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Electric Insurance Review 2022

woman charging her electric car while her family packs bags into the trunk
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Electric Insurance’s auto and home insurance products are robust, with multiple endorsements and discounts available. Electric also offers some unique tools to help customers choose an appropriate amount of coverage and fill gaps in their policy. However, Electric’s auto insurance rates are much higher than average, so it may not be the best provider for drivers looking for cheap car insurance.

Perks Drawbacks
Safe driver reward program Few insurance products available
Customizable coverage with endorsements Not many third-party ratings
Risk Coach tool helps ensure you have enough coverage Expensive average premiums
Good discounts for all insurance products

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. Serving all 50 states and Puerto Rico, Electric Insurance offers several insurance products, including home, auto, umbrella, flood and RV insurance. 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.

Electric car insurance | Bankrate Score: 4.2

Based on Bankrate’s review of Electric car insurance, 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 Auto. Each package comes with varying levels of coverage and endorsements.

All of Electric’s 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.

Electric car insurance cost

Electric Insurance offers comprehensive car insurance policies, but the company charges high rates as a result. According to Bankrate’s research, the average annual full coverage policy costs $2,491 and the average minimum coverage policy costs $664. For comparison, the national average cost of car insurance is $1,655 per year for full coverage and $480 per year for minimum coverage.

Full coverage annual rates National full coverage annual rates
Clean driving history $2,491 $1,655
Speeding ticket conviction $2,985 $2,062
Adding a 16-year-old driver* $3,088 $2,531
At-fault accident $2,935 $2,311

*16-year-old rates reflect the added cost to their parents’ full coverage car insurance policy.

Electric car insurance discounts

Electric Insurance review offers a long list of potential discounts. Here are some of the more unique car insurance discounts you can get through Electric:

  • Great Driver App: Electric’s safe driver reward program uses the Great Driver app. You may save 10% on your policy for downloading the app, and after 100 days of driving with the app, you may earn up to 20% off on top of the original discount.
  • Electric and hybrid discount: Electric offers a special discount to drivers who insure their fully electric or hybrid vehicle.
  • Plan ahead discount: If you get a quote from Electric Insurance before your current policy expires, you could save up to 15% on your premium

Electric car services

Electric Insurance offers a free tool called Risk Coach, which is meant to help drivers identify potential risks that could lead to financial losses in the future. To use Risk Coach, you fill out a short online assessment with information about your vehicle and your environment. Based on the responses, you get matched with a list of areas to focus on and have a consultation with a Risk Coach to mitigate those risks.

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.

Electric home insurance | Bankrate Score 4.4

Electric home insurance offers 12-month policies are fairly robust, with two tiers of coverage to choose from: Homeowners Plus and Premier Choice. Both tiers include guaranteed replacement cost coverage, which most home insurance companies offer for an extra fee. However, there aren’t many endorsements available, so Electric may not be the best option for those who are looking for specific add-ons to personalize their policies.

Electric home insurance cost

The data regarding the average annual home insurance premium for Electric Insurance was not available to analyze. However, home insurance premiums are based on factors that are unique to each homeowner. In the United States, the national average cost of homeowners insurance is $1,312 for a policy with $250,000 in dwelling coverage. In addition to the amount of coverage you purchase, factors like your insurance company, credit score, age and insurance claim history can affect your rate.

The table below showcases how the national average home insurance premium varies based on the dwelling coverage limit.

Dwelling coverage limit Average annual premium National average annual premium
$150,000 N/A $898
$250,000 N/A $1,312
$350,000 N/A $1,723
$450,000 N/A $2,148

Electric home insurance discounts

Electric Insurance offers many home insurance discounts for homeowners who want to lower their rates. Here are some of the savings opportunities that you may be able to take advantage of:

  • Employer group discounts: Electric offers savings for homeowners who work for qualifying companies.
  • Newer homes discount: If you are insuring a newer home that was built recently, you could get a discount.
  • Length of tenure discount: Electric Insurance may lower your premium based on the number of years you have been insured by the company.

Electric home services

Electric does not offer many non-insurance home services. However, you can use the Risk Coach tool to find potential risks around your home and work with a consultant to fill gaps in your coverage for more protection.

Electric life insurance

Electric does not offer life insurance. If you are in the market for life insurance, you can check out Bankrate’s review of the best life insurance companies to find a provider that sells coverage in your state.

Other Electric Insurance perks worth considering

In addition to auto and home insurance, Electric also offers several other policies, such as:

  • Umbrella insurance: If you need additional liability insurance, you may be able to buy an umbrella insurance policy from Electric.
  • Condo insurance: Electric offers comprehensive condo insurance policies, with generous coverage limits and multiple discounts.
  • Flood insurance: If you live in a high-risk flood area, you may be able to purchase flood insurance through Electric, which is supplied by the National Flood Insurance Program (NFIP).

Electric social responsibility

Electric Insurance does not advertise any information about its social responsibility program or the charitable organizations it works with.

Not sure if Electric is right for you? Consider these alternatives

  • Safety Insurance: Safety Insurance is another Massachusetts-based insurance company that offers auto and home insurance, and the average premiums are lower than Electric’s average rates.
  • Secura Insurance: Like Electric, Secura Insurance offers car and home insurance packages with similar discounts. However, the average rates are cheaper with Secura.
  • Encompass: Encompass, which is owned by Allstate, offers robust home insurance packages and numerous car insurance discounts.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

  • $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 sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the age 16 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Hawaii rates indicate age is not a contributing factor.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and a single DUI conviction.

Homeowners

  • Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000
  • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000
  • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Written by
Elizabeth Rivelli
Insurance Contributor
Elizabeth Rivelli is a contributing insurance writer for Bankrate and has years of experience writing for insurance domains such as The Simple Dollar, Coverage.com and NextAdvisor, among others
Edited by
Insurance Editor