Electric Insurance: Overview

Electric Insurance provides coverage to approximately 135,000 policy holders.

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About Electric Insurance

The history of Electric Insurance Company began in 1927, when EMLICO, its former company was established to provide GE (General Electric Company) with Workers’ Compensation insurance in Massachusetts. The company was doing so well that it started providing coverage nationally for GE and also included general liability and commercial auto in its product portfolio. By 1966, Electric Insurance Company was formed to ensure GE employees, but after a while, it expanded its business to all consumers. During the 1990s the company becomes one of the first P&C carriers to offer consumers web-based insurance quotes. Today, Electric Insurance manages approximately $160 million in personal lines premiums for nearly 135,000 policyholders and has about $450 million in total written premium. Its services are offered in all 50 states directly via mobile applications and the web and through independent agencies. Its consumer base is 60% of GE employees and 40% general customers.

Electric Insurance Facts & Ratings

Year Founded1966
Financial StrengthExcellent
A.M. BestA
BBB RatingA+

Electric Insurance Mobile App Rating

iOS
     1.02 user reviews
Android
     1.934 user reviews

The Always On Mobile app is available for iOS and Android. This mobile app can help you to view your auto insurance information, report an auto claim, upload photos of the vehicle damage, access 24 hours / 7 days a week emergency roadside assistance services, schedule glass repair and much more.

Pros & Cons of Electric Insurance

  • Long list of discounts
  • Additional dedicated discount for General Electric employees
  • Provides the convenience of starting a claim online
  • Confusing website information: the company lists the products, benefits and discounts offered in different web pages making it difficult to get a full scope on what is offered.

Common Questions about Electric Insurance

What are the benefits of Risk Coach™ from Electric Insurance?

Risk Coach™ is a personalized assessment tool that connects consumers with a licensed professional, who conducts one-on-one insurance reviews to help them understand the coverage terms of insurance policies and identify the best way to protect their most valuable assets.

How to get student discounts from Electric Insurance:

Electric Insurance offers two kinds of student discounts as detailed below:Good Student Credit: applies to full-time students, up to age 24, with a “B” or better average who meet the following criteria:Ranks in the upper 20% of his/her class scholastically, or Maintains a "B" average or its equivalent if the letter grading system cannot be averaged, then no grade can be below a "B" orIn a numerical grading system, the student must have at least a "3" in a "4, 3, 2, 1" point system or its equivalent. A student is included on a "Dean's List" or "Honor Roll" or comparable list indicating scholastic achievement. Student 100 or More Miles Away from Home (Without a Vehicle) Rating Credit: This applies when the named insured has a household family member who is on the policy, but who is away at school or in the armed services and is 100 miles or more away from home without an auto.

Does Electric Insurance offer discounts for hybrid or plug-in vehicles?

Electric Insurance company offers a 10 percent discount for electric and hybrid vehicles.

What is liability only coverage by Electric Insurance?

Electric Insurance offers bodily injury liability and property damage liability which is required in all states. Each state has different coverage requirements, so depending on where you live, you may be required to have additional coverage.

Does Electric Insurance have Personal Injury Protection coverage?

Electric Insurance offers personal injury protection, which would pay you medical costs for you and your passengers. In some states, it also includes lost wages, additional living expenses you incur as a result of the accident, funeral costs and more.

Electric Insurance company offers the following benefits to homeowners:

12-month policies: lock in your cost for a full year and cut the number of renewal policies and ID cards you receive in half (normally the companies offer 6-month policies).Broad payment options: some employees who have the coverage with the company through their employer's benefits program get payments deducted from their paychecks; others have monthly payments electronically debited from a checking account and some opt for the bill-by-mail options (monthly, quarterly, semi-annually and more).Convenient hours: its customer call center is staffed 8:00 a.m to 7 pm. ET, Monday through Friday but you can also report claims by phone 24-hours a day.MyAccount Policy management center: With this 24/7 online account center, you can add drivers to your policy, replace vehicles as well as view and pay your bills.

What coverage does Electric Insurance cover for homeowners?

Electric Insurance covers the following items: Coverage A (Dwelling): 100% guaranteed replacement cost coverage which includes wildfires, earthquakes, hurricanes, tornados, etc.).Coverage B (Other Structures): for other permanent structures on the property, including garages, sheds, workshops, pool houses, or in-law apartments. Coverage C (Personal Property): covers appliances, clothes, electronics, furniture and other things you use on a daily basis. If you have specialty items, find out more about additional endorsements. Coverage D (Loss of Use). If your house is damaged and needs repairs, this coverage will pay for lodgings while it's being repaired. Coverage E (Legal Liability). This coverage is especially useful for anyone who engages in activities where accidental harm could come to another, or who have children who could accidentally harm another. Coverage F (Medical Payments). If you or anyone in your immediate family who still lives at home hurts someone on your property, this coverage pays for medical care.

Does Electric Insurance offer discounts to renters?

Electric Insurance offers the following discounts for renters: Employer Group DiscountsMulti-policy DiscountClaims-free Years DiscountLength of Tenure with Electric Insurance CompanyFire Alarm DiscountSprinkler DiscountBurglar alarm discount

What are the average costs of renters insurance with Electric Insurance?

The average cost of renters insurance with Electric Insurance is about $12 per month.

