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. The company earned a Bankrate Score of 2.4, partly due to its limited digital tools and lack of a customer satisfaction rating with J.D. Power.

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 Auto. 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.

Electric Insurance home insurance offers 12-month policies that are fairly robust, with three tiers of coverage to choose from: Homeowners Plus, Premier Choice and Signature Choice. If your home is of high worth, you may want to consider Signature Choice, which is intended for high-value homes, and 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. 

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.

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:

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. 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.

Electric Insurance customer complaints

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.

Other 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 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.