Chubb vs. Preferred Mutual: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for car insurance, Chubb offers significantly less expensive rates than Preferred Mutual
• Chubb tends to be a much cheaper option for drivers who have a speeding ticket on their driving record
• Chubb has less expensive prices for policyholders who drive fewer than 6,000 miles every year

Chubb or Preferred Mutual: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching to a new insurance policy. After all, you've seen ads from all sorts of companies offering large savings. But exactly how much can you save by switching?

You might be considering Chubb or Preferred Mutual, but which company will save you the most?

As you can see, Chubb has average rates that are around 45% a month cheaper than those from Preferred Mutual when looking at the national average rates for insurance.

But that doesn't necessarily mean Chubb will be the more affordable option for every driver. Auto insurance carriers use tons of complex algorithms to determine rates, so depending on how clean your driving record is or where you live (among many other factors), you could see wildly different premiums from the ones above.

Luckily, we've broken down average prices from both Chubb and Preferred Mutual by a bunch of different rate factors, so read on to find out which carrier is the best for you.

Chubb vs. Preferred Mutual: Average Car Insurance Rates by State

Chubb and Preferred Mutual only compete against each other in one states, with Chubb offering cheaper rates to the average driver in all of them. New York has the most noticable difference, where Chubb premiums are $314 more affordable than car insurance prices at Preferred Mutual.

There are plenty of other factors that go into your insurance bill than just where you call home. Read on to find out more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for car insurance than any other group of drivers. It's usually because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

That being said, that doesn't mean teen drivers can't still save money on their auto insurance. Just look at the table above -- where 18-year-old drivers who have Chubb for their insurance pay over 40% less than those who use Preferred Mutual.

Even so, both companies will decrease rates once you turn 25. For example, average prices for Chubb policyholders drop about $350 and Preferred Mutual's premiums lower around $500 over that time.

Which is the Best Company for Retired Drivers?

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

So, which company offers the best premiums to retired drivers? Chubb gets the edge, with rates for drivers 65 and older $211 less expensive than the national average for Preferred Mutual.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance premiums tend to be more expensive for those who are single than they are for married drivers. That's because policies for married couples usually cover more than one vehicle, which many carriers will give you a discount for.

For single drivers, the difference in average prices between these two companies is significant, with Chubb premiums coming in at about half of Preferred Mutual's. For married policyholders, the advantage is clear again - Chubb has the edge when it comes to average prices.

Chubb or Preferred Mutual: Average Rates by Gender

You may not know, but men typically pay more for insurance than women do. That's because men are more likely to get into collisions and get tickets, which raises the chances of filing a claim with insurance.

With Chubb, men normally pay more than $10 per month more than women, but with Preferred Mutual, the difference is closer to $16 a month.

When it comes to the most affordable rates for each gender, Chubb comes out on top for both men and women, with average prices 46% less for men and 47% cheaper for women.

Chubb vs. Preferred Mutual: 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 car insurance can be pretty complicated. Everyone needs insurance, but there are so many different coverages and limits that it can be hard to find the right policy for you.

However, most policies end up falling into two different types of coverage -- liability coverage (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to liability).

Looking specifically at state minimum liability insurance, Chubb has the significant edge, with average monthly rates coming in at $169. If you want a full coverage policy with the same state minimum limits, Chubb again has the edge, with policies averaging around $412 per month to Preferred Mutual's $850.

Is Chubb or Preferred Mutual Better for Drivers with Spotty Records?

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

Speeding tickets and accidents will most likely raise your rates, but is Chubb or Preferred Mutual more affordable for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Chubb for their insurance can generally expect their monthly bill to go up about 15% after getting a speeding ticket. Preferred Mutual policyholders can expect a less drastic increase of around 1%.

That being said, Chubb is typically the cheaper option for drivers both with clean records and with a ticket, offering premiums that are 43% and 33% less expensive, respectively, compared to Preferred Mutual.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their car insurance through Chubb can expect to see about an $67 -- or around 23% -- rise in their auto insurance prices. Drivers who use Preferred Mutual for their car insurance will see a monthly bill about $97 (or 20%) more expensive after reporting an accident to their auto insurance carrier.

At the end of the day, the cheaper premiums come from Chubb, with average rates coming in at $290 compared to Preferred Mutual's $486.

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. Preferred Mutual drivers usually see a 57% raise in their auto insurance prices after a DUI charge, while Chubb will generally increase rates by around 43%.

But if you end up with a DUI charge and are looking for more affordable premiums, Chubb tends to be more affordable for the average driver, with monthly premiums coming in at about $389 to Preferred Mutual's $902.

How does Credit Score Impact Chubb and Preferred Mutual Rates?

Did you know many insurance companies take your credit score into account when determining prices? This isn't true for everyone (Massachusetts, for example, has banned the use of credit score as a car insurance factor) but it might come into play for several drivers.

