score62Electric Auto Insurance Review: Quotes and Service (2024)
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score622/5
discounts
5/5
complaints
5/5
satisfaction
4/5
stability
0.0/5
affordability
pros
High customer satisfaction and customer complaints scores
Offers unique add-ons like original equipment manufacturer (OEM), service guarantee and general deductible waiver
Provides many discounts like safe driving, bundling, good student and electric/hybrid vehicle
cons
Zero affordability score means insurance costs may be quite high
Lacks better car replacement coverage
No discount for going paperless
Verdict
Electric has excellent customer satisfaction and complaints scores and an above-average stability score. However, its MoneyGeek score of zero out of five on affordability means the cost of insurance with Electric may be high for some drivers.
MoneyGeek compiled valuable resources on the cheapest car insurance providers and the best car insurance providers to ensure you have adequate information about Electric and other insurers. Our auto insurance company comparison tool also helps you see how Electric ranks against other insurance providers.
How Does Electric Rank for Customer Service?
The Better Business Bureau gives Electric Insurance Company an A+ rating overall. However, customer ratings are low, noting a lack of transparency or understanding of the company’s billing and claims processes, AM Best has also given Electric Insurance Company an A rating for its financial backing in 2019.
Customer Satisfaction Rating
Customer satisfaction varies across Electric Insurance Company customers. While some customers praise the Electric Insurance customer service department, the majority of the poor ratings discussed the company’s claims process. Some clients expressed frustration about the slow pace of the claims process, while others noted changes in billing. Electric Insurance Company did respond to the complaints listed on the Better Business Bureau, offering either an explanation or encouraging customers to reach out to specific representatives at their convenience.
Customer Complaint Ratio
The National Association of Insurance Commissioners (NAIC) reviews the average number of insurance company complaints each year. Each company is measured against the national median complaint ratio. The 2019 median ratio is 1.00.
Electric Insurance Company has a complaint ratio of 0.18, which is below the national median.
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Discounts Offered by Electric That Can Help You Save
Applying discounts to your Electric auto insurance policy can reduce your car insurance costs significantly. Electric provides most of the typical discounts available with auto insurers. They include bundling, safe driving, anti-theft system, good student, defensive driving, pay-in-full and airbag discounts. Electric, however, does not give a discount for going paperless.
Electric also offers unique discounts that may not be available with other insurance companies, such as alternative energy (for owning a hybrid or electric vehicle), low-mileage and new vehicle. It also offers a marriage discount to married drivers who cannot be classified as “youthful.”
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Does Electric Offer Broad or Unique Coverage?
Like most insurance providers, Electric offers liability and comprehensive and collision insurance. Getting a policy from Electric means you can get some of the common add-on coverages, such as roadside assistance, new car replacement, accident forgiveness, gap insurance and rental car and/or travel reimbursement coverage. However, Electric does not provide better car replacement, a common add-on coverage.
Electric has a few unique coverage options, including service guarantee, original equipment manufacturer (OEM) and glass deductible modification. The service guarantee coverage ensures that you receive prompt service once you make a claim; otherwise, Electric sends you $100. The OEM coverage guarantees that a mechanic utilizes original manufacturer parts while repairing your damaged car if it is two years old or newer with less than 24,000 miles.
What Online Auto Insurance Tools Does Electric Offer?
What sets Electric Insurance Company apart from other auto insurance providers is its large selection of discounts for good drivers, GE employees, and drivers of new, electric, or hybrid vehicles. Electric Insurance Company offers a large selection of features including gap coverage (in case your vehicle is stolen and you still owe money on the lease or loan), towing and labor coverage, and rental vehicle coverage.
- Type of FeatureDescription
- Online Bill PayManage your payments, set up automatic payments, review payment history and set up payment due date alerts online.
- Online ClaimsEasily report a new claim and check in on the status of each claim through your MyAccount login.
Other Electric Insurance Products
Electric Insurance Company offers a variety of other insurance options to choose from.
- Type of ProductDescription
- Homeowners InsuranceGet insurance for your home that covers not only the structure itself but the contents inside, as well as exterior fixtures like garages, fences, sheds and more.
- Renters InsuranceEven if you don’t own your home, you can protect your belongings inside from fire, theft and other damages.
- Flood InsuranceHomeowner’s insurance and renter’s insurance do not cover flood damages. Protect yourself and your belongings with this natural disaster insurance.
- Umbrella InsuranceAccidents can be expensive and even with auto or home insurance, you could find yourself owing more than you can afford. Umbrella coverage helps to bridge this gap and pay for the balance of what is owed if there’s a lawsuit or claim against you.
Financial Strength
AM Best rates auto insurance companies on their financial resources and ability to meet customer’s financial needs. AM Best gave Electric Insurance Company an A rating in 2019 for financial backing. The company’s strong backing can be partially attributed to the financial stability of the parent company, GE.
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How to Make a Car Insurance Claim With Electric
You can file a claim with Electric Insurance Company by calling their customer service claims support team or filing online via MyAccount.
Contact Electric Car Insurance
Methodology and Assumptions
To evaluate and review auto insurance companies, MoneyGeek carefully weighs factors such as price, financial strength, policy features, customer satisfaction, service and other leading indicators. MoneyGeek also references publicly available data from industry leaders such as J.D. Power, AM Best, the National Association of Insurance Commissioners (NAIC) and the Better Business Bureau. Learn more about MoneyGeek’s review methodology here.
About Courtney Johnston
sources
- AM Best. "Electric Insurance 2019 Credit Ratings." Accessed March 31, 2020.
- Better Business Bureau. "Electric Auto Insurance." Accessed March 31, 2020.
- National Association of Insurance Commissioners. "Electric Auto Insurance 2019 Complaint Ratio Report." Accessed March 31, 2020.
- Electric Insurance. "Electric Insurance." Accessed March 31, 2020.