Electric Auto Insurance: User Reviews and Quotes (2024)

Electric Insurance Company is known for being a subsidiary of GE, but it’s soon to be sold.

Emily Guy Birken
Emily Guy Birken
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  • 12+ years writing about insurance and personal finance

Emily is a widely recognized expert on personal finance and has authored several personal finance books. She’s a frequent guest on national and regional media.

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Chris Schafer
Edited byChris Schafer
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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Updated July 1, 2024

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General Electric established Electric Insurance Company (EIC) in 1966 as an insurance provider for GE employees. Today, the company offers insurance in all 50 states and to the general public, not just to people employed by the parent company.

GE recently announced that it will sell EIC this year, which has led to AM Best putting the company’s financial strength and long-term issuer credit ratings under review. But the company maintains an A (Excellent) rating for both.

If you’re considering EIC for your auto insurance needs, this review may help you make your decision. But the best way to find the best policy for your needs is to compare quotes from multiple insurers. Here’s what you need to know about Electric Insurance Company.

Quick Facts
  • Electric Insurance offers rates that are slightly lower than the national average.

  • EIC offers some unique benefits to employees of affiliated companies, including payroll deduction as a method of paying your premiums.

  • The company has relatively few user reviews on the Better Business Bureau website and none on Trustpilot, but it boasts a low complaint rating with the National Association of Insurance Commissioners (NAIC).

How Electric Insurance compares to other insurance companies

Electric Insurance’s monthly rates generally fall below state averages. But your rates may be higher or lower depending on your specific circumstances, including your driving history and which discounts you’re eligible for.

You can see how EIC compares to some of its competitors below:

FactorHow Electric Insurance Compares
RatesCheaper
DiscountsLess than competitors
AvailabilitySimilar to competitors
Financial strengthSimilar to competitors
  • Our editorial team spent 350 hours developing the IQ (Insurify Quality) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. Criteria are weighted by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.

    We rate each company on a 1-to-5 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. We update ratings once a year or as more recent information becomes available.

    • Third-party financial ratings: We use data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims

    • Customer satisfaction: To calculate this score, Insurify analyzed more than 28,000 customer reviews across 155 car insurance companies. We also considered third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.

    • Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the United States, as well as available discounts, to calculate an affordability score.

    • Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer’s transparency surrounding discounts, coverages, and claims process.

    • Availability and reach: Insurify identified the number of states in which insurers offer coverage and company size by market share to score availability and reach.

How Electric Insurance rates compare to competitors

Electric Insurance’s rates are very competitive with some of the nation’s largest insurance companies. Its liability-only policies average $94 per month, and its full-coverage policies average $194 per month, according to Insurify data.

Here, you can see how Electric Insurance’s rates compare to other national insurers.

Full-Coverage Rates by Insurance Company

Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.

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Average cost of Electric auto insurance

If you have an incident on your record — like an accident, speeding ticket, or DUI — insurance companies will see you as a higher risk and raise rates accordingly.

Here, you can see how monthly liability rates for Electric Insurance compare to the national averages for different types of drivers.

DriverElectric Average QuoteNational Average
Drivers with a clean record$94$105
Drivers with a speeding ticket$125$149
Drivers with an at-fault accident$129$156
Drivers with a DUI$147$177
Teen drivers$152$185
Senior drivers$64$78
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.

Electric Insurance car insurance cost by state

How much you pay for auto insurance can depend on where you live. This is because each state has unique minimum requirements as well as location-based risks that can affect your premium prices. That’s why your state’s average rates might be above or below the national average.

While Electric Insurance’s average premiums are lower than many state averages, your specific cost of coverage will depend on your driving record and other factors, like your age, marital status, credit history, and more.

Here are the average monthly costs of liability coverage in six different states so you can see how rates fluctuate.

StateElectric Average QuoteState Average
Connecticut$177$208
Kansas$70$82
Kentucky$160$186
Maine$81$91
Missouri$86$98
Virginia$84$94
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.

Electric Insurance car insurance discounts

In addition to competitive rates, car insurance shoppers should also check for discounts from various companies to find the right policy at the right price. Here are some of the best discounts available to Electric Insurance Company customers:

  • Affinity and employer group membership discount: Qualifying group members or employees from affinity groups will save with this discount.

  • Electric and hybrid vehicle discount: It’s only natural that the Electric Insurance Company would offer a discount to drivers of electric and hybrid vehicles.

  • Referral discount: Save money by referring friends or family members to EIC.

  • Good student discount: Full-time students up to age 24 can qualify for this discount by maintaining a GPA of 3.0 or higher or equivalent.

  • Low annual mileage discount: If you drive less than a set number of miles annually (the amount varies by state), you could receive a discount on your policy.

  • Multi-policy discount: Bundle your auto insurance together with a home, condo, or renters policy, and save on both.

  • Payroll deduction discount: If you’re an employee of one of the sponsored affinity groups and opt to pay for your EIC policy via payroll deduction, you’re eligible for this discount.

How customers feel about Electric Insurance

The ratings awarded to EIC by AM Best, the NAIC Complaint Index, and consumer review sites can give you a better expectation of how the company’s commitment to customer satisfaction lives up to its actions. While EIC has a great rating on the NAIC Complaint Index, AM Best’s positive rating factors for the insurer may change due to GE’s plans to sell.

If you look at customer reviews on sites like the Better Business Bureau and Yelp, you’ll find that Electric Insurance doesn’t necessarily meet its stated mission of exceptional customer service. The insurer has a star rating of 2.33 out of 5 on the BBB website and 2.1 out of 5 on Yelp.[1][2]

Electric Insurance ratings

The rating information you can glean about Electric Insurance Company (EIC) from places like AM Best and the NAIC Complaint Index can give you valuable additional information about its financial strength and customer satisfaction. But credit-rating opinions have limitations that you should keep in mind.

