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Chubb vs. Electric Insurance
Which insurance company is right for you? Compare ratings, savings, and quotes from Chubb and Electric.
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Chubb vs. Electric: What You Need to Know
In 1882, Thomas Caldecot Chubb and his son Percy, founded Chubb & Son in New York City selling with marine insurance. In 1901, Percy organized the Federal Insurance Company, writing marine insurance and expanded into fire two years later. The company acquired control of U.S Guarantee Company in 1921 and they opened their first branch outside the U.S in Montreal, Canada in 1928. In the year 1967, the company changed its name to Chubb Corporation and at the same time, they acquired the Pacific Indemnity Companies. In 1984 Chubb was listed on the New York Stock Exchange and their business expanded overseas by 1990. In 2012, after Superstorm Sandy, Chubb settled the highest number of claims in the company's history. Ace Limited and Chubb became one company and adopted the Chubb name by 2016. Today, Chubb is the world’s largest publicly traded P&C insurance company and the largest commercial insurer in the U.S, operating in 54 countries and provides property and casualty insurance to businesses and individuals, including personal products such as auto, home, travel, natural disasters, valuables, boats & yachts, cyber and life & health protection.
The history of Electric Insurance Company began in 1927, when EMLICO, its former company was established to provide GE (General Electric Company) with Workers’ Compensation insurance in Massachusetts. The company was doing so well that it started providing coverage nationally for GE and also included general liability and commercial auto in its product portfolio. By 1966, Electric Insurance Company was formed to ensure GE employees, but after a while, it expanded its business to all consumers. During the 1990s the company becomes one of the first P&C carriers to offer consumers web-based insurance quotes. Today, Electric Insurance manages approximately $160 million in personal lines premiums for nearly 135,000 policyholders and has about $450 million in total written premium. Its services are offered in all 50 states directly via mobile applications and the web and through independent agencies. Its consumer base is 60% of GE employees and 40% general customers.
Below is a list of average rates, rankings, products and discounts for the two companies. For full company overviews, you can visit Chubb Overview and Electric Overview.
Chubb vs. Electric: How much are the Average Rates?
Below is a list of the average rates that drivers typically pay with Chubb and Electric. On average, Chubb charges approximately $178.42 per month while Electric comes in at around $344.99 per month. For Chubb, the cheapest state average is Washington at $154.48 per month and the most expensive is New York at $274.53 per month. For Electric, the cheapest state average is at $0.00 per month and the most expensive is at $0.00 per month.
Average Rate
Average Rate
Average Rate
| State | Chubb | Electric |
|---|---|---|
| Michigan | $159.42 | - |
| New York | $274.53 | - |
| Pennsylvania | $222.56 | - |
| Texas | $217.06 | - |
| Washington | $154.48 | - |
Chubb vs. Electric: Rates by Number of Vehicle
Drivers will typically get a discount if they insure multiple vehicles. Here is a list of average rates that Chubb and Electric typically charge for drivers who have more than 1 vehicle.
| Number of Vehicles | Chubb | Electric |
|---|---|---|
| 1 Vehicle | $167.71 | $381.16 |
| 2 Vehicles | $307.46 | $ |
Chubb vs. Electric: Rates by Homeownership
Drivers who own their home rather than rent can sometimes get a small discount. We found that on average Chubb charges $150.48 per month and Electric charges $ per month for customers who own their home.
| Own/Rent | Chubb | Electric |
|---|---|---|
| Own | $150.48 | $ |
| Rent | $186.14 | $479.16 |
What is Chubb and Electric Insurance Rating?
Which car insurance company is better? We've made it easy to compare companies side by side. See how Chubb and Electric ranked among the industry ratings.
| Comparison | Chubb | Electric |
|---|---|---|
| Year Founded | 1882 | 1966 |
| Market Share | 2.95% | |
| BBB Rating | A+ | |
| Financial Strength | Excellent | Excellent |
| Moody’s Rating | Aa3 | |
| Moodys | ||
| NAIC Complaint Index | 0.46 | |
| S&P Rating | AA |
Chubb or Electric: Insurance Products Offered
What coverage is available through Chubb and Electric? Both insurance companies offer Auto, Home, RV and Insurance. Additional products from Electric insurance also includes Commercial, Condo, Motorcycle, Renters, Umbrella and Insurance. Considering these two top insurance providers? Check out the list below. To view a full list of products that are available, visit Chubb and Electric Insurance page.
