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Electric Insurance review 2023

Updated Jan 20, 2023
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Bottom Line

Fred Loya Insurance offers a solution for car insurance to high-risk drivers who might find it difficult to buy insurance from standard car insurance companies. However, Fred Loya’s high rates for auto insurance and a low customer service rating may make it a dealbreaker for some drivers.
Pros
  • Plenty of endorsement options allow for a personalized policy

  • AM Best rating of A (Excellent)

Cons
  • Average full coverage auto premium is higher than the national average

  • Mobile app does not allow for policy management
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Electric car insurance

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, Washington, D.C. 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.

Based on Bankrate’s Electric Insurance 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 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.

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.

PROS

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    Robust coverage packages include add-ons that you may not find with other companies

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    Risk coach tool can help you identify gaps in coverage

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    Extensive list of discounts may help you save

CONS

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    Not rated by J.D. Power

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    No ridesharing coverage available

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    Mobile app is not full service

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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Electric Insurance car insurance cost

Bankrate’s insurance editorial team launched an extensive study into average premiums in 2023 and found that the average cost of car insurance is $2,014 per year for a full coverage policy. A minimum coverage policy averages $622 per year. Regarding Electric Insurance car insurance rates, you could expect to pay an average of $2,162 and $547, respectively. However, remember that your rates with Electric will depend on your personal rating factors.

Electric Insurance car insurance rates by driving history

Bankrate’s insurance editorial team sources proprietary rate data from Quadrant Information Services so that we can track rate trends over time. Although car insurance companies consider many factors to determine your premium, your driving history may be among the most significant. However, the type of driving incident you receive could affect your premium more than others, as demonstrated by the tables below.

Please note that while DUIs typically cause a hefty rate increase, not all companies will offer a policy to customers with this violation. Please get in touch with Electric Insurance directly for more information on DUI rates and eligibility.

Electric Insurance average monthly full coverage premium Electric Insurance average annual full coverage premium National average annual full coverage premium
Clean driving history $180 $2,162 $2,014
Speeding ticket conviction $218 $2,611 $2,427
At-fault accident $215 $2,575 $2,854
Electric Insurance average monthly minimum coverage premium Electric Insurance average annual minimum coverage premium National average annual minimum coverage premium
Clean driving history $46 $547 $622
Speeding ticket conviction $57 $678 $748
At-fault accident $55 $663 $892

Electric Insurance car insurance quotes by age

Unless you live in Hawaii or Massachusetts, your age can affect how much you pay for car insurance, and generally speaking, the younger the driver, the more expensive their premium. According to the Insurance Information Institute (Triple-I), almost 39 percent of all fatal car accidents in 2020 involved a driver aged 16 to 20. Statistically, young drivers are more likely to be involved in a car accident, and these higher-than-average rates reflect that increased risk.

However, young drivers may find relief when listed on their parent's policy. The tables below break down average Electric Insurance car insurance rates by age and whether that driver is on their parent's policy or their own.

Electric Insurance average monthly full coverage premium Electric Insurance average annual full coverage premium National average annual full coverage premium
Age 16 $552 $6,626 $4,392
Age 17 $514 $6,163 $4,102
Age 18 $438 $5,255 $3,837
Age 19 $401 $4,813 $3,345
Age 20 $382 $4,586 $3,149
Electric Insurance average monthly minimum coverage premium Electric Insurance average annual minimum coverage premium National average annual minimum coverage premium
Age 16 $130 $1,564 $1,470
Age 17 $119 $1,433 $1,362
Age 18 $105 $1,259 $1,261
Age 19 $96 $1,157 $1,070
Age 20 $92 $1,109 $995

Average cost of car insurance for drivers on their own policy

Electric Insurance average monthly full coverage premium Electric Insurance average annual full coverage premium National average annual full coverage premium
Age 18 $629 $7,543 $6,110
Age 25 $258 $3,099 $2,473
Age 30 $196 $2,352 $2,125
Age 40 $180 $2,162 $2,014
Age 60 $163 $1,959 $1,824
Electric Insurance average monthly minimum coverage premium Electric Insurance average annual minimum coverage premium National average annual minimum coverage premium
Age 18 $173 $2,081 $1,967
Age 25 $63 $759 $747
Age 30 $51 $606 $647
Age 40 $46 $547 $622
Age 60 $44 $525 $578

Electric Insurance car insurance discounts

Although Electric Insurance may not be the cheapest car insurance company, it offers a long list of potential discounts that may help you save, including:

Electric Insurance car tools and benefits

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 use Risk Coach, you complete a short online assessment with information about your vehicle and environment. Based on your 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

Electric Insurance home insurance offers 12-month policies that are fairly robust, with two tiers of coverage to choose from: Homeowners Plus and Premier Choice. Both tiers include guaranteed replacement cost coverage, which even many of the best homeowners insurance companies charge extra to include. While the company’s website states that it offers additional endorsement options, you have to call an agent to learn more. Depending on what add-ons are available, Electric insurance may or may not be the best choice for homeowners with unique coverage needs.

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.

