Electric Insurance Review

Electric Insurance Review

Electric Insurance
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Electric Insurance
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Pros

  • 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

Cons

  • Mixed reviews on communications, billing and collection practices

Contents

Electric annual insurance premium comparison

Take a look at three sample quotes from Electric Insurance in comparison to other popular auto insurers:

Driver Profile

Electric
Allstate
Geico

Single female, 20 yr old

$2,040$1,476$2,928

Single Male, 30 yr old

$936$900$648

Married Couple, 45 yr old

$876$912$540

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.

Insurer ratings

Metric

Value

AM Best Financial Rating (2013)

A (Excellent)
Better Business Bureau Rating (2013)A+

Auto insurance policy and discounts

The quote process on Electric Insurance's website is straightforward. There are five sections that ask for your basic home address, any group/company affiliation, your license and insurance duration history, vehicle safety and security features, annual mileage and any driving record incidents. You do not need to provide a VIN or Social Security Number. The most personally identifiable information requested is your name, address and date of birth.

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.

Insurance discounts

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.

Discount Type

Discount Amount

New Vehicle Discount

3 - 7%
Paid in Full Discount5%
Early Purchase Discount3 - 7%
Electric & Hybrid Vehicle DiscountUp 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

Customer service

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.

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Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.