Skip to Main Content

Electric insurance review 2024

Updated May 23, 2024
  • At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .

At a glance

Bankrate's take

Policyholders who prefer to work with a smaller company, but who don't want to give up robust coverage at reasonable rates, might consider Electric Insurance as their company of choice.

  • Electric offers a Signature Claim Service Guarantee for car insurance claims
  • Electric’s Great Driver app could help save up to 20 percent
  • Offers three different home insurance packages to help streamline coverage selection
  • Company is being sold in 2024 with personal lines policy rights transferring to Plymouth Rock Assurance.

New

What’s new with Electric?

In February, 2024, Electric Insurance owner, General Electric, announced plans to sell the company to RiverStone International with personal lines policy renewal rights going to Plymouth Rock Assurance. The sale is not finalized yet, and it's still unclear how this will impact existing policyholders.

Electric insurance logo

We want to know what you think about Electric

Do you have experience with Electric? Let us know your thoughts.

Electric car insurance review

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.

Green circle with a checkmark inside

Pros

  • Robust coverage packages include add-ons that you may not find with other companies
  • Risk Coach program can help you identify gaps in coverage
  • Extensive list of discounts may help you save
Red circle with an X inside

Cons

  • Not rated by J.D. Power
  • No ridesharing coverage available
  • Mobile app is not full service
Caret Down

Electric car insurance cost

Bankrate’s insurance editorial team launched an extensive study into average premiums in 2024 and found that the average cost of car insurance nationwide is $2,299 per year for a full coverage policy. A minimum coverage policy averages $637 per year. Average annual rates from Electric Insurance are $2,599 for full coverage and $604 for minimum coverage. However, remember that your rates with Electric will depend on your personal rating factors.

How much is Electric car insurance?

Bankrate’s insurance editorial team sources proprietary rate data from Quadrant Information Services to track rate trends over time. Although car insurance companies consider many factors to determine your premium, your driving history is among the most significant.

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.

Good driver, good credit
Electric full coverage premium
$2,599
National full coverage premium
$2,299
Electric full coverage premium
$4,918
National full coverage premium
$4,248
Electric full coverage premium
$2,869
National full coverage premium
$2,773
Electric full coverage premium
$2,849
National full coverage premium
$3,280
Electric full coverage premium
$4,713
National full coverage premium
$4,399
*All rates displayed are average annual rates.

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. 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 parents' policy. The tables below break down average Electric Insurance car insurance rates by age. These numbers reflect rates for drivers with a clean driving record; rates for drivers with infractions are likely to be higher.

Electric full coverage premium
$8,460
National full coverage premium
$5,015
Electric full coverage premium
$6,686
National full coverage premium
$4,333
Electric full coverage premium
$7,982
National full coverage premium
$4,671
Electric full coverage premium
$3,788
National full coverage premium
$2,852
Electric full coverage premium
$2,813
National full coverage premium
$2,450
Electric full coverage premium
$2,599
National full coverage premium
$2,299
Electric full coverage premium
$2,342
National full coverage premium
$2,087
Electric full coverage premium
$2,599
National full coverage premium
$2,299
Electric full coverage premium
$2,342
National full coverage premium
$2,087
*All rates displayed are average annual rates. Rates are based on our good driver profile, with 16- and 18-year-old drivers added to their parents’ policy.

Compare Electric car insurance rates

Insurance premiums can differ markedly from one provider to another, influenced by various factors, including the driver's profile, vehicle type and coverage choices.

Company Avg. full coverage premium Avg. min coverage premium
$2,599
$604
$2,406
$713
$2,021
$576
$2,977
$796
$1,709
$435
$1,564
$698
$1,895
$663
$1,565
$459
$1,703
$584
$1,631
$415
$1,564
$698
$1,895
$663
$1,565
$459
$1,703
$584
$1,631
$415
*All rates displayed are average annual rates.

Electric 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 2023 insurance studies, which is not uncommon for smaller carriers.

Bankrate also looks at a company's rating with AM Best, which assesses historical financial strength and the ability to pay out on claims. Electric Insurance has an AM Best rating of A (Excellent), but the carrier is currently under review based on pending plans to sell the company.

Electric auto insurance customer complaints

In order to gauge customer complaints, 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 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:

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

Get personalized auto insurance quotes

Answering a few quick questions to check your availability with Electric
Location-Icon
Your information is kept secure

Powered by Coverage.com (NPN: 19966249)

Advertising disclosure
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.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Electric home insurance review

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.