| Insurance | Chubb | Electric |
|---|---|---|
| Auto Insurance | ✔ | ✔ |
| Commercial Insurance | ✔ | |
| Condo Insurance | ✔ | |
| Home Insurance | ✔ | ✔ |
| Motorcycle Insurance | ✔ | |
| Renters Insurance | ✔ | |
| RV Insurance | ✔ | ✔ |
| Umbrella Insurance | ✔ |
Chubb or Electric: Ways To Save
Chubb offers a wide range of discounts to its policyholders, including Airbag, Anti-lock Braking System, and Anti-theft discounts. Electric also offers a few discounts that Chubb doesn’t including Student-Away-from-Home, Safety Features, and Safe Driver discounts. Start taking advantage of discounts offered by insurance providers like Electric and Chubb insurance and save yourself some money. You can review the full list of discounts that these two companies offer below.
| Chubb | Electric |
|---|---|
| Accident-Free Discount | Accident-free Discount |
| Airbag Discount | Driver Training Credit |
| Anti-lock Braking System Discount | Electric and Hybrid Vehicles Discount |
| Anti-theft Discount | Employer Group Discounts |
| College Graduate Discount | Family & Friends Referral Discount |
| Defensive Driving Discount | Good Student Discount |
| Good Student Discount | Low Annual Mileage Discount |
| Multi-Vehicle Discount | Married Status Discount |
| Mature Driver Accident Prevention Course Discount | |
| Multi-policy Discount | |
| New Auto Insurance Customer Discount | |
| New Vehicle Discount | |
| Passive Restraints | |
| Payment-in-full Discount | |
| Plan Ahead (Early Purchase) Discount | |
| Safe Driver Discount | |
| Safety Features Discount | |
| Student-Away-from-Home Discount |
Pros & Cons of Chubb & Electric
Pros
Chubb
- Industry-leading claims and risk engineering services.
- Efficiency in paying claims and solid reputation.
- Multi-policy discounts and credits available.
- High level of expertise.
Electric
- Long list of discounts
- Additional dedicated discount for General Electric employees
- Provides the convenience of starting a claim online
Cons
Chubb
- Higher than the average rates, since it’s a premier carrier.
Electric
- Confusing website information: the company lists the products, benefits and discounts offered in different web pages making it difficult to get a full scope on what is offered.
Chubb or Electric Mobile Apps Options
The Chubb Mobile app is available for android and iPhones and iPads. The app features fingerprint and facial login to a dashboard where you can manage payments, download ID cards, submit claims, check the agent information and more.
The Always On Mobile app is available for iOS and Android. This mobile app can help you to view your auto insurance information, report an auto claim, upload photos of the vehicle damage, access 24 hours / 7 days a week emergency roadside assistance services, schedule glass repair and much more.
| Chubb Mobile App | ||
|---|---|---|
| iOS | 3.3 | 14 user reviews |
| Android | 2.3 | 6 user reviews |
| Electric Mobile App | ||
|---|---|---|
| iOS | 1 | 2 user reviews |
| Android | 1.9 | 34 user reviews |
Chubb & Electric Contact Info
| Chubb Contact Info | |
|---|---|
| Address | 15 Mountainview Rd, Warren, NJ 07059 |
| Phone | (908) 903-2000 |
| Website | https://www.chubb.com/us-en/ |
| https://www.facebook.com/ChubbInsurance/ | |
| Youtube | https://www.youtube.com/channel |
| https://www.linkedin.com/company/chubb/ | |
| Electric Contact Info | |
|---|---|
| Address | 75 Sam Fonzo Drive, Beverly, MA 01915 |
| Phone | 1-800-342-5342 |
| Website | https://eic.electricinsurance.com/ |
| https://www.facebook.com/ElectricInsuranceCompany/ | |
| https://twitter.com/ElectricInsCo | |
| Youtube | https://www.youtube.com/channel/UC2YooRh-4qPtDgZvFHdFMIw |
| https://www.linkedin.com/company/electricinsurancecompany/ | |
Methodology
The statistics listed on this page are from our own in house reporting. We track and record quotes that carriers have provided based on various criteria. The rates and averages shown on this page should only be used as an estimate.
Fran Majidi manages content on SmartFinancial's website. She's had nearly a decade's worth of experience writing about insurance-related topics. Prior, she was an arts and entertainment editor in New York City. She has a B.A. from Barnard College and an M.F.A. in writing from The New School. She writes books under her given name, Afarin Majidi.
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