorbed in 2013 by ACE Group and this, finally, was acquired by Chubb Group, to obtain its current name.

Countries where it operates

As part of a large international consortium, Chubb has a presence in 54 countries of the five continents.

Países donde opera Chubb

General figures

According to figures of the corporate at an international level, Chubb has operations in 54 countries and territories.

2.2 Chubb financial information

2.2 Informacion financiera Chubb

Premium volume (total business)

Based on the quarterly report prepared by the Mexican Association of Insurance Institutions (AMIS), for the last quarter of 2017, Chubb reported a total of 10 millions 659 thousand 854 pesos in premiums net. This consolidates it as the thirteenth largest insurer in the country (2. 23% of the national total).

For the automobile branch, Chubb Insurance's turnover was 9 million 342 thousand 73 pesos in net premiums, with which was consolidated as the third largest company in the field (9. 10% of the national total).

Chubb reportó 10 millones en primas netas

Ranking in the Mexican insurance sector

With these figures, Chubb Insurance took the place 13 among the most important insurers in the country with a business volume equivalent to 2. 23% of the national total. In addition, it was consolidated as the third most important insurance company in cars, covering 9. % of the Mexican market.

Regarding its financial results, the financial balance of 2017 of Chubb Insurance returned a profit for 233 millions 406 thousand 986 pesos, with a combined technical ratio in the auto branch of 92%. While its global combined technical ratio is 90. 7% in all branches.

Chubb Loss Level

Regarding claims, in the last quarter of 2017 the insurer paid 5 million 181 thousand 469 pesos for all claims registered in the period (with a loss ratio of . 61%), of which 4 million 620 thousand 548 pesos were for auto insurance (with a loss ratio of 49. 48%).

Financial rating

As certifications of its financial strength, Chubb has the following qualifications granted by recognized international certifiers:

  • AA (Stable) around the house Fitch
  • While on financial strength, the house AM Best awarded the rating: A (Excellent)
  • Finally Standard & Poor's awarded it the mxAA rating , also due to financial strength.

2.3 Quality of care and service from Chubb

According to the evaluation of the User Service Performance Index issued by Condusef to compare the quality of service that insurers offer and the degree of satisfaction achieved by customers, in the case of Seguros Chubb, the Commission gave it a rating of 7. 43 Points of 10 possible, during the 2017. This figure places the company in the place 13 of 20 insurers analyzed.

IDATU-Chubb

Regarding the number of complaints before the Condusef in that year, Chubb received 1, 126 cases , of which 1, 051 belong to the auto branch.

The reasons that caused these disagreements were: Refusal in the payment of compensation, Non-compliance with the time for the repair of the affected property, Non-compliance with the time for the payment of compensation.

These figures are used to calculate the complaints rate for the 2017: Chubb Insurance attended 96, 703 claims, which compared to the total of 352 claims, gives a ratio of 0.0 03% of claims.

2.3_Ratio Reclamaciones Chubb

Sanctions imposed by the Condusef

In 2017 , Condusef sanctioned Chubb three times, for the amount of 114 thousand 239 pesos. However, the report does not indicate the reasons that led to these fines.

Average valuation of adjusters

The comparative that evaluates how efficient the work of Chubb adjusters is is called the User Service Performance Index. On this list, Chubb's adjusters achieved an average rating of 2.5. This places Chubb in position 4 of 73 insurance companies evaluated.

2.4 Added values ​​of Chubb Insurance

In addition to the packages discussed above, Chubb Insurance offers additional coverages that expand the level of protection for:

  • Trailers
  • Adaptations and conversions
  • Death
  • Loading and unloading operations
  • Designated driver
  • Theft of purchases
  • Personal items
  • Damage to tires and wheels
  • Pay consequential losses and expenses
  • CAP (Percentage Increase Clause) in total theft and material damage
  • Zeroable (zero deductible in the payment of a yes niestro)
  • While as added values ​​without cost in the policy are:

    • Follow-up to claims online
    • Application ABA Clients for other services such as billing, payments, tracking of vehicle repairs
    • Travel assistance (tow truck, locksmith)
    • Legal defense
    • Comprehensive coverage abroad
  • Substitute car for damage, theft or severe breakdown
  • Repair in agency if it is contracted as insurance when buying a car in agency
  • Until 400 thousand pesos in medical expenses
  • Issuance of the policy in an average term of 24 hours
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