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Electric Insurance Review

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Nov 30, 2018

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

About Electric Insurance

Electric Insurance 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 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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Electric Insurance Products

Electric Insurance offers a selection of basic personal insurance products as well as a few specialty options.

Auto Insurance

The auto insurance program from Electric promises a lot of coverage that is usually considered an add-on as part of the standard 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, and loan/lease gap coverage.

The auto program does have a long list of available 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. They offer their Great Driver app as an option to their policyholders, and it 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 insurance policies for single-family homes, condos, and renters 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 higher coverage limits 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’s coverage 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.

Rates

Electric Insurance 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.

Claims

Electric promises a hassle-free claims experience, offering a guarantee of satisfaction or they’ll give you $100. That is a little on the gimmicky side but still speaks to a company willing to stand behind its service.

Claims can only be filed online if you are logged into the customer account section of the website. Otherwise, they can be filed by calling the claims line, which is available toll-free 24/7.

The company offers a few options for handling auto claims. Customers can bring the vehicle to their choice of a repair shop and have an estimate submitted for approval. The second option is to have one of Electric’s field appraisers comes to look at the vehicle and make a determination on the estimate, after which it can be repaired anywhere. Any additional damage found during repairs will require a re-appraisal. Finally, customers can use the company’s direct repair network. Shops in the network will work directly with Electric and guarantee their work.

Electric’s online claims information is very detailed and very informative, something that is unusual even for much larger insurance companies.

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Ratings and Consumer Reviews

Electric Insurance has an A+ rating with the Better Business Bureau (BBB), with a total of 13 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 Electric Insurance 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.

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.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Review Information

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About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

6 Comments

  1. Electric Insurance are thieves. Stay away.
    When I discovered that my mortgage company was invoiced nearly an additional $1,000 premium I learned that – without my knowledge or consent, nor that of my agent – Electric had seemingly unilaterally decided to appraise my home, increase my coverage to ludicrous levels, and invoice my mortgage company (who promptly paid the invoice) for a huge unauthorized, and unnecessary additional premium.

    @Eric: What do you base your 4.5 stars for “feedback” on? Clearly not these reviews.

    Reply
  2. When Tropical Storm Irma hit our home on Sep 12, 2017, our roof was damaged and we had water leaking into multiple rooms.  The roof replacement cost nearly $25,000 and our homeowners insurance, Electric Insurance, an affiliate of GE, has refused to pay their share of the roof replacement.  

    Electric Insurance is claiming “wear and tear”; however, they inspected our home when it was purchased less than a year ago and I have their letter stating “We are pleased to let you know that the inspection concluded that your home does not display any conditions of concern.”

    I tried contacting the BBB, our State’s Department of Insurance, and the CEO of GE, but I cannot get them to acknowledge the conflict between their initial home inspection and the post-storm determination of “wear and tear.”  One of my contacts used his GE email address when corresponding with me.

    Had their initial report included mention of roof problems, or that the roof would not be covered, I would have had the opportunity to shop elsewhere for insurance and/or replace the roof prior to it leaking.

    Based on the roof’s age (depreciation), and an average of two quotes, my estimate is that Electric Insurance owes $10,673 for their share of our roof replacement.  

    I strongly believe that Electric Insurance is abusing “wear and tear” to avoid payment of legitimate storm damage with many of their other clients as well.

    Reply
  3. I am not a customer but was hit by one of their customers. Luckily I had called the police whom completed an accident report stating that they were responsible because their customer had blatantly lied to them about the accident. I provided Electric with the police report and thought that this would ensure that I had timely resolution to my claim. I am wrong. I have been waiting for some 3rd party to come and inspect my vehicle to complete the estimate. This 3rd party has not contacted me and Electric has done nothing to expedite their inspection. There is 5K to 6K of damage on my vehicle and the alignment is out but since it drives Electric must think its OK. The sad thing is that the woman who hit me and lied about the accident has probably already had her vehicle fixed.

    Reply
    • This exact scenario happened to me. Their customer, who has Electric Insurance for a reason (versus a reputable carrier) lied to police, totaled my son’s car, and Electric refuses to pay. First they outright refused, then offered 20%, then offered 50%. I refuse to accept less than 100% since their driver is 100% at fault.

      I am taking their driver to small claims court and holding him personally liable since Electric refuses to accept responsibility (despite the fact that my insurance company, USAA, has deemed them 100% at fault). I am also reporting Electric Insurance to the Insurance Commissioner. I am tired of their shadiness.

      Reply
  4. We had Electric Insurance on our cars for 13 years, and were enrolled in autopayments through our insurance agency. Around the time of my mother’s passing, apparently they decided we were behind in our payments. I don’t know what went wrong in their system, but they cancelled us, and refused to hear anything from my insurance agency or myself to work it out (and we were perfectly willing to catch up and continue), then threatened to put us to collection for the back-pay which after their forcing us to take our business elsewhere we didn’t want to pay for the obvious reason that if they were gonna mess up and cancel us after so many years when we were already on autopay with them and didn’t want to hear a thing about it from us, well we didn’t want to hear a thing about it either after moving on to a better deal anyway.

    Horrible, what a disappointment after over a year of having been loyal, sayisfied customers to them. Rude, unfriendly, completely lacking in compassion, and unaccountable for their mistake – such a significant decline from where they were. The whole scene has become downright criminal, but this was genuinely disappointing.

    Reply
  5. Our car was hit while parked almost a month ago by your client in a moving van. On top of a large ding and window issues, the alignment is off. Now here’s the real issue. Almost nothing has been done to resolve this. We need two cars. I have cancer and two kids, the youngest just over a month old. My husband needs to get to work. We can get no response despite leaving messages with [Redacted] the agent in charge. I understand it probably sounds like we were badgering him, but no. We received FREQUENT calls when my information had been entered in under your clients. I left several messages w 2 agents letting them know I’m not Bill. I’m Anne. However I’ve only managed to speak To am agent twice. The first time to learn they were looking for the name of the person who rented the van, and the after 10 days or so following up to find it had never even gotten that far in the process. When I went to speak to my neighbor, I found one message had been left for him, which he returned. Unfortunately it was never followed up on till my second call. Now maybe it’s because [Redacted] has been on vacation twice in this time period. His VM will even say he’s out of the office past the return date and roll into another vacay. Maybe he’s busy. But if this claim doesn’t go through you, and rather through Penske, I have no place to follow up there and no status info currently. No [Redacted] has told me I should have no expectations as time line, which makes sense. He waits at least a week before making calls. He did say I could get reimbursement for fixing the car from our insurance company, but I’m confused as to why we should pay out of pocket with undoubtedly increased premiums since we had a spotless record. To me it makes more sense to have you pay out and seek reimbursement if necessary. Or at least make a phone call so I don’t have to utilize social media to leave bad reviews, hoping to get a response. I just want a working car again. So I can take my month old to the pediatrician if needed. To get my 4 year old out of preschool. So I don’t need to try and schedule my often 6 days a week appointments around trying to get my husband to work everyday. Or between having to send the person who supports our family or me, sick w the two kids in winter weather with a car that’s not really safe to drive.

    Reply

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