Electric Insurance Company is ideal for drivers with new, hybrid or electric vehicles, GE employees, and safe drivers, thanks to their large selection of discounts. The claims process can be tricky to navigate however, so if you want clear and simple customer service, you might want to shop around.
Auto Insurance Review: Electric
Electric Insurance Company is a licensed auto insurance company providing coverage in all 50 states and Puerto Rico. This company is well known for its large selection of discounts, especially if you’re a General Electric (GE) employee. Electric Insurance Company shines when it comes to creating policies with a variety of options, features and discounts for new cars and hybrid vehicles. However, their customer service ratings are all over the spectrum, with mixed reviews regarding billing issues and claims management.
How Does Electric Auto Insurance Rate?
The Better Business Bureau gives Electric Insurance Company an A+ rating overall, though 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.
Electric Insurance Company has a complaint ratio of 0.18, which is below the national median.
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.
Electric Insurance Features
What sets Electric Insurance Company apart from competitors 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.
Electric Auto Coverage
Electric Insurance Company is able to offer a large selection of comprehensive coverage options for your auto policy. Many of these options are required by the state, but a few are optional, depending on where you live.
- Type of CoverageDescription
- CollisionThis would help cover costs for repairing or replacing your vehicle if it was damaged or totaled in an accident.
- Personal Injury ProtectionIf you or your passengers were injured in an accident, PIP would help cover medical expenses for everyone inside of your car. Depending on your state, it could also cover additional expenses as a result of the accident, such as lost wages, new living expenses and funeral costs.
- UninsuredIf you’re injured in an accident or are faced with other expenses as a result of a driver with no insurance or not enough coverage to pay your costs, this coverage could help cover the balance.
- LiabilityThis would help cover any medical damages or additional expenses owed if you were found responsible for injuring others in an accident.
Optional Insurance Features and Coverage
If you’d like protection beyond the basic options, Electric Insurance Company has additional coverage options to explore.
- Type of OptionDescription
- Rental ReimbursementIf your vehicle is damaged or totaled and you need to rent a car for a few days, this coverage will help pay for that expense.
- Roadside AssistanceIf your vehicle needs to be towed after a covered accident, this coverage will apply towards the towing fees.
- Gap CoverageIf your car is totaled while you still owe money on the loan or less, this coverage will pay your remaining balance.
- Medical PaymentsRegardless of fault, if you were injured in an auto accident, this option would cover your medical expenses.
Available Discounts on Electric Car Insurance Coverage
Electric Insurance Company is most noted for saving its customers money on their insurance policy through a large selection of discounts, particularly geared toward safe drivers and new car owners.
- Type of DiscountDescription
- Safe DriverSave money for each year you’re accident-free (up to a fixed percentage discount).
- Driver TrainingReceive credits when teenagers and drivers under 25 complete a driver education course. Mature Driver Accident Prevention Course Discount: Save money by completing a state-approved accident prevention course.
- Good StudentReceive a credit if anyone on your policy is under 24, in the top 20% of their class, maintains a B average, or is on the Dean’s List/Honor Roll.
- New VehicleSave money when you purchase a vehicle less than three years old.
- FamilyFamily & Friends Referral Discount: Save money if you refer or are referred by a friend or family member.
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.
- 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.
- Flood InsuranceHomeowner’s insurance and renter’s insurance do not cover flood damages. Protect yourself and your belongings with this natural disaster insurance.
How to Make a Car Insurance Claim With Electric
How 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 and the National Association of Insurance Commissioners (NAIC) and the Better Business Bureau. Learn more about MoneyGeek’s review methodology here.
About the Author
- 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.