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Electric Insurance Summary
Founded by General Electric in 1927, the Electric Insurance Company was formed originally to provide workers compensation insurance in Massachusetts. By the 1950s the company had expanded to handle a wide array of business insurance. In the 60s the company received a new charter to provide auto and home insurance to GE employees. The success of its program led to the expansion in the 1970s to customers outside of GE.
Electric Insurance sells policies in every state plus District of Columbia as well as Puerto Rico. It also has opened headquarters in Ireland and Canada. Products are sold directly to customers through its website, over the telephone, or through a network of independent agents depending on the insured’s state.
Electric Insurance has more than 125,000 policyholders. Nearly half are still GE employees.
The organization, though, is still backed by one of the most successful companies in the United States which makes them worth considering if the financial stability of the company is a factor.
Electric Insurance provides a variety of personal insurance products, including:
Electric offers new car replacement cost as standard, 12-month policies, flexible payment options, and original equipment coverage in addition to standard liability, personal injury, uninsured motorist and physical damage.
The company offers standard package with service and discount limits according to state. In states where discounts are not allowed, they may be less competitive for the average buyer.
- 12-month umbrellas are available with a payroll deduction option for GE employees, who also receive a limited amount of personal excess liability as a benefit.
- Tenants (renters) insurance – similar to condo insurance, but for renters. Having a policy qualifies insured for a multi-policy discount on auto insurance.
The company’s website has a “Get your personalized quote here” option clearly available on the first page of their site. Simply put in your zip code, type of insurance you’re seeking, and fill out the brief form to obtain an online quote.
Auto claims can be done “any day, anytime” either on the website through the insured’s online account management or by calling 800-342-5342. Glass repair is done through Teleglass Direct or by calling 866-519-5578.
Home insurance claims are made by calling 800-342-5342. The detailed process and minimum information required is listed here.
Electric Insurance Company is accredited by the Better Business Bureau and has an A+ rating. In the last three years, the company has had only 17 complaints, with six of those complaints closed in the last 12 months. The majority of complaints were in regards to the company’s product/service and the rest with billing/collection.
Electric Insurance is generally well-reviewed by consumers on the Internet, with only a handful of complaints listed on popular consumer advocacy sites. Most complaints concern claim pay-out, with some policyholders citing problems with claim denials and others believing that claims were paid out when the insured was not at fault.
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Electric Insurance is backed by one of the most successful companies of the past fifty years, General Electric. They provide a simple way for GE employees to pay for their premiums and offer a good amount of features to all policyholders.
Individuals employed by GE should definitely make Electric a company they check out when looking for new insurance. The ability to have their premiums drafted directly from their check ensures their coverage will not lapse