- Valuable features and benefits for new cars, such as original equipment coverage
- Slew of available discounts, including one for electric and hybrid car owners
- Additional dedicated discounts for employees of General Electric
- Mixed reviews on communications, billing and collection practices
Electric annual insurance premium comparison
Take a look at three sample quotes from Electric Insurance in comparison to other popular auto insurers:
Single female, 20 yr old
Single Male, 30 yr old
Married Couple, 45 yr old
Value-added features and benefits
Electric provides a suite of added features and benefits above the standard coverage and protection typically offered in insurance policies. For the first two years or the first 24,000 miles of your new car's life, any repairs to your vehicle will use OEM (original equipment manufacturer) parts. This ensures that there is a perfect fit, look and quality of the replacement parts to your vehicle's make and body. After these two conditions are surpassed, then repairs can be made with CAPA certified aftermarket or Like Kind & Quality parts.
A second nice added feature is the new car replacement coverage. If your new car (less than one-year-old) gets totaled in an accident or incident that is covered by your policy (i.e., comprehensive or collision coverage), Electric will replace your new car without any additional cost or deduction for mileage.
Great perks for General Electric employees
Electric Insurance offers great financial discounts and convenient perks for GE employees. Among some of them are discounted personal excess liability (which can be 33% cheaper than similar umbrella policies elsewhere) for coverage of $1MM to $5MM. You are required to have at least $100,000/$300,000 of auto liability.
Additionally, your premium payments can be seamlessly deducted from your paycheck, along with a minimal discount and fee waiver that are available in most states.
AM Best Financial Rating (2013)
|Better Business Bureau Rating (2013)||A+|
Auto insurance policy and discounts
Sample auto insurance premiums for a 30 year old single male driver living in Miami, Florida from Electric Insurance can cost $1,230 per year. This assumes that the driver had excellent credit, license and driving history, and purchased a minimum policy in Florida with $10,000 of personal injury protection (PIP), $10,000 property damage liability and $10,000 of bodily injury liability.
This annual quote equates to a six-month policy cost of $615 or a monthly cost of $102 and is net of paid-in-full and safe driver discounts. One of the advantages of Electric is that their standard policies are year-long — your rate is locked in for 12 months in contrast to other insurers who issue six-month-long policies with an eye toward reviewing your policy for rate increases more frequently.
Electric provides a slew of discounts to its policyholders that range from the standard Anti-Lock and Anti-Theft discounts to the more unique Electric & Hybrid Vehicle discount. The actual amount of the discount varies on a state-by-state basis and is therefore not provided below.
|New Vehicle Discount||3 - 7%|
|Paid in Full Discount||5%|
|Early Purchase Discount||3 - 7%|
|Electric & Hybrid Vehicle Discount||Up to 10%|
How to file a claim
Phone Number: (800) 342-5342
- Press 1 then 2 for claims
- Press 1 for glass claims
- Press 2 for new claims
- Press 3 for towing reimbursements
Phone Number: (800) 342-5342
Normal business hours are Monday - Friday from 7 am to 8 pm ET.
About Electric Insurance
Electric Insurance provides the following services to its policyholders: auto insurance, home and condo insurance, tenants insurance and umbrella insurance. The company was created in 1966 to insure General Electric employees but has expanded its customer base to all consumers. It insures vehicles in all 50 states. For the year ending in 2012, Electric had $369.3MM in premiums underwritten.