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Electric Insurance Company is licensed to sell car insurance in 50 states and Puerto Rico. Known for its vast discount selection, this company provides competitive rates to everyone. They offer auto insurance, homeowner’s insurance, tenants insurance, condo insurance, and umbrella insurance. Electric insurance was founded in 1966 with its original goal to insure General Electric employees. Since then, this company has broadened its service and offers great coverage to all consumers.
Electric Insurance’s predecessor wrote General Electric’s first worker’s compensation plan nearly a century ago. The company knows firsthand how important getting back to work after a loss can be. Electric Insurance was created to give families and individuals reliable asset insurance and liability coverages that protect their financial position.
Electric Insurance Coverage Options
ValuePenguin found that Electric Insurance Company offers benefits and features beyond standard coverages typically provided in auto insurance policies. For example, within the first 24,000 miles or two years after purchasing a new car, Electric Insurance will make all repairs using original equipment manufacturer parts. This means every fix will leave your car with a great look, fit, and quality, just like it had before it needed repairs.
These are some of the best coverage options through Electric Insurance per WalletHub:
- Homeowner’s insurance: This coverage covers the structure of your home, garage, fences, sheds, property, internal contents of your home, and more.
- Flood insurance: A normal homeowner’s or renter’s policy won’t cover damage caused by floods. By getting this additional coverage, your house, property, and possessions will be protected from unforeseen weather or natural disasters.
- Rental reimbursement: After your vehicle is damaged or totaled in an accident, you’ll need to rent a vehicle. With rental reimbursement, all rental car expenses will be paid out to you directly.
- Bodily injury liability: Most states require this coverage, which pays for the cost of injury to a third party when you are at fault for a traffic accident.
- Property damage liability: This coverage pays for property damage to a third party when you are at fault for a traffic accident.
- Collision insurance: Collision insurance pays to repair or replace a vehicle if it collides with another vehicle or a static object such as a tree or fence.
- Comprehensive insurance: Comprehensive insurance pays for damage to your vehicle that results from events deemed out of the driver’s control, such as weather, theft, vandalism, or striking an animal on the road.
- Personal Injury Protection: Personal injury protection covers the cost of injuries to you or a passenger resulting from a traffic accident. Services include income continuation, funeral expenses, child care, and loss of services.
- GAP insurance: GAP insurance covers the difference between your car’s actual cash value and your lease or loan if your car is totaled.
- Renter’s insurance: As a renter, you don’t own your home, but you still want your residence to be protected financially. This insurance plan covers theft, fire, and other damages.
- Umbrella insurance: If you owe more than you can afford with your normal auto or homeowner’s insurance, this coverage will help cover the excess expenses.
- Medical payments: This coverage takes care of your medical bills, even if you are at fault for the traffic accident.
According to MoneyGeek, Electric Insurance provides coverage for more than just your home or car, including:
- Identity theft insurance
- Umbrella insurance
- ATV insurance
- Boat insurance
- Scooter insurance
Electric Insurance Discounts
Clearsurance.com recommends you take advantage of every discount possible. Electric Insurance offers many discounts, including:
- New vehicles: You’ll receive a discount if your vehicle is younger than three years old.
- Paid in full: Save up to 5 percent when you pay for a year in full.
- Electric or hybrid vehicle: You get a discount from Electric Insurance when you drive an electric or hybrid car.
- Safe driving: Earn a percentage off your monthly premium when you avoid accidents for an entire year.
- Driver education: Teen drivers can complete a driver’s education course to receive a discount.
- Accident prevention discount: Get a discount for taking an accident prevention class.
- Good student: Motorists under 24 can get a discount when they get Bs or better, get put on the Dean’s List or Honor Roll, or maintain a grade in the top 20 percent of their class.
- Anti-theft devices: Receive a discount for having an operating alarm system in your vehicle.
- Multi-policy discount: If you have several drivers in your home, you can save money by bundling their auto insurance policies together.
- Away at school: Having a family member away from home can save you money on insurance premiums.
- Employee Status: Some employees, such as GE workers, are eligible for a discount.
- Referral discount: Save money if you refer a friend or family member or are referred to Electric Insurance by a friend or family member.
- Safety equipment: Get a discount for having anti-lock brakes, seatbelts, and airbags.
- Early purchase discount: You can save up to 7 percent off your monthly premiums by purchasing a policy before your current plan expires.
Electric Insurance Reception
The BBB gave Electric Insurance an A+ rating, even though customer ratings aren’t great, often because of a lack of understanding about the claims and billing processes. AM Best gave the company an A rating in 2019. Electric Insurance received this rating because of its financial backing, which can be attributed mostly to the financial stability of GE, its parent company.
Getting a quote for Electric Insurance is simple, quick, and free on its website. Just fill in the five sections with your address, company affiliations, license number, insurance history, and driving record. No need to bring your social security card or VIN.
Check this out if you need additional information, resources, or guidance on car insurance.
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