Specifically, the recent announcement that GE is selling the company has caused negative rating actions that don’t necessarily reflect Electric Insurance’s balance sheet strength. Also, J.D. Power hasn’t rated Electric Insurance, which means it’s harder to compare this insurer to others in the industry.

Check out the ratings for this insurer below:

RatingScoreWhat This Means
AM BestA (Excellent)3Excellent ability to meet financial obligations, though this rating is under review pending the company’s sale
J.D. PowerNot rated 
NAIC Complaint Index0.764Nearly 25% fewer complaints about this company compared to the industry average

Electric Insurance car insurance coverage options

Standard state-required minimum car insurance coverage varies depending on where you live in the United States, but Electric Insurance offers the required liability insurance in every state. Generally, this includes bodily injury liability and property damage liability coverage.

But many drivers prefer to buy more insurance than the minimum required and may even make an additional purchase of comprehensive and collision coverage. The insurance industry generally refers to a policy with the mandated liability coverage plus comprehensive and collision as full-coverage auto insurance.

In addition to these coverages, you can also find the following optional coverages through Electric Insurance:

  • illustration card https://a.storyblok.com/f/162273/x/5285c4cd74/uninsured-or-underinsured-motorist-coverage.svg

    Uninsured/underinsured motorist coverage

    Uninsured/underinsured motorist coverage helps pay for your damages if you’re in an accident where the other driver is at fault but is uninsured or underinsured. Your state may require this kind of coverage, depending on where you live.

  • illustration card https://a.storyblok.com/f/162273/150x150/f2122c3094/car-and-driving-96x96-orange_002-new-car.svg

    New vehicle replacement cost coverage

    If your new vehicle is totaled or stolen, this coverage will pay the full replacement cost of a comparable new car.

  • illustration card https://a.storyblok.com/f/162273/150x150/e80d4ae197/car-and-driving-96x96-gold_019-car.svg

    Alternate transportation (rental car) coverage

    If you don’t have the use of your car after an accident, this coverage will pay for your rental car.

  • illustration card https://a.storyblok.com/f/162273/150x150/b022eb76ef/buildings-96x96-green_svg-013-hotel.svg

    Trip interruption expense coverage

    If you have car trouble on a road trip, this coverage will help pay for unexpected lodging and meals if you have to wait at least 24 hours to get your vehicle back on the road.

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Other options for Electric Insurance customers

In addition to its auto insurance products, customers can also access these types of coverage from Electric Insurance:

  • Homeowners insurance: Your mortgage lender will likely require you to carry home insurance to protect both the structure and contents of your home from things like fire, theft, or inclement weather.

  • Condo insurance: If you own a condo unit, you need the right kind of coverage to protect your home and property.

  • Renters insurance: If you experience a covered peril in rented housing, this kind of coverage can pay for loss or damage to your belongings, liability, and even healthcare if you’re injured.

  • Umbrella insurance: This kind of coverage, which may also be called excess liability insurance, can cover losses that you’re responsible for paying after reaching your home or auto policy limit.

Electric Insurance FAQs

If you’re interested in getting auto insurance through Electric Insurance, check out this additional information about the company and its insurance products.

  • Is Electric Insurance legitimate?

    Electric Insurance is a legitimate insurer offering auto, property, and umbrella insurance nationwide. Though this is a legitimate insurer, the fact that its parent company, GE, has announced it will sell the business may have some negative implications. AM Best has placed Electric Insurance’s financial strength rating and long-term issuer credit rating under review, and the outlook is negative. But the company maintains an excellent rating from AM Best while under review.

  • What’s the average cost of Electric car insurance?

    Electric Insurance policyholders pay averages of $94 per month for liability coverage and $194 per month for full coverage. But your rates will vary based on your driving history, where you live, and more.

  • Does GE own Electric Insurance?

    General Electric Company originally established Electric Insurance in 1966 to write insurance policies for GE employees, although it has since expanded its personal lines of coverage to consumers among the general public. GE has made a recent disclosure of its intention to sell the insurer to RiverStone International. After the sale goes through, Electric Insurance will offer policy renewal rights through Plymouth Rock Assurance.

  • Is Electric Insurance good at paying claims?

    Electric Insurance has an A financial strength rating from AM Best, which means the business has an excellent ability to meet its ongoing insurance and financial obligations. This does indicate that customers can rely on Electric Insurance Company to pay claims. 

    AM Best’s performance assessments have a higher possible rank of A++ (Superior) for the strongest level of financial stability, which this insurer doesn’t meet. Additionally, AM Best has placed Electric Insurance under review pending the company’s sale. Currently, AM Best has a negative outlook for the review.

    Unfortunately, J.D. Power hasn’t rated Electric Insurance, so there’s no additional third-party information about customer satisfaction with the claims process.

  • How do you cancel your Electric Insurance policy?

    Electric Insurance allows you to make policy adjustments, including policy cancellation, through its website. You can also cancel your policy with an Electric Insurance adjuster over the phone by calling 1 (800) 227-2757.

Sources

  1. Better Business Bureau. "Electric Insurance Company."
  2. Yelp. "Electric Insurance."
Emily Guy Birken
Emily Guy Birken

Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Her background in education allows her to make complex financial topics relatable and easily understood by the layperson.

Her work has appeared on The Huffington Post, Business Insider, Kiplinger's, MSN Money, and The Washington Post online.

She is the author of several books, including The 5 Years Before You Retire, End Financial Stress Now, and the brand new book Stacked: Your Super Serious Guide to Modern Money Management, written with Joe Saul-Sehy.

Emily lives in Milwaukee with her family.

Chris Schafer
Edited byChris SchaferSenior Editor
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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