What’s New with Electric Insurance?
In February 2024, General Electric announced plans to sell Electric Insurance to RiverStone International, with personal lines policy renewal rights transferring to Plymouth Rock Assurance. The sale has yet to be finalized, and its impact on existing policyholders remains uncertain.
Electric Car Insurance Review
Electric Insurance, founded in 1966 and based in Massachusetts, originally served General Electric employees before expanding to the broader market. It holds an A rating from AM Best, indicating strong financial stability, though it lacks ratings from J.D. Power and S&P.
Coverage Options
Electric Insurance offers three tiers of auto insurance:
- Auto Plus
- Premier Choice Auto
- Signature Choice
All policies include liability coverage, with additional options such as:
- New car replacement coverage
- Deductible waiver
- OEM coverage
- Towing coverage
- Gap coverage
- Trip interruption coverage
Pros and Cons
Pros:
- Comprehensive coverage options with valuable add-ons
- Risk Coach program to identify coverage gaps
- Multiple discounts available
Cons:
- No J.D. Power rating
- No rideshare coverage
- Limited mobile app functionality
Car Insurance Costs
Bankrate’s 2024 study found that the national average for full coverage car insurance is $2,638 annually, with minimum coverage averaging $767. Electric Insurance’s rates are slightly higher:
| Driver Profile | Electric (Full Coverage) | National Average (Full Coverage) |
|---|---|---|
| Good driver, good credit | $3,066 | $2,638 |
| Good driver, poor credit | $5,813 | $4,644 |
| Speeding ticket, good credit | $3,415 | $3,204 |
| At-fault accident, good credit | $3,372 | $3,774 |
| DUI conviction, good credit | $5,779 | $5,106 |
Rates by Age
Younger drivers typically face higher premiums. Below are Electric Insurance’s rates compared to national averages:
| Age | Electric (Full Coverage) | National Average (Full Coverage) |
| 16 | $9,106 | $5,675 |
| 18 | $7,468 | $4,894 |
| 20 | $8,869 | $5,374 |
| 25 | $4,342 | $3,251 |
| 30 | $3,211 | $2,813 |
Comparison with Other Insurers
| Company | Full Coverage Premium | Minimum Coverage Premium |
| Electric | $3,066 | $787 |
| State Farm | $2,887 | $911 |
| Progressive | $2,388 | $711 |
| Allstate | $3,297 | $917 |
| USAA | $1,897 | $604 |
Electric Home Insurance Review
Electric Insurance provides three tiers of homeowners coverage:
- Homeowners Plus
- Premier Choice
- Signature Choice (for high-value homes)
All policies include guaranteed replacement cost coverage at no extra charge, a rare benefit among competitors.
Pros and Cons
Pros:
- Complimentary replacement cost coverage
- Online coverage guide for informed decision-making
- 24/7 claims center
Cons:
- Customer service limited to weekdays
- No J.D. Power rating
Home Insurance Costs
The national average cost for homeowners insurance (with $300,000 dwelling coverage) is $2,181 annually. Electric Insurance rates are not publicly available, so contacting an agent is recommended.
Competitor Comparison
| Company | Full Coverage Auto Rate | Homeowners Insurance Rate | J.D. Power Rating |
| Electric | $3,066 | Not Available | Not Rated |
| Safety | Not Available | $1,407 | 3.9/5 |
| Encompass | $2,937 | $2,343 | 3.7/5 |
Customer Reviews & Satisfaction
Electric Insurance receives mixed customer feedback on platforms like Yelp and Bogleheads. Some customers praise its strong customer service, while others cite high rate increases.
Positive Review (Aug 2019): “I’ve been a customer for 20+ years. They have excellent customer service, and their rates have been fair.”
Negative Review (Sep 2018): “They used to be a good company, but their rates have skyrocketed, sometimes 2-3 times higher than competitors.”
Final Verdict
Electric Insurance is a solid choice for those prioritizing customer service and bundled coverage packages over the absolute lowest rates. However, its relatively high premiums and lack of J.D. Power ratings may deter some shoppers. Comparing quotes from other insurers is advised before making a final decision.
Want personalized quotes? Visit Electric Insurance’s website or call their customer service for tailored pricing and coverage details.
Want to know more about other insurances, Read our latest articles.
