Electric Insurance Review 2021

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Massachusetts-based Electric Insurance was founded in 1966 to provide insurance to General Electric employees. Later, it started offering its products and services to all consumers. Serving all 50 states and Puerto Rico, Electric Insurance has a wide range of insurance lines and coverage options for everyone – and special perks for General Electric employees. Having been in business for 55 years, the company has made its mark as a trusted provider for both auto and home insurance. If you are looking for a well-established insurer with a vast selection of coverages and discounts for securing your car and your property, Electric might be a good fit.

Electric car insurance

When insuring your vehicle, you always want more than just the usual coverage options. As a company with its background firmly built on insurance, Electric offers a diverse range of coverages a motorist might need to secure a vehicle, while also throwing in some add-ons that aren’t always offered by other insurers.

Types of coverage

  • Liability coverage: Pays for damages you cause to other people and vehicles.
  • Collision coverage: Pays for repair expenses if your vehicle is involved in a crash or collision.
  • Comprehensive coverage: Pays for damages from weather, theft or vandalism.
  • Personal injury protection: If you or your passengers are injured in an accident, this option pays for medical expenses, lost wages and also funeral costs.
  • Uninsured motorist coverage: Keeps you covered if you are involved in an accident with an uninsured driver.
  • Rental Reimbursement: Pays for expenses when you need to rent a vehicle because your car is damaged or totaled.
  • Roadside Assistance: Pays for towing fees if your car breaks down or gets into a crash.
  • Gap Coverage: Pays for any amount outstanding on your auto loan for a totaled car.
  • Medical Payments: In a no-fault state, this pays for medical expenses regardless of who was responsible for the accident.
  • Original Equipment Manufacturer parts: For the first 24,000 miles of a brand new vehicle, all repairs will be made with original equipment straight from the manufacturer. Beyond the 24,000 miles, repairs will use Like Kind & Quality or CAPA certified after-market parts.
  • New Car Replacement: If your vehicle is under a year old and gets totaled, you will be paid to buy a new car with no added costs.

Cost of Electric car insurance

Electric Insurance has been around for over half a century and established itself as a credible provider of insurance products. But does it have reasonable rates? Based on our sample driver profile, we found the following average for minimum and full coverage respectively:

Average Annual Premium for Minimum Coverage Average Annual Premium for Full Coverage
$686 $2,402

The national average for full coverage car insurance is $1,738 whereas for minimum coverage it is $563. In comparison, Electric costs $2,402 annually for full coverage, nearly $700 higher than the national average, and $686 for minimum coverage, also a lot more than average. Depending on which state you reside in, your driving history, age and type of vehicle, this cost could be even higher. If you’re not a General Electric employee or want to save money on car insurance, there are cheaper options for you to consider.

Discounts

Electric Auto Insurance offers a surprisingly long list of discounts. Although the actual savings will vary from one person to another, everyone can save some money on premiums.

  • Accident-Free: For being free from any traffic violation or accident for a certain number of years.
  • Safe vehicle: For having a vehicle equipped with safety and anti-theft features.
  • Driver training: For successfully completing a safe driving course.
  • Electric and Hybrid Vehicle: For owning a vehicle equipped with a hybrid or electric engine.
  • Married status: For drivers above thirty who are married.
  • Good student: For full-time students up to the age of 24 with an average of B or higher.
  • Low mileage: For driving less than a certain number of miles per year.
  • New vehicle: For purchasing a brand new model of a vehicle.
  • Multipolicy: For bundling two or more policies from the company.
  • Paid in full: For paying the annual premium in full at the time of renewal.
  • Plan Ahead: For renewing the policy 60 to 120 days in advance.
  • Affinity Group: For being part of any sponsored affinity groups.
  • Family and Friends Referral: For being referred to Electric Insurance by a current customer or an employee of General Electric.
  • Away at School: For having a student on the policy who attends college 100 or more miles away from home.

General Electric employees get a fee waiver, seamless deduction of premiums from their paychecks, and up to a 33 percent discount for a minimum coverage of $100,000.

Electric Home Insurance

Whether you need the most basic coverage for your house or a more comprehensive policy that protects against greater damages, Electric Insurance has you covered with two home insurance packages: Homeowners Plus and Premier Choice.