PROS

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    Replacement cost coverage is complimentary

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    Website includes a handy coverage guide to help shoppers make an educated decision regarding their homeowners insurance package

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    Claims center is open 24/7

CONS

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    Few endorsements available

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    Customer service only open Monday through Friday, 8 a.m. to 8 p.m. EST

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    Those who prefer six-month policy terms may be dissatisfied with Electric’s 12-month term

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
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Electric Insurance home insurance cost

According to our in-depth 2023 insurance rate analysis, the average cost of homeowners insurance for $250,000 in dwelling coverage is $1,428 per year. However, premiums vary based on your location, the age of your home, and in some instances, your credit score. Electric Insurance home insurance rates are unavailable, but you could contact an agent for more information.

Electric Insurance home insurance discounts

Electric Insurance offers many home insurance discounts for shoppers looking for the cheapest homeowners insurance. While eligibility and discount amounts vary by state, here are some of the savings opportunities that you may be able to take advantage of:

Electric Insurance home tools and benefits

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.

In addition to the Risk Coach tool, Electric Insurance has uploaded a few informational videos to help with homeowners insurance topics such as flooding and burglary. It also lists a glossary of insurance terms that may grant policyholders a better understanding of their insurance contracts.

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Electric Insurance customer satisfaction

Typically, Bankrate analyzes third-party scores issued by J.D. Power to evaluate how satisfied policyholders are with various aspects of an insurance company, whether that be overall customer service, claims satisfaction or the company’s digital experience. However, J.D. Power did not include Electric Insurance in its 2022 insurance studies, which is not uncommon for smaller carriers.

In addition to J.D. Power scores, we review the rate of customer complaints lodged against an insurance company as recorded by the National Association of Insurance Commissioners (NAIC). The NAIC uses the number of complaints to assign each company an index score. To interpret this data, understand that the baseline (or average) index score is 1.0. A carrier with a complaint index above 1.0 receives more complaints than average, and a carrier below 1.0 receives fewer complaints than average.

Electric Insurance auto satisfaction

Regarding Electric Insurance auto, the company earned an NAIC complaint index of 0.77. This score could indicate that Electric Insurance's car insurance customers are generally satisfied with the company's service. Since J.D. Power did not rate the company, you may find it helpful to speak with friends or family insured with Electric to get a complete picture of the policyholder experience.

Electric Insurance homeowners satisfaction

Electric Insurance home insurance fared even better than the company’s auto NAIC index score, coming in at 0.18, which is much lower than the baseline. Again, these lower index scores may mean Electric policyholders are satisfied with their homeowners insurance.

How to file a claim with Electric Insurance

Your insurance company will ask you for basic information when you file a claim. For instance, you may need to provide the vehicle and driver details for all involved in a car accident. Most insurance experts will advise you to file a claim as soon as possible so that the incident details are still fresh in your mind.

When you’re ready, you can file a claim with Electric Insurance by:

Electric Insurance availability

Electric Insurance is available in all 50 states plus Puerto Rico.

Other Electric Insurance perks worth considering

Electric insurance offers a few different other types of insurance that you may want to consider, including:

  • Umbrella insurance: Sometimes referred to as excess liability coverage, umbrella insurance can provide extra liability coverage above and beyond what is granted on your auto and property policies.
  • Flood insurance: Not all insurance companies offer flood insurance, but Electric does. Since a standard homeowners policy does not cover flooding, flood insurance could provide peace of mind and formidable financial protection.
  • RV insurance: Electric Insurance offers insurance for various recreational vehicles, including ATVs, dirt bikes, dune buggies, golf carts, mopeds, snowmobiles and motorcycles.
  • Classic car insurance: Classic cars have unique coverage needs, which Electric may be able to provide through its classic car insurance policy.

Electric Insurance corporate sustainability

Electric Insurance is dedicated to inclusion by fostering a culture of diversity. With its motto, “EIC for Everyone,” Electric Insurance launched initiatives geared towards racial and gender equity along with LGBTQ+ rights. For example, six Electric corporate attorneys worked with the nonprofit Discovering Justice by spending time in middle school classrooms as legal mentors during a First Amendment classroom project.

Additionally, in 2020, Electric Insurance added accessibility tools to its website to help the visually impaired with plans to update the site as needed to practice website accessibility.

After studying this Electric Insurance 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 keep the following companies in mind:

Electric Insurance vs. Safety Insurance

Safety Insurance is another Massachusetts-based insurance company that offers auto and home insurance, and the average premiums may be lower than Electric’s average rates. However, it only writes insurance in Massachusetts, New Hampshire and Maine.

Learn more: Safety Insurance review

Electric Insurance vs. Secura Insurance

Like Electric, Secura Insurance offers car and home insurance packages with similar discounts. You will also find other types of insurance with Secura that you can’t get from Electric, such as hobby farm insurance, special events coverage and nonprofit insurance.

Learn more: Secura Insurance review

Electric Insurance vs. Encompass

Encompass, which is owned by Allstate, offers robust home insurance packages and numerous car insurance discounts. Since Encompass works via a network of independent agents, this company could be a good choice for those who prefer a personal touch.

Learn more: Encompass Insurance review

Is Electric Insurance a good insurance company?

Maybe, but 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. When in doubt, it may be a good idea to shop with the best car insurance companies to review your options.

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Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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 2021 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 parent's 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.

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