The reasoning car insurance carriers use is that policyholders with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper premiums, while those with poor credit will normally be forced to pay more.

Looking specifically at Preferred Mutual and Chubb, which carrier has the lowest rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a solid credit score, Chubb will usually reward you the most. For policyholders with "excellent" credit scores, Chubb comes in more than 67.27 less expensive. Drivers with "good" credit scores normally save around 65% with Chubb compared to average prices from Preferred Mutual.

Which Company is Best for Drivers with Bad Credit?

Chubb typically offers lower premiums than Preferred Mutual when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay about 65% a month less with Chubb compared to Preferred Mutual, and those with "poor" scores typically save an average of around 32% monthly.

Is Chubb or Preferred Mutual Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a pretty big impact on how much insurance companies will charge for coverage. Usually, those who drive less will end up with more affordable rates since there's less of a chance of causing a collision and filing an insurance claim.

For both remote workers and those taking short commutes, Chubb offers cheaper prices than Preferred Mutual. Preferred Mutual's average rates for drivers with 6,000 annual miles come in more than $250 more expensive than Chubb. Those who drive 12,000 miles yearly can expect to pay nearly $250 more with Preferred Mutual over Chubb.

Chubb or Preferred Mutual: Compare Rates for Urban, Suburban, and Rural Drivers

We've already mentioned how your home state can play a role in how much you pay for car insurance, but the type of area you live in can have a substantial impact as well. Generally, if you live in an urban area with more cars on the road, you'll pay a little more for auto insurance, while the opposite is true for people in rural areas.

Chubb boasts the cheapest average premiums for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Those in rural areas can expect to save about $1 with Chubb compared to Preferred Mutual. People who live in suburban areas pay around $212 less with Chubb compared to Preferred Mutual. For drivers in urban ZIP codes, Chubb's average prices are about $542 less than Preferred Mutual.

Chubb vs. Preferred Mutual Discounts

You want to save as much money as you can, right? The best way to do that is by utilizing as many car insurance discounts as possible.

The challenging part is finding all of the discounts you're eligible for, since it can feel sometimes like every company has different discounts and each one is advertised differently.

Luckily, we did the hard work for you and compared all of the different discounts offered by Chubb and Preferred Mutual so that you can see which one offers the most discounts and see which ones you might be able to take advantage of.

Looking at the total number of discounts, Chubb comes out ahead with 15 discounts to Preferred Mutual's 14.

A couple of those are overlapping for things like discounts for being a defensive driver, DRL discounts, and multi-policy discounts. Chubb also offers discounts for distant student, driver training, driver-vehicle combination, and more.

On the other hand, Preferred Mutual has a few proprietary discounts of their own for things like annual mileage discounts, good driving discounts, group discounts, and more.

Final Thoughts: Is Chubb or Preferred Mutual Best for You?

You've seen the role certain variables have on your auto insurance and the different discounts carriers offer. But, when it comes down to it, is Chubb or Preferred Mutual the right carrier for you, your vehicle, and your wallet?

Chubb might be best for you if....

• You don't have any speeding tickets, DUIs, or at-fault collisions on your record.
• You're looking for the carrier with the most discounts.
• You live in a rural area.

Preferred Mutual 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 better idea of the difference between Chubb and Preferred Mutual and that you can now make a more informed decision when it comes to your insurance.

At the end of the day, the sure-fire 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 Preferred Mutual. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP code below and get free quotes from dozens of the top car insurance carriers in your area, all in just a few minutes.

Chubb vs. Preferred Mutual FAQs

Is Chubb or Preferred Mutual cheaper?

Chubb is the less expensive of the two companies when looking at national average rates, with policies averaging $291 per month with Chubb and $542 for Preferred Mutual. However, that doesn't mean Chubb will be the most affordable company for each driver, since there are a variety of different factors that come into play when it comes to your insurance payment.

Who is better, Chubb or Preferred Mutual?

Sadly, the real answer is "it depends.". Neither carrier is necessarily "better" for everyone -- it all comes down to what your unique car insurance profile looks like.

Why do Chubb and Preferred Mutual offer me different rates?

Auto insurance carriers use lots of different variables when calculating the premiums they charge. Things like your driving record, where you call home, age, gender, and sometimes even things like your credit score can all come into play. Both Chubb and Preferred Mutual use different formulas, so it's likely they'll offer different prices. The best way to determine which company is the cheapest for you is by comparing personalized quotes from several different companies.

How do I know if Chubb or Preferred Mutual is right for me?

The only way to find the insurance carrier that's right for you is by getting quotes from several carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top auto insurance companies for free. That way, you can guarantee you're getting the lowest rate. And maybe you'll find that the best company for you isn't Chubb or Preferred Mutual at all, but another you hadn't even thought of!

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.