Insurance is tedious.
We get it.
To save you time and effort, we have provided the quick details and key takeaways you need in order to understand Electric Insurance Company directly below:
Electric Insurance Company is an auto-insurance provider owned by General Electric (GE), a Fortune 500 Company.
Electric currently offers auto insurance coverage across the country and is the most ideal in most situations for consumers who now drive a hybrid or electric vehicle due to a 10% additional savings.
Overall, if you fall into this category, have a safe driving record, or could even potentially qualify for any of the other discounts listed below in our review, Electric is a company worth considering for coverage.
Electric offers midline coverage in the middle of the pack pricing but does not rank at the top of our list for best auto insurance companies.
Like we always say, it’s certainly worth running a quote with Electric but always ensure that you compare those rates against 5-6 other providers before ultimately making any decisions.
That’s the quick summary of Electric Insurance Company.
If you need more information about Electric auto insurance, we have provided a full review of the company below.
Additionally, feel free to use any of the links directly below to skip to any specific section of this review that you need or desire to learn more about.
Here are the topics we intend on covering:
- Our Electric Insurance Company Review
- Financial Strength Ratings
- BBB Ratings and Consumer Complaints
- Auto Insurance Coverages Offered
- Cost of Electric Car Insurance Coverage
- Discounts Available
- Who Should Consider Electric Insurance?
- Rideshare Coverage Availability
- Pros of Choosing Electric
- Cons of Choosing Electric
- Final Thoughts
If, however, you have the time and don’t need to skip around in the post, we recommend checking out our full review of the company directly below.
Here is what you need to know.
Our Electric Insurance Company Review
Electric Insurance was initially founded over 50 years ago in 1966.
In the beginning, Electric Insurance Company was founded to provide insurance products for employees of General Electric (GE), which is a powerhouse Fortune 500 company.
However, Electric Insurance expanded and began offering the general public insurance products across the country that included two main lines of insurance.
- Homeowners Insurance
- Auto Insurance
Currently, in 2019, Electric Insurance Company is still considered a subsidiary of GE.
Electric Insurance sells insurance products directly to consumers.
They do not use independent agents to market products or to offer services to the general public.
Currently, Electric Insurance is headquartered in Beverly, Massachusetts, and has major agencies located in New Jersey and California.
Financial Strength Ratings
Financial strength ratings are always critical to consider before choosing who you think maybe the best auto insurance provider near you.
It helps tell the story about how reliable, stable, and likely an insurance provider is to have the ability to pay claims to loyal policyholders.
Currently, this is nothing to be concerned about with Electric Insurance.
According to A.M. Best, which is a global credit rating agency that focuses on insurance providers and rates them accordingly.
Electric Insurance as an A-rated company, which is considered “Excellent.”
It’s not the highest rating that can be provided, but it’s certainly high enough to have consumers rest assured that the company is reliable, liquid, and capable of paying claims.
BBB Ratings and Consumer Complaints
Consumer ratings can go a long way towards helping you understand what the common problems filed against a company could potentially be.
This is another area where Electric Insurance Company does a fantastic job.
Currently, according to the BBB, Electric Insurance is rated as an A+, which is the highest rating you can be provided.
Additionally, Electric Insurance only has 8 consumer complaints closed in the last 3 years.
This is a much lower number than we are accustomed to seeing for auto insurance providers relative in size.
As a consumer, this should not be an area of concern.
Auto Insurance Coverages Offered
Electric Insurance Company does offer a few additional coverages you don’t typically see with other providers that are considered “standard” with Electric.
Of course, you have all your baseline coverages such as the following:
- Collision Coverage
- Comprehensive Coverage
- Liability Coverage
- Medical Payments
These are common with any insurance company across the country.
However, most auto insurance providers will also charge you an extra premium for other coverages that Electric includes at no additional cost.
These coverages include new car replacement, rental car coverage, and gap coverage.
These specific coverages can go a long way towards helping you cover the difference in purchasing a new vehicle vs. what your damaged vehicle is valued at after your accident.
In today’s era of auto insurance, it’s recommended to consider adding these to your coverage package.
Cost of Electric Car Insurance Coverage
It’s always somewhat challenging to compare apples to apples when it comes to the cost of auto insurance offered by one specific company.
This is mainly due to everyone, including your own unique profile is different which includes your vehicle being insured, your credit rating, and your driving history.
This makes car insurance rates not universal across the board for any two given drivers.
However, what we can tell you is that when you compare Electric Insurance Company against two other major competitors that include Allstate and Geico, they do fall in third place.
Simply meaning, Allstate and Geico, for the average driver, will offer rates that are overall cheaper than working with Electric.
This is one of the reasons we find running 5-6 quotes with different insurance providers so imperative.
It ultimately can save you the most money and help you effectively find the best car insurance company for you.
Discounts Available
Who isn’t interested in knowing which discounts may be available to help us save some money on our monthly premiums?
Currently, with Electric auto insurance, you do have several that you check qualifications for.
Here’s a look at them and the percentages they could potentially save you on your monthly premiums:
New Vehicle Discount- 3-7%
Paid Premiums in Full- 5%
Early Purchase from Time of Quote Discount- 3-7%
Hybrid and Electric Vehicle Discount- 10%
Who Should Consider Electric Insurance?
To obtain a quote with Electric Insurance Company, it’s straightforward and doesn’t take long to complete.
However, from our point of view, Electric Insurance is certainly worth considering if you have already compared rates with several other car insurance companies.
Overall, more robust coverage is available with more streamlined and tech-savvy platforms.
Your best bet would be to consider Electric but not forget about some of the other major players in the industry, such as Farmers, Nationwide, and even State farm.
In most situations, the only chance you have at achieving cheaper rates for your coverage would be if you have a clean driving record in addition to driving an electric or hybrid vehicle that can allow you to collect your 10% discount.
Rideshare Coverage Availability
Rideshare coverage is not something currently offered by Electric Insurance Company.
This is relatively common in 2019 among auto insurance providers.
If you do need additional auto coverage and drive for Uber or Lyft, you may want to consider other top options that offer this form of coverage.
Options includes providers such as Erie Insurance, Nationwide and even Geico.
Pros of Choosing Electric
After completing our review of Electric Insurance, here is what we believe to be the most significant upsides of choosing them for coverage:
- Strong Financial Strength Ratings
- Middle Tier but Suffice Coverage
- Nationwide Availability
- Significant Discounts for Electric/Hybrid Cars
Cons of Choosing Electric
On the flip side, here are the downfalls of choosing to work with Electric Insurance Company.
- Better and More Robust Coverage Is Available
- More Competitive Pricing is Available
- No rideshare Coverage is Available
Final Thoughts
Our advice is simple.
Comparing rates with as many insurance companies as possible when shopping for the best coverage is always in your best interest.
Plain and simple.
You never know what savings and coverage options you are leaving on the table without doing so.
Nonetheless, Electric Insurance Company is undoubtedly a company you can include in your shopping.
Best of luck in your search.
Leave a Reply