Green circle with a checkmark inside

Pros

  • Replacement cost coverage is complimentary
  • Website includes a handy coverage guide to help shoppers make an educated decision regarding their homeowners insurance package
  • Claims center is open 24/7
Red circle with an X inside

Cons

  • Customer service only open Monday through Friday, 8 a.m. to 8 p.m. EST
  • Not scored by J.D. Power
Caret Down

Electric Insurance home insurance cost

The average cost of homeowners insurance for $300,000 in dwelling coverage is $2,153 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 customer satisfaction

When evaluating Electric for home insurance, it's beneficial to consider third-party ratings as part of your decision-making process. These ratings can shed light on the insurer's performance in areas such as claim handling, customer support and policy offerings. J.D. Power did not include Electric Insurance in any of its home insurance studies, which is not out of the norm for smaller carriers.

Electric home insurance customer complaints

To assess customer satisfaction with Electric's home insurance, Bankrate references data from the National Association of Insurance Commissioners (NAIC). The NAIC's complaint index provides a comparative measure of the number of complaints an insurer receives relative to its size, with the industry baseline set at 1.0. A score above 1.0 indicates more complaints than average, while a score below suggests fewer. This metric can offer insights into Electric's customer service quality and responsiveness.

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:

  • Employer group discount: Electric offers savings for homeowners who work for qualifying companies
  • Length of tenure discount: Electric Insurance may lower your premium based on the number of years you have been insured by the company
  • Extensively renovated home discount: Homeowners in New Jersey could qualify for savings for renovating their homes.
  • Newer home discount: Owning a new home could net you a discount on your Electric home insurance

Get personalized home insurance quotes

Answering a few quick questions to check your availability with Electric

Location-Icon
Your information is kept secure

Powered by Coverage.com (NPN: 19966249)

Advertising disclosure
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.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Mortgage

Leaving so soon? Your custom quotes are just minutes away.

Compare Electric Insurance with other insurers

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:

Badge 1 Featured

Electric

Electric
Not scored
Info

Safety

Safety
Rating: 4.1 stars out of 5
4.1
Caret Down

Cost & ratings

Rating: 4.7 stars out of 5
4.7

Coverage

Rating: 3.5 stars out of 5
3.5

Support

Rating: 3.4 stars out of 5
3.4

Encompass

Encompass
Rating: 3.6 stars out of 5
3.6
Caret Down

Cost & ratings

Rating: 3.5 stars out of 5
3.5

Coverage

Rating: 3.9 stars out of 5
3.9

Support

Rating: 3.5 stars out of 5
3.5
OVERVIEW
Info
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. Safety offers its policyholders perks like a helpful online resource center and a mobile app that has more functionality than Electric Insurance's app. However, it only writes insurance in Massachusetts, New Hampshire and Maine.
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. Encompass offers a generous variety of discounts as well as numerous add-ons, or endorsements, that allow you to customize your policy.
STANDOUT FEATURES
Info
Insurance Home
Four home insurance packages
Business
Local agents
Online
Accessible mobile app
Loan
Streamlined bundling
Loan
Several discounts
Auto Car
Offers a roadside assistance app
AVG FULL COV. AUTO RATE
Info
No rates available $2,243
J.D. POWER AUTO SCORE
Info
Not Scored Not Scored
AVG HOME RATE
Info
$1,276 $2,627
J.D. POWER HOME SCORE
Info
Not Scored Not Scored
AM BEST RATING
Info
A(Excellent) A+(Superior)
Bankrate logo

Why you can trust Bankrate

Read our full methodology

Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Electric Insurance review.

46

years of industry expertise

122

carriers reviewed

34.5K

ZIP codes examined

1.2M

quotes analyzed

Is Electric Insurance a good insurance company?

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:

Yelp user 1
Sep 27, 2018
This USED to be a good insurance company. But...
“This USED to be a good insurance company. But in service and rates, they have gone down hill. I previously, a few years ago, gave this company an excellent rating. They sent me letters asking to send friends and relatives for quotes. I did but was embarrassed by their pricing. Sometimes 2 and 3 times higher than other insurance companies. They also have increased my car and house insurance by 25% with no claims?”
via Yelp
Yelp user 2
Aug 23, 2019
I've been a customer for 20+ years - started when...
“I've been a customer for 20+ years - started when I was a GE employee years ago. They have excellent customer service when on the phone with them. Rates have been fair. I encouraged my sister to join with them years ago and she is still a customer as well and raves about them.”
via Yelp

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

Methodology

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.

5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%

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.

Written by
Ashlyn Brooks

Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.

Edited by Editor, Insurance