Chubb vs. State Farm: Which Company is the Best Fit for You?

Quick Facts

• In general, State Farm offers significantly less expensive rates than Chubb
• State Farm tends to be a much more affordable option for policyholders who live in suburban areas
• State Farm offers more affordable prices for single people who will be the only person on the car insurance policy

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Chubb or State Farm: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? You've probably seen commercials and billboards from companies offering big savings, but exactly how much money can you save by switching?

You've maybe even narrowed your search down to Chubb or State Farm as your top options, but between the two, which carrier will save you the most?

Looking at nationwide averages, State Farm has average rates that are around 45% a month cheaper than those from Chubb.

However, State Farm may not be the cheapest or best option for every driver out there. Auto insurance carriers use a ton of complex algorithms to determine premiums, so depending on how old you are or how good your credit score is (among many other factors), you could see wildly different prices from the ones above.

Luckily, we've broken down average rates from both Chubb and State Farm by lots of different rate factors, so read on to find out which company is the best for you.

Chubb vs. State Farm: Average Car Insurance Rates by State

Chubb and State Farm compete against each other in seven states, with State Farm offering more affordable prices to the average driver in all of them. Wisconsin has the most noticable difference, where State Farm premiums are $336 cheaper than car insurance rates at Chubb.

That being said, there's a lot more that goes into your insurance payment than just where you call home. Read on to learn more.

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Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive car insurance premiums of any other group of drivers. The reason is that teen drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

That being said, that doesn't mean teen drivers can't still save money on their auto insurance. For example, 18-year-old drivers pay an average of almost 45% less per month by choosing State Farm over Chubb.

Even so, with both companies, you'll see your rates drop significantly by the time you turn 25. For example, average prices for Chubb policyholders decrease nearly 55% and State Farm's rates lower almost 60% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the lowest insurance premiums out there. After all, they've likely been driving for quite some time, which typically decreases their chances of collisions and other infractions that can raise prices.

So, which carrier offers the best rates to retired drivers? State Farm gets the edge, with prices for drivers 65 and older $76 less expensive than the national average for Chubb.

Which is the Best Company for Married Drivers?

Married drivers tend to get slightly more affordable car insurance premiums than single drivers. That's normally because married policyholders tend to own and insure more than one vehicle, which can often earn you a discount.

For those who are single, the difference in average rates between these two carriers is significant, with State Farm prices coming in at about half of Chubb's. For married couples, the advantage is clear again - State Farm has the edge when it comes to average premiums.

Chubb or State Farm: Average Rates by Gender

Did you know women usually pay less for insurance than men? This is because men are statistically more likely than women to get into a collision or get pulled over for speeding, which leads to increased risk for insurers and, therefore, higher prices.

With Chubb, men typically pay around 4% more a month than women., but with State Farm, the difference is closer to 7% per month.

When it comes to the most affordable premiums for each gender, State Farm comes out on top for both men and women. On average, male drivers save about $132 a month and women save about $133 with State Farm compared to the average Chubb policyholder.

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Chubb vs. State Farm: Compare State Minimum vs. Full Coverage Rates

*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits

**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.

It's no secret that auto insurance can be a complicated subject for most people. Everyone needs car insurance, but there are so many different terms and coverages that it can be hard to find the right policy for you.

But most policies end up falling into two different types of coverage -- liability coverage (which provides bodily injury and property damage coverage for other drivers and their passengers if you cause an accident) and full coverage (which normally refers to having collision and comprehensive coverages in addition to liability coverage).

Looking specifically at state minimum liability insurance, State Farm has the significant edge, with average monthly rates coming in at $99. If you want a full coverage policy with the same state minimum limits, State Farm again has the edge, with policies averaging around $216 per month to Chubb's $412.

Is Chubb or State Farm Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from insurance companies offering great premiums for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

It's no secret secret that at-fault accidents and speeding tickets lead to higher rates, but which company -- Chubb or State Farm -- has the cheapest prices for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Chubb for their auto insurance can usually expect their monthly bill to go up about 15% after getting a speeding ticket. State Farm policyholders can expect a less drastic increase of around 14%.

Even so, State Farm tends to offer the best prices for drivers both with a ticket and with a clean record, offering premiums that are $89 and $106 less expensive, respectively, compared to Chubb.

Which Company is Best for Drivers After an Accident?

Both carriers will increase prices pretty significantly if you get into an at-fault collision with Chubb climbing by about 23%. State Farm has a less extreme climb, but you can still expect to pay nearly 20% more than you were prior to your first accident.

At the end of the day, the cheaper rates come from State Farm, with average premiums coming in at $163 compared to Chubb's $290.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single collision or speeding ticket when it comes to your insurance bill. For example, Chubb increases average rates by more than $150 a month -- that's just under a 45% increase.

