Electric insurance review 2024

Electric Insurance is a Massachusetts-based insurance provider that was founded in 1966. The company was originally established to provide insurance to General Electric employees, and later began offering insurance to a wider customer base. Electric Insurance Company has an A rating from AM Best, indicating excellent financial strength, but is not rated by other reputable third-party agencies, like J.D. Power or S&P.

Based on Bankrate’s Electric Insurance review, this company could be an option worth exploring for drivers who are looking for a smaller insurance company. There are three tiers of coverage available: Auto Plus, Premier Choice Auto and Signature Choice. Each package comes with varying levels of coverage and endorsements.

All Electric car insurance policies come with liability coverage. Depending on the package you choose, you can also get new car replacement coverage, a deductible waiver, OEM coverage, towing coverage, gap coverage and trip interruption coverage, to name a few.

Pros and cons of Electric Insurance car insurance

When comparing car insurance rates, it can be beneficial to consider a company’s pros and cons. For some, figuring out exactly what you need in a car insurance company is one of the hardest parts of shopping for new insurance.

Electric Insurance home insurance offers policies that are fairly robust, with three tiers of coverage to choose from: Homeowners Plus, Premier Choice and Signature Choice. If you have a high-worth home, you may want to consider Signature Choice, which includes a handful of extra options such as higher coverage amounts and cash settlement options. All tiers include guaranteed replacement cost coverage, which even many of the best homeowners insurance companies charge extra to include. There are also additional endorsement options available, which vary by tier.

Pros and cons of Electric Insurance homeowners insurance

When comparing home insurance quotes, you may wish to list the pros and cons for each company. This tactic may help you differentiate one carrier from the next.

After studying this Electric Insurance review, you might still wonder if this company is a good fit for you. While you’re requesting online car insurance quotes, you may want to consider the following competitors:

It depends on your priorities. If you’re looking for the cheapest car insurance company out there, you may need to look elsewhere. However, Electric Insurance could be a good fit if you prioritize customer service and want the ease of choosing a prebuilt insurance coverage package. The company also has much to offer homeowners with high-value properties, including robust coverage options and other perks. When in doubt, it may be a good idea to shop with the best car insurance companies to review your options.

What are real-life customers saying about Electric?

To offer a comprehensive view of Electric Insurance, we've gathered insights from actual customers sharing their experiences on platforms such as Yelp and Bogleheads. These platforms, while not traditional review sites, serve as platforms where users candidly discuss their interactions with insurance providers, including Electric. Through these discussions, potential customers can gain valuable perspectives on Electric's service quality, claim handling and overall satisfaction, directly from those who have engaged with the company.

Yelp

Yelp reviews reveal mixed feelings about Electric Insurance:

Electric company details

Here's how to contact Electric Insurance:

• Sales: 1-800-342-5342
• Customer service and claims: 1-800-227-2757
• Website: Electricinsurance.com
• Claims email: Claims@ElectricInsurance.com
• Payment mailing address: P.O. Box 9147
  Chelsea, MA 02150

State availability

Electric Insurance is available in all 50 states and Washington, D.C., as well as Puerto Rico.

Electric Insurance tools and benefits

In addition to providing auto and home policies to customers, Electric Insurance offers several other types of insurance. It also has several notable tools and benefits that may make it easier for clients to manage their accounts. Here's a rundown of some of the company's offerings:

• Collector car insurance: Offered in partnership with Hagerty Insurance, policies can be tailored to fit vehicles under construction, spare parts or evacuation expense coverage.
• Condo insurance: Policies cover your unit, your belongings and condo association member loss assessments, as well as liability.
• Flood insurance: Since standard homeowner policies do not cover flood damage, Electric offers insurance underwritten by the federal government's National Flood Insurance Program (NFIP).
• Renter's insurance: Renter's insurance covers liability, personal property and loss of use coverage, which pays for temporary living expenses if your apartment is damaged.
• Umbrella insurance: This type of coverage kicks in if you have a covered loss that is worth more than your coverage limits.
• Risk Coach tool: Electric Insurance offers a free tool called Risk Coach, which may help drivers identify potential risks that could lead to financial losses in the future. To access Risk Coach, use the chat feature on the webpage or call them at 1-800-342-5342.
• Service guarantee: In addition, Electric offers a Signature Claim Service Guarantee for car insurance claims. If you file a claim and do not feel like Electric provided the best customer service, the company will give you $100, no questions asked.
• Telematics program: Electric Insurance's Great Driver app monitors your driving in real time, and can save you up to 20 percent off when your policy renews if you prove yourself a safe driver.
• Glossary: A handy online glossary on the Electric Insurance website can help you gain a better understanding of your policy.

Frequently asked questions about Electric Insurance

Bankrate utilizes Quadrant Information Services to analyze the latest rates in May 2024 for ZIP codes and carriers in all 50 states and Washington, D.C. Rates include the most recent approved rate changes filed by insurance companies that affect our profile. These revised rates are then weighted based on the population density in each geographic region so that policyholders can see the impact rates have in their areas.

Auto

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 coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Age: Rates were calculated by evaluating our base profile with the ages 16-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.

The rates for drivers ages 16-20 added to their parents' policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.

Bankrate Scores

Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.