UPDATED: Sep 5, 2020
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AutoinsuranceEZ.com Rating:Back in the 1960’s, General Electric (GE) found itself in need of providing its employees with affordable and reliable insurance products. Instead of going through a different corporation, they pooled their resources and provided it in-house. And this endeavor has proven very successful over the past 50 years. Today, they offer insurance to everyone (not just their employees) in all 50 states. Besides automotive insurance, they also offer home insurance, renter’s insurance, umbrella insurance, and more.
Electric Insurance Review
Electric insurance has high ratings with both the Better Business Bureau and A.M. Best. The company has maintained these high ratings consistently over the past few years. This means that they are financially stable enough to pay out claims, as well as sound in the customer service department. There were only 28 complaints filed against Electric by customers since 2013, and 4 of them only in the last 12 months.
|AM Best Financial Rating (2016)||A (Excellent)|
|Better Business Bureau Rating (2016)||A+|
Electric Insurance Discounts
Compared to some companies, Electric offers a good variety of discounts to their auto insurance customers. However, for legal reasons, the company is hesitant to publish the exact savings you can expect online. But some drivers in certain areas may be eligible for:
|New Vehicle Discount||Up to 7%|
|Paid in Full Discount||5%|
|New Customer Discount||Up to 15%|
|Electric & Hybrid Vehicle Discount||10%|
Additionally, Electric offers the following discounts – at varying rates – for most drivers in the US:
- Employer and affinity group discounts
- General Electric Employee Discounts
- Accident-free discount
- Antilock brake discount
- Anti-theft devices discount
- Driver training credit
- Good student credit
- Low-annual mileage discount
- Multi-policy discount
- Married status discount
- Mature driver accident prevention course discount
- Multi-Policy Discount
- Passive restraint discount
Electric Auto Insurance Options
With an Electric automotive insurance policy, you can legally insure your vehicle with mandatory state minimum coverage, as well as some standard (but optional) forms of coverage:
- Liability (Bodily Injury and Property Damage)
- Uninsured Motorist (Bodily Injury and Property Damage)
- Underinsured Motorist (Bodily Injury and Property Damage)
- Personal Injury Protection
- Medical Payments
- Rental Reimbursement
- Towing & Labor
- Loan/Lease Gap Coverage
Electric also offers complimentary insurance products to go along with their typical auto policies. These products include Personal Excess Liability (for GE employees only) and Umbrella Insurance. The PEL coverage protects GE employees in the event that a potential lawsuit causes them to pay more than what their insurance can cover in damages. Umbrella insurance provides similar coverage, but it is available for everyone (not just GE employees) and it can cover other property, like homeowner’s insurance.
Comparing Electric Insurance Quotes
Electric so far appears to have decent customer service, strong financials, and offers a good variety of different coverage options for customers to choose from. However, it really all comes down to how affordable they are. Take a look at some average quotes from Electric for popular driver demographics: