Electric Insurance Review

Electric Insurance, a Massachusetts-based company, was established in 1966 to offer insurance to General Electric employees. It began offering its services and products to all customers later. Electric Insurance is available in all 50 states as well as Puerto Rico. It offers a variety of insurance options and coverage options. There are also special perks for employees at General Electric. The company is a trusted provider of auto and home insurance, having been in operation for 55 years. Electric may be the right choice for you if you’re looking for an established insurer that offers a wide range of coverages and discounts to protect your vehicle and property.

Electric car insurance

You want more than the standard coverage options when insuring your vehicle. Electric, a company whose history is firmly based on insurance, offers a variety of coverages that a motorist may need to protect a vehicle. It also includes some additional options that aren’t offered by all other insurers.

Types of coverage

  • Liability coverage: Covers damages caused to other persons and vehicles.
  • Collision coverage – Covers your vehicle’s repair costs if it is in an accident or collide.
  • Comprehensive coverage: Covers damages caused by weather, theft, or vandalism.
  • Personal Injury Protection: This option covers medical expenses, lost wages, and funeral costs for you or your passengers if you are hurt in an accident.
  • Uninsured motorist coverage Covers you if you are in an accident with an non-insured driver.
  • Rental Reimbursement – Covers expenses if your vehicle is totaled or damaged and you need to rent it.
  • Roadside Assistance: Covers towing costs if your vehicle breaks down or is involved in an accident.
  • Gap Insurance: Covers any outstanding amount on an auto loan for a vehicle that has been totaled.
  • Medical Payments This pays for medical expenses in a state regardless of who caused the accident.
  • Original Equipment Manufacturer Parts: All repairs made to a new vehicle within the first 24,000 miles will be done with the original equipment directly from the manufacturer. Repairs beyond 24,000 miles will be done with Like Kind & Quality parts or CAPA-certified after-market parts.
  • Replacement of a Vehicle: If your vehicle has been totalled in the last year, you will receive a payment to purchase a new vehicle with no additional costs.

Electric car insurance: What is the cost?

Electric Insurance has been around over 50 years and is a trusted provider of insurance products. However, are the rates reasonable? Based on the profile of our sample driver, we determined that there was an average coverage for both minimum and complete coverage.

Average Annual Premium for Minimum InsuranceAverage annual premium for full coverage

The national average price for full coverage auto insurance is $1738. Minimum coverage is $563. Electric is nearly $700 more expensive than the national average for full coverage and $2,402 for minimum coverage. This cost can vary depending on where you live, how old you are, and what type of vehicle you drive. There are less expensive options if you don’t work for General Electric or you want to save on your car insurance.

Get Discounts

Electric Auto Insurance offers many discounts. While the actual savings may vary between individuals, all can save money on their premiums.

  • Accident-Free To be free from traffic violations or accidents for a set number of years.
  • A vehicle that is safe and secure.
  • Driver Training: To successfully complete a safe driving course.
  • Hybrid and Electric Vehicle: To own a vehicle with an electric or hybrid engine.
  • Married status For drivers over thirty who are married.
  • Excellent student: Full-time students aged 24 and older with a minimum of B or higher.
  • Low mileage: If you drive less than a set number of miles each year.
  • A new vehicle: To purchase a new vehicle model.
  • Multipolicy To bundle two or three policies from the company.
  • Full payment: To pay the annual premium at renewal.
  • Plan Ahead To renew the policy 60 to 120 calendar days in advance
  • Affinity group: To be a part of any sponsored affinity networks.
  • Family and Friends Referral To be referred to Electric Insurance from a customer or employee of General Electric.
  • Student away at School: To have a student who is enrolled in the policy and lives 100 miles from home.

General Electric employees receive a fee waiver and seamless deduction of premiums directly from their paychecks. They also get up to a 33% discount on minimum $100,000 coverage.

Electric Home Insurance

Electric Insurance offers two options for home insurance: Premier Choice and Homeowners Plus.

Types of coverage

  • Covers your home and any structures that are attached to it.
  • Other structures This covers detached structures such as sheds, garages, or in-law homes.
  • Personal property: This covers all belongings in the home, including electronics and furniture.
  • Loss in use: Covers expenses to move elsewhere if your home is damaged or under repair.
  • Personal Liability: Protects you from injury or damage claims made by others regarding their property.
  • Medical payments Covers medical expenses for guests who are injured at your home.
  • Coverage for replacement costs: Provides coverage to pay for the cost of rebuilding your home after a total loss.
  • Personal property coverage with enhanced coverage: Covers up to 75% of total property damage without depreciation.
  • Coverage for laws and ordinances: Provides coverage if your construction or repair costs are higher due to certain rules or regulations.
  • Disaster identity recovery services This option rebuilds personal documents that have been destroyed as part of your identity theft coverage.
  • Personal Injury Protection: Protects you from expenses resulting from libel or slander, and lawsuits.

Electric Insurance also offers a separate flood policy that covers water and sewer backup, watercraft coverage and land restoration.

Get Discounts

  • Multi-policy To bundle your auto and home insurance policies.
  • Claims-free For not having an claim for a specific number of years.
  • A new home: If the property was built recently or is less than ten years old.
  • Loyalty – If you have been an Electric customer for many years.
  • Safety home: To have smoke alarms, burglar alarms, and automatic sprinklers in your home.

Electricity is a Good Option

While most insurance companies provide the standard coverage options, Electric Insurance offers comprehensive protection for your home and car. The company offers a wide range of coverages and discounts that are only available to the best insurers. All Electric policies last 12 months so there is less chance of an increase in premiums every six months. Customers have more options to choose whether they want their payments made monthly, quarterly or semi-annually.

Electric’s prices may not be the most affordable. Additionally, there is no accident forgiveness option. Your premiums will increase after an accident or traffic violation. Electric may not be right for you if you are looking for lower rates. Despite having a strong reputation and offering discounts to reduce the cost, the company is well-respected. You will be able to enjoy more benefits if your car is older and you are a high-risk driver.

Ratings, reviews, customer satisfaction, and complaints about electrics

J.D. has not rated Electric Insurance Company. J.D. Power is the most trusted US consumer analytics company. Electric Insurance has an A (excellent), rating for financial strength from AM Best. This is a top credit rating company that confirms the provider’s financial stability and ability to pay out claims. Electric has a score of 0.18 on the NAIC complaint Index, which is lower than the average of 1. This means that Electric has had fewer customer complaints than the average.

Electric Insurance Company has received a wide range of customer reviews. Some policyholders praise the company’s quick response, prompt dispatch of appraisers when there is damage, and simple claims filing. Some customers are unhappy with the slow response to claims, unclear billing information, and sudden increases in premiums. No complaints have been made about claim denials or failures to pay.

Electric offers additional policies

Electric sells home and auto insurance policies as well as:

  • Flood insurance Covers property damage caused by groundwater.
  • Umbrella insurance: Pays for gaps in policy limits.
  • Recreational vehicle insurance: This covers vehicles such as ATVs or motorcycles, and boats.

Questions frequently asked

What are the steps to obtain a quote from Electric Insurance

After entering the necessary information, the online quote tool at Electric Insurance will provide you with an estimate within minutes. Call the customer service line between Monday and Friday from 8:00 a.m. – 8:00 pm. ET will receive your information and provide you with a quote.

How can I file a claim for Electric Insurance?

Logging in to Electric’s website allows policyholders to make a claim. They can also call the 24-hour helpline to report a loss and speak to an adjuster.