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Electric Insurance Review 2022

Updated Nov 15, 2022
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At a glance

4.3
Rating: 4.3 stars out of 5
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Auto

Rating: 4.2 stars out of 5

4.2

Home

Rating: 4.4 stars out of 5

4.4

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Electric Insurance’s auto and home insurance products are robust, with multiple endorsements and discounts available. 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.

Pros

  • Safe driver reward program
  • Customizable coverage with endorsements
  • Risk Coach tool helps ensure you have enough coverage
  • Good discounts for all insurance products

Cons

  • Few insurance products available
  • Not many third-party ratings
  • Expensive average premiums
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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

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.

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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.

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

*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:

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

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.

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$382/year
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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.

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:

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.

 

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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 corporate sustainability

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.

Bankrate Scores

Bankrate Scores are calculated on a five-point scale and primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers and homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car and home insurance companies satisfy these priorities, third-party agency ratings from J.D. PowerAM BestS&PNAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers and homeowners, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry, as well as 40-year-old male and female homeowners with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which drivers and homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

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