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 insurance review 2023
At a glance
Auto
2.4
Home
0.0
About Bankrate Score
Bankrate's take
Who Electric Insurance may be good for: If you're looking for a small insurance company that features some nice perks along with standard coverage options, Electric Insurance may be a good choice for you. It may be especially appealing to employees of General Electric Corporation, which formerly owned Electric Insurance, since there are additional discounts available for them.
Who Electric Insurance may not be good for: If you prefer to do your insurance business online, Electric Insurance may not be your first choice. Unlike some of the larger insurers, its mobile app has limited capabilities.
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. 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.
Pros and cons of Electric 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.
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Robust coverage packages include add-ons that you may not find with other companies
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Risk Coach program can help you identify gaps in coverage
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Extensive list of discounts may help you save
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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
Electric 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 nationwide 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 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 full coverage premium | National full coverage premium | |
|---|---|---|
| Clean driving history | $2,162 | $2,014 |
| Speeding ticket conviction | $2,611 | $2,427 |
| At-fault accident | $2,575 | $2,854 |
| DUI conviction | $4,013 | $3,091 |
*All rates displayed are average annual rates.
Electric 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 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. These numbers reflect rates for drivers with a clean driving record; rates for drivers with infractions are likely to be higher.
Average cost of car insurance for drivers on their parents’ policy
| Electric full coverage premium | National full coverage premium | |
|---|---|---|
| Age 16 | $6,626 | $4,392 |
| Age 17 | $6,163 | $4,102 |
| Age 18 | $5,255 | $3,837 |
| Age 19 | $4,813 | $3,345 |
| Age 20 | $4,586 | $3,149 |
*All rates displayed are average annual rates.
Average cost of car insurance for drivers on their own policy
Electric 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:
Get personalized auto insurance quotes
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
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.
Pros and cons of Electric home 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.
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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
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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
Electric 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.
| Dwelling coverage limit | Electric average premium | National average premium |
|---|---|---|
| $150,000 | $947 | $975 |
| $250,000 | $1,409 | $1,428 |
| $350,000 | $1,890 | $1,879 |
| $450,000 | $2,456 | $2,343 |
| $750,000 | $4,113 | $3,761 |
*All rates displayed are average annual rates.
Electric 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:
Compare Electric Insurance with other insurers
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:
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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.
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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.
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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. Secura's auto and home policies are only available as a bundle; you can't purchase just one. The company also does not have a mobile app for easy policy management.
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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.
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Avg. full coverage auto rate
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$2,162
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$861
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$1,042
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$1,567
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Avg. home rate for $250k dwelling coverage
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$1,063
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$725
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$1,908
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JD Power Digital Experience Study - Service
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JD Power Digital Experience Study - Service
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JD Power Digital Experience Study - Shopping
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AM Best rating
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AM Best rating
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AM Best rating
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AM Best rating
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A (Excellent)
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A (Excellent)
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A (Excellent)
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A+ (Superior)
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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. 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 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 insurance studies, which is not uncommon for smaller carriers. Bankrate also looks at a company's rating with AM Best, which assesses financial strength and the ability to pay out on claims.
| Study or Rating agency | Electric Insurance | Industry average |
|---|---|---|
| 2023 J.D. Power Digital Experience Study - Service | Not scored | 702/1,000 |
| 2023 J.D. Power Digital Experience Study - Shopping | Not scored | 521/1,000 |
| AM Best rating | A (Excellent) | N/A |
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.
Electric Insurance scores very well for the number of complaints received regarding its passenger auto policies. The most recent score, 0.43, is well below the industry average, indicating that the company takes customer management seriously and strives to provide a good experience for policyholders who contact the company.
As is the case with auto policy complaints, Electric Insurance's homeowners complaint index is excellent, with few complaints filed against the company in the last three years. This suggests that the company pays attention to ensuring that customers are satisfied with their policies and claim management.
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
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.