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Elephant insurance review 2023
At a glance
About Bankrate Score
Policyholders with less-common auto insurance needs, such as non-owner insurance or policies for leased vehicles, may benefit from getting a quote from Elephant. However, the company’s service area is limited.
Those who want to manage their insurance policies and claims online may appreciate the perks Elephant offers, including e-signature, online quotes and work-from-home discounts.
Elephant car insurance
According to Bankrate’s analysis, drivers who are seeking less-common types of add-on car insurance coverage may find Elephant to be a good choice. Elephant was founded in 2009 and began as strictly an auto insurance company. It offers the standard suite of car insurance policy staples but also has an array of add-on options to consider. Among those options is non-owner car insurance for drivers who don't have their own vehicle and custom parts and equipment coverage for custom or modified cars. However, Elephant only writes auto insurance policies in eight states.
Pros and cons of Elephant car insurance
Like most products, Elephant’s car insurance has upsides and downsides. We explore a few below:
Advertises a multitude of potential discount opportunities
Allows bundling Elephant auto insurance with some non-Elephant insurance products
Offers several less-common auto insurance add-on options
Availability limited to eight states
Unusually high level of complaints with the National Association of Insurance Commissioners (NAIC)
Elephant car insurance cost
Average premiums for Elephant auto insurance are not available. The current national average cost of car insurance is $2,014 per year for full coverage and $622 per year for minimum coverage. Comparing quotes from multiple insurers can ensure you purchase your policy at a competitive rate.
It’s important to remember, though, that rates vary based on a number of personal rating factors, such as your ZIP code, make and model of your vehicle, driving history and even your age (in most states). As such, it may be helpful to get a personalized quote to learn what your costs may be.
Elephant car insurance discounts
Many of the best car insurance companies offer discounts to help you significantly lower your car insurance premium. Elephant advertises that drivers can save up to 40 percent on their car insurance by taking advantage of its long list of discounts, many of which may not be found with other car insurance carriers. This could make Elephant a competitively cheap insurance company for some drivers.
Discount opportunities include:
Elephant home insurance
Elephant offers homeowners insurance coverage through its partner company Homesite. Standard policy options are on offer, such as personal property coverage, liability and medical payments. Dwelling coverage is also included.
Similar to Elephant’s auto policies, add-on options are available to customize coverage. These options include identity theft protection; personal injury protection for lawsuits alleging libel, slander or invasion of privacy; and valuable items coverage for luxury items like furs and jewelry. Extended replacement cost coverage is also available for the dwelling itself.
Pros and cons of Elephant home insurance
There are several pros and cons of Elephant homeowners insurance for prospective customers to consider:
Numerous potential discounts on offer
A range of add-on options are available
No mobile app for policy management or claims filing
Does not write its own homeowners policies
Elephant home insurance cost
Average premiums for a Homesite homeowners policy are not available. The best way to find out how much you can expect to pay is to compare quotes from multiple companies.
For comparison purposes, the current national average annual premium for $250,000 in dwelling coverage is $1,428. However, your rate may vary due to factors like where you live, how big your house is and whether any renovations or updates have been completed. Keep in mind that depending on your coverage needs, the cheapest insurance will not always provide the best financial protection.
Elephant home insurance discounts
While Elephant does not underwrite its own home insurance policies, it does offer multiple potential discounts for drivers with existing car insurance with Elephant. Other Homesite discounts may include:
Elephant life insurance
Similar to its homeowners insurance, Elephant does not underwrite its own life insurance. Instead, Elephant life insurance is offered through its partner company Ladder. The only available option is term life insurance, which may be a draw to those who want a cost-effective method of protecting their loved ones. Perks of Ladder life insurance through Elephant include a quick online application with no required doctor’s appointment.
Pros and cons of Elephant life insurance
Customers looking to bundle their insurance coverage and add term life to a variety of other policies may find convenience in purchasing Ladder coverage through Elephant. While life insurance is limited to term policies only, the convenience factor and potential bundling discount could make this a solid option.
Offers term life policies
Does not require a medical exam
Coverage decision available in minutes
Only offers one type of life insurance policy
Does not underwrite its own life insurance policies
Elephant life insurance endorsements
Many of the best life insurance policies offer numerous coverage options to personalize the policy. While Elephant does not indicate which specific endorsements are available, it does state that policyholders can choose from different coverage limits and payment plans.