Does Electric Insurance have gap coverage?

Yes, Electric Insurance offers gap coverage. This type of coverage would pay your lienholder the outstanding balance on your car loan or lease if your car is totaled.

Can you make auto payments with Electric Insurance?

Yes, you can. Electric Insurance offers flexible payment options that allow you to have monthly payments electronically debited from your checking or savings account and a credit card or debit card.

Does Electric auto insurance cover towing?

Electric auto insurance covers you if your vehicle is towed to a garage or a police impound lot after a covered accident.

How is Electric Insurance different from other insurance companies?

Electric Insurance Company is dedicated to providing great value and exceptional service to its customers in all 50 states. It’s also easy to report a claim with Electric Insurance, which can be done through the mobile app, web or by calling its call center, which is active 24 hours, 7 days a week.

Does Electric Insurance use credit-based information for insurance rates?

Electric Insurance uses credit-based information for insurance rates in order to evaluate risk and determine a consumer’s pattern of credit management. Some credit factors taken into account include payment history, public records such as bankruptcies or judgments, outstanding debt, and length of credit history scores.

Does Electric Insurance cover flood damage for homeowners?

Electric Insurance offers separate flood insurance coverage, which a standard home policy wouldn’t cover. Only flood insurance would cover damage caused by groundwater. You can purchase flood coverage for your dwelling, your personal property, or both.

Electric Insurance Products

Car InsuranceHome Insurance
Umbrella InsuranceFlood Insurance
Recreational VehiclesRenters Insurance
Condo InsuranceBoat Insurance
Motorcycle Insurance

Electric Auto Insurance Coverage

Bodily Injury Liability

This form of coverage is required in every state. It covers bodily injuries to a third party in an accident that was deemed your fault.

Property Damage Liability

This form of coverage is required in every state. It covers property damage and loss of use to a third party.

Uninsured/Underinsured Motorist

This form of coverage covers damages when the other party is at fault but is either uninsured or underinsured.

Comprehensive Coverage

This coverage pays for damages and loss other than that caused by a collision. It is subject to a deductible.

Collision Coverage

his coverage pays for damages and loss caused by impact with another automobile, object or person. It is subject to a deductible.

Medical Payments

This type of protection will cover you if you’ve been injured in an accident, regardless of who’s at fault.

Medical Payments

This type of protection will cover you if you’ve been injured in an accident, regardless of who’s at fault.

Personal Injury Protection (PIP)

This coverage would pay medical costs for you and your passengers. In some states, it also includes lost wages, additional living expenses you incur as a result of the accident, funeral costs and more.

Rental Vehicle

This coverage takes care of renting a vehicle while yours is being repaired.

Towing & Labor

This coverage covers you if your vehicle is towed to a garage or a police impound lot after a covered accident.

Loan / Lease Gap

This type of coverage would pay your lienholder the outstanding balance on your loan or lease if your car is totaled.

Discounts

Employer Group DiscountsAccident-free Discount
Safety Features DiscountDriver Training Credit
Electric and Hybrid Vehicles DiscountFamily & Friends Referral Discount
Good Student DiscountLow Annual Mileage Discount
New Vehicle DiscountMulti-policy Discount
Married Status DiscountMature Driver Accident Prevention Course Discount
Payment-in-full DiscountPassive Restraints
New Auto Insurance Customer DiscountPlan Ahead (Early Purchase) Discount
Safe Driver DiscountStudent-Away-from-Home Discount

Electric Auto Insurance Rates by State

Below is a list of the average rates that drivers typically pay with Electric. On average, Electric charges approximately $248.79 per month. The cheapest state average is Connecticut at $164.09 per month followed by Kentucky at $192.20 per month. The most expensive state average is Missouri at $366.29 per month.

State Avg monthly rate
CT $164.09
KS $208.79
KY $192.20
ME $230.21
State Avg monthly rate
MO $366.29
VA $299.05

Electric Auto Insurance Rates by Vehicle

Drivers typically will get a discount if they insure multiple vehicles. Here is a list of average rates that Electric charges for drivers who have more than 1 vehicle.

Number of Vehicles Avg Monthly Rate
6 Vehicles $232.75
1 Vehicle $238.66
2 Vehicles $294.53
3 Vehicles $365.39
4 Vehicles $421.43
5 Vehicles $448.48

Electric Auto Insurance Rates by Homeownership

Customers who own their home rather than rent can sometimes get a small discount. We found that on average Electric charges $205.00 per month for drivers who own their home and $265.97 per month for those who rent.

Own/Rent Avg Monthly Rate
Own $205.00
Rent $265.97

Electric Insurance Contact Info

Address75 Sam Fonzo Drive, Beverly, MA 01915
Phone1-800-342-5342
Websitehttps://eic.electricinsurance.com/
Facebookhttps://www.facebook.com/ElectricInsuranceCompany/
Twitterhttps://twitter.com/ElectricInsCo
Youtubehttps://www.youtube.com/channel/UC2YooRh-4qPtDgZvFHdFMIw
Linkedinhttps://www.linkedin.com/company/electricinsurancecompany/

Methodology
The statistics listed on this page are from our own in house reporting. We track and record quotes that carriers have provided based on various criteria. The rates and averages shown on this page should only be used as an estimate.

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