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How does Credit Score Impact Chubb and State Farm Rates?

You may not realized it, but your credit score can come into play when companies calculate your monthly bill. Certain states and carriers do not allow for credit score to be used as an insurance factor, but it does affect many drivers out there.

Auto insurance companies argue that those with good credit scores are more likely to pay their bills on time every month, which reduces the risk involved on their end, while the opposite is true for those with bad credit.

So, which carrier offers the most affordable prices for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

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Is Chubb or State Farm Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a big impact on your monthly premiums. Generally, the more milage you put on your car each year, the more you can expect to pay for car insurance.

For both remote workers and those taking short commutes, State Farm tends to be the more affordable option. State Farm average prices for drivers with 6,000 annual miles come in nearly $150 cheaper than Chubb. Those who drive 12,000 miles each year can expect to pay just under $150 less with State Farm over Chubb.

Chubb or State Farm: Compare Rates for Urban, Suburban, and Rural Drivers

Where you live can have a substantial impact on your monthly auto insurance bill. Normally, those who live in urban areas will pay more than drivers in rural areas due to the number of vehicles that are on the roads where they live.

When comparing these two carriers side-by-side, State Farm typically comes out as the cheapest option for drivers in every type of area, no matter if it's urban, suburban, or rural.

For drivers in urban ZIP codes, State Farm's average prices are around $185 per month compared to Chubb's $360. People in suburban areas pay about $161 with State Farm compared to Chubb's $260 monthly. Those in rural areas can expect to pay around $127 a month with State Farm compared to Chubb's $252.

Chubb vs. State Farm Discounts

No matter why you might be in the market for a new car insurance policy, you're always going to want to save as much money as you can, and the best way to do that is by taking advantage of as many insurance discounts as possible.

But where do you even start? With so many discounts out there, it may seem difficult to find all the of the ones you're eligible for.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Chubb and State Farm so that you can find the company that has the most discounts and, therefore, the largest savings.

State Farm knocks Chubb out of the park when it comes to the sheer number of discounts available, offering eight more discounts than Chubb.

Both companies offer quite a few of the same discounts -- like anti-theft discounts, distant student discounts, discounts for getting driver training, and mature driver discounts -- but State Farm also offers discounts for annual mileage, drive safe & save, farm, and more.

On the other hand, Chubb has a few proprietary discounts of their own for things like driver-vehicle combination discounts, occasional operator discounts, vehicle ownership discounts, and more.

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Final Thoughts: Is Chubb or State Farm Best for You?

You've seen the effect certain variables have on your auto insurance and the different discounts carriers offer. That's all well and good, but at the end of the day, which insurance carrier is the right one for you and your specific needs?

State Farm might be best for you if....

• You don't have any speeding tickets, DUIs, or at-fault collisions on your record.
• Your neighborhood is in a city.
• You want to save money while purchasing insurance for a teenager.

Chubb might be best for you if...

• You have a more unique driver profile than those we mentioned above.

Hopefully, this guide helps you get a good idea of the differences between Chubb and State Farm. We also hope we've given you the information you need to make the best decision about your car insurance.

At the end of the day, the best way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from multiple companies, not just Chubb and State Farm. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code below and get multiple quotes from some of the best car insurance carriers in your area, all for free.

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Chubb vs. State Farm FAQs

Is Chubb or State Farm cheaper?

State Farm is the less expensive of the two companies when looking at national average premiums, with policies averaging $158 a month with State Farm and $291 for Chubb. However, that doesn't mean State Farm will be the most affordable company for every driver, since there are several different factors that are considered when it comes to your insurance cost.

Who is better, Chubb or State Farm?

Unfortunately, the real answer is "it depends.". No single carrier is "better" for each policyholder -- it all comes down to what your unique auto insurance profile looks like.

Why do Chubb and State Farm offer me different rates?

Insurance carriers use a lot of different variables when determining the rates they charge. Things such as where you park your car, where you call home, gender, age, and sometimes even things like your credit score can all be used. Both Chubb and State Farm use different formulas, so it's likely they'll offer different premiums. The best way to determine which company is the lowest for you is by comparing personalized quotes from a range of different companies.

How do I know if Chubb or State Farm is right for me?

The only way to find the car insurance carrier that's right for you is by getting quotes from a handful of carriers and finding the one best suited for your individual budget. Luckily, Compare.com makes it easy for you to do just that. Just enter your area information and you'll get quotes from dozens of your local top insurance companies for free. That way, you can guarantee you're getting the best rate. And maybe you'll find that the best company for you isn't Chubb or State Farm at all, but another you hadn't even thought of!

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Methodology

All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.