Electric Insurance Review & Complaints: Home & Auto Insurance (2023)

Originally founded to serve employees of General Electric (GE), Electric Insurance Company offers personal insurance products to the general public across the country. Electric Insurance products include home insurance and auto insurance and are based in Massachusetts.

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What is Electric Insurance?

The company was founded in 1966 when it was born of a predecessor that was created to provide workers compensation coverage to employees of GE. They remain a subsidiary of GE, but today they offer coverage options to the general public and not only GE employees.

Electric Insurance Company writes personal lines coverage for auto, home, recreational vehicles, and also umbrella insurance in all 50 states as well as D.C. and Puerto Rico. Their headquarters is located in Beverly, Massachusetts.

The company appears to sell policies directly and not through independent agents, although they do own subsidiary agencies in both New Jersey in California through which their products are sold.

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What Types of Insurance Products Are Offered?

The company offers a selection of basic personal insurance services and products as well as a few specialty options.

Auto Insurance

Electric car insurance provides auto insurance rates that promise a lot of coverage. These benefits are usually considered to be additional insurance as part of the standard auto policy. That includes automatic new car replacement and extra time on a rental car when your vehicle is a total loss to shop for a new car.

Rental car coverage, however, is still an optional add-on; as is towing and roadside assistance for things such as a flat tire, and loan/lease gap insurance coverage.

Furthermore, their auto program does have a long list of available insurance discounts; some of them are very common and others, such as the green/hybrid car discount, are more uncommon. Discounts are offered for affiliation with certain groups and companies – not surprisingly GE among them.

Like many other insurance companies, Electric has hopped on the usage-based insurance bandwagon. In addition, Electric auto Insurance offers their Great Driver app as an option to their policyholders. This app comes with an automatic 10% discount just for enrolling. After six months of using the app, a discount of up to 20% can be applied to the policy on renewal based on the driving habits recorded by the app.

Home Insurance

Electric writes home coverage policies for single-family homes, renters, and condo insurance as well.

There are two levels of homeowner’s insurance available: Homeowners Plus and Premier Choice. Both options include guaranteed replacement cost for the home itself, as well as replacement cost coverage for personal property.

The Premier Plus plan offers a coverage limit that’s higher in comparison to other providers for nearly every category of property coverage including jewelry, business property, credit cards, and more. This plan is designed for higher-value personal property needs. It also adds additional coverage such as identity theft, land restoration, and coverage for high-value items kept in a bank vault.

Both condo and renter insurance policies are available as well to meet the specific needs of each type of home.

Flood insurance is available as a separate policy.

Other Coverage

Electric’s other personal insurance options include personal umbrella insurance to cover excess liability and specialty vehicle programs.

Specialty vehicle coverage is not underwritten directly by Electric, but by partner companies that work with the in-house agency to help obtain this coverage for customers.

Does the Company Offer Competitive Rates?

The company does offer online quoting; the system for an auto quote requires detailed personal information which is likely to lead to solicitation attempts.

After going through most of the quoting system, we were unable to submit our final quote request as the system rejected our sample contact information. As a result of this, we were not able to obtain a quote from this company.

Electric is not likely to have rates that are competitive with large national insurance companies – but given the list of available discounts they may well be competitive for some people – this is particularly true of people who are GE employees and plan to bundle auto and home coverage.

Does the Company Offer Competitive Rates?

The company does offer online quoting; the system for an auto quote requires detailed personal information which is likely to lead to solicitation attempts.

After going through most of the quoting system, we were unable to submit our final quote request as the system rejected our sample contact information. As a result of this, we were not able to obtain a quote from this company.

Electric is not likely to have rates that are competitive with large national insurance companies – but given the list of available discounts they may well be competitive for some people – this is particularly true of people who are GE employees and plan to bundle auto and home coverage.

Electric Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Electric Insurance Company offers multiple convenient methods for policyholders to file claims. Customers can choose to file claims online through their website, or they can opt for over-the-phone claim submissions. Their online claims portal provides an easy and user-friendly interface for reporting incidents and initiating the claims process.

Additionally, Electric Insurance offers a mobile app that allows policyholders to submit claims directly from their smartphones, providing a seamless and efficient way to report and track claims.

Average Claim Processing Time

Electric Insurance Company is committed to providing efficient claim processing services. While the specific claim processing time may vary depending on the complexity of the claim and the extent of the damage, the company strives to handle claims promptly.

Policyholders can expect timely responses and updates throughout the claims process to ensure a smooth experience during a challenging time.

Customer Feedback on Claim Resolutions and Payouts

Electric Insurance Company has received positive feedback from customers regarding their claim resolutions and payouts. With an A+ rating from the Better Business Bureau and very few negative comments from customers, the company’s commitment to customer satisfaction is evident.

Policyholders have expressed satisfaction with the fairness of claim settlements and the responsiveness of Electric Insurance’s claims team. This positive feedback reflects the company’s dedication to providing reliable and efficient claim resolution services.

Electric Digital and Technological Features

Mobile App Features and Functionality

Electric Insurance offers a comprehensive mobile app that enhances the overall customer experience. The app allows policyholders to access their insurance information, view policy details, and easily file claims from their mobile devices. It also provides convenient features such as bill payment options, policy document access, and contact information for customer support.

The mobile app’s user-friendly interface ensures that customers can manage their insurance needs on the go.

Online Account Management Capabilities

Policyholders of Electric Insurance Company can take advantage of robust online account management capabilities. Through their online portal, customers can conveniently review and update policy information, track claims, view billing statements, and access important documents.

The online account management system is designed for ease of use, empowering customers to have greater control over their insurance policies and account details.

Digital Tools and Resources

Electric Insurance offers a range of digital tools and resources to assist policyholders in making informed decisions about their insurance coverage. These resources may include informative articles, insurance calculators, and educational materials.

Customers can access these digital tools to better understand their insurance options, coverage limits, and potential discounts, ensuring they have the information needed to make the right coverage choices.

Are the Ratings and Consumer Reviews Positive?

We’ve decided to take a look at Electric Insurance customer reviews to help make decisions with confidence. The insurer shows exceptional service by having an A+ rating on their BBB Business Profile (Better Business Bureau); with a total of 13 customer service complaints on file in the past three years. This is a very low complaint volume for a national insurance company.

There are 14 complaints about the company on Pissed Consumer. A number of the complaints come from drivers who were involved in an accident with an Electric customer rather than directly from their customers. Again, the overall complaint volume here is very low.

We were unable to find anything of concern in relation to this company’s reputation, claims handling, or customer service record.

What’s the Bottom Line?

While Electric is not a well-known company, they appear to have built a solid reputation. Their products offer comprehensive coverage with many extras that are not standard at other companies. Particularly if you qualify for a number of discounts, Electric is well worth adding to the comparison list.

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