Compare Elephant with other insurers
Finding the right insurance can be tricky and depends on several personal variables. That's one reason why it's often helpful to shop around between multiple insurers when looking for a policy. Below are some possible alternatives to Elephant when considering insurance.
Elephant vs. Metromile
While Elephant offers discounts for low-mileage drivers, like its work-from-home discount, some companies specialize in low-mileage car insurance. Metromile is one such company, and it could be a good choice for drivers who want auto coverage but drive minimally and want to see that reflected in their rates.
Elephant vs. Progressive
Elephant offers a robust suite of auto insurance options, including add-on coverage options, but it does not have an app to make things more convenient for its customers. Progressive is one of the larger insurance companies, and it offers auto, home and life insurance. Progressive also has a free app and other digital tools. People who prioritize digital tools and apps and are looking for these types of insurance policies may prefer Progressive over Elephant.
Learn more: Progressive Insurance review
Elephant vs. Farmers Insurance
Customers can get auto, home and life insurance through Elephant, but home and life policies (as well as some specialized types of auto) are underwritten by partner companies. Farmers offers these types of policies in-house while maintaining several discount and customization options. Those who want to purchase all their insurance policies from one company and like customization options for home and auto may prefer Farmers to Elephant.
Learn more: Farmers Insurance review
Is Elephant a good insurance company?
Elephant insurance may be a good option for the right customers. The company offers auto, home and life insurance products, although some of these policies are underwritten by partner companies. Auto policies come with several add-on options that may be hard to find at some other companies, and Elephant offers several potential discounts.
Still, Elephant insurance products are only available in eight states, and the company has received a relatively high number of NAIC complaints. Customers who are in the service region, qualify for discounts and don't mind the rate of NAIC complaints may find Elephant to be a good company.
Elephant customer satisfaction
Third-party rating companies, such as J.D. Power and AM Best, review insurance companies and analyze specific factors like customer claims satisfaction and financial strength. These ratings can help prospective customers determine which company is best for them. Another helpful metric is the relative number of complaints filed with the NAIC.
|Study or Rating agency||Elephant||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+ (Superior)||N/A|
Elephant auto claims satisfaction
J.D. Power doesn’t include Elephant in its ratings. However, it is worth noting that Elephant’s financial strength is lauded by AM Best, indicated by its A+ rating.
Elephant auto complaints
The NAIC assigns complaint index scores independently for each insurance coverage type (private passenger, homeowner, individual life, etc.). Complaint indexes vary within companies depending on the product being ranked and its correlating customer service.
Elephant has a ratio of NAIC complaints well above the national median. Its NAIC ratio is 4.12. Companies with ratios over the baseline of 1.00 have a higher number of complaints, while those under this number have fewer.
Other Elephant tools and benefits
Elephant offers other types of insurance in addition to auto, home and life insurance. These include:
- Motorcycle insurance: Elephant offers personalized motorcycle insurance through its partner company, Dairyland.
- Mobile mechanic: Elephant’s YourMechanic service allows policyholders to book maintenance and repairs online at a discount. Mechanics are deployed to a policyholder’s home or office for convenient, contact-free service.
- Roadside assistance: The company pairs drivers with tow trucks and roadside services, such as flat tire replacement, locksmithing or a battery jump.
- ATV and off-road vehicle insurance: For policyholders who’d like to cover their snowmobile, golf cart or other recreational vehicle through the same carrier as their cars or trucks, Elephant offers policy coverage for off-road vehicles.
- Renters insurance: Renters can purchase insurance to help financially safeguard their belongings while they live in a rental property.
- Condo insurance: Elephant offers insurance for condominium owners through its partner company Homesite. These policies are designed to cover the unit’s interior.
- Umbrella insurance: For those who feel safest with extra coverage, umbrella policies are available to cover property owners, people with pets or those with significant assets they’d like to insure.
- Legal resources: For a small monthly fee, policyholders can access attorney services at a discount. This includes assistance for such services as family law (e.g., divorces, adoptions, etc.), wills and trusts, real estate and even 100 percent coverage for an attorney fee related to one traffic violation per year.