Electric Auto Insurance: User Reviews and Quotes (2024)

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.

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:

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.

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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.

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.

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:

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:

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  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.

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  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.

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  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.

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  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.

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