Types of coverage

  • Dwelling: Covers your house and all structures attached to it.
  • Other structures: Covers detached structures on your property, such as barns, sheds, garages or in-law cottages.
  • Personal property: Covers belongings inside the house, from furniture to electronics.
  • Loss of use: Pays for expenses to live elsewhere if your house is damaged and under repair.
  • Personal liability: Covers you against injury or damage claims by others with regard to their property.
  • Medical payments: Pays for medical expenses if a guest is injured while at your house.
  • Guaranteed replacement cost coverage: Pays for the cost to rebuild your house after a total loss, even if it exceeds the limit of your policy.
  • Enhanced personal property coverage: Pays up to 75 percent of the total value of damaged personal property without any depreciation.
  • Coverage for ordinances or laws: Covers you when your repair or construction costs become higher because of certain rules and regulations.
  • Disaster identity recovery services: As part of the identity theft coverage, this option rebuilds your destroyed personal documentation.
  • Personal injury protection: Covers you against expenses arising from libel, slander and lawsuits.

Electric Insurance also has a separate flood insurance policy, water and sewer backup, watercraft coverage, land restoration and mortgage extra expense coverage.

Discounts

  • Multi-policy: For bundling your auto and home insurance policies.
  • Claims-free: For not having a claim for a certain number of years.
  • New home: If the property is newly constructed or under ten years of age.
  • Loyalty: For being an Electric customer for several years.
  • Safe home: For having smoke and burglar alarms and automatic sprinklers installed in your house.

Reasons why Electric is a good option

All insurance companies offer the typical coverage options, but if you want comprehensive protection for your house or your car that goes beyond the basics, Electric Insurance has it all. Apart from the wide variety of coverages, the company also has a plethora of discounts, some of which are only offered by the best insurance companies. All Electric policies are for 12 months, so there’s less chance of a bump in the premium every six months. Payments can be made monthly, quarterly, semi-annually or annually, giving customers more flexibility.

As seen earlier, Electric’s prices are not the cheapest, and since there is no accident forgiveness feature, your premiums will rise after an accident or traffic violation. Although the company has a long-standing reputation and plenty of discounts to lower the cost, if you want lower rates, Electric might not be for you. Coverage options are limited for older cars and high-risk drivers, but if you’re a good driver with a clean record or own a new car or new house, you get to reap more benefits.

Electric ratings, reviews, customer satisfaction and complaints

Electric Insurance Company has not been rated by J.D. Power, the most trusted consumer analytics company in the US. The provider does have an A (excellent) rating for financial strength from AM Best, a leading credit rating company, establishing the fact that Electric Insurance is financially sound and capable of paying out claims. The NAIC complaint index gives Electric a score of 0.18, lower than the median of 1. This indicates that Electric has fewer than average customer complaints.

Customer reviews for Electric Insurance Company span the whole spectrum: some policyholders are all praise for the quick and efficient support, the prompt dispatch of appraisers in case of damage and the simple claims filing process. On the other hand, some customers complain about the slow approach in handling claims, confusing billing information and sudden hikes in premiums. There are no complaints regarding claim denial or payout failures.

Additional policies offered by Electric

Besides auto and home insurance policies, Electric also sells:

  • Flood insurance: Pays for property damage from groundwater, in association with the National Flood Insurance Program.
  • Umbrella insurance: Pays for gaps in policy limits.
  • Recreational vehicles insurance: Covers vehicles such as ATVs, motorcycles and boats.

Frequently asked questions

What do I need to get a quote from Electric Insurance?

The online quotes tool on the Electric Insurance website provides you with an estimate in a matter of minutes once you put in the required information. You may also call the customer service number between Monday and Friday, 8:00 a.m. to 8:00 p.m. ET and a representative will get your information and offer you a quote.

How do I file a claim with Electric Insurance?

Policyholders can log in to their account on the Electric website and choose the option to file a claim. Alternatively, they can also call the 24/7 helpline to report a claim and talk to an adjuster.

Methodology

Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Written by
Cynthia Widmayer
Insurance Contributor
Cynthia Widmayer has over two years of experience as an insurance and personal finance writer. She covers home, car and life insurance products for Bankrate, the Simple Dollar, and Coverage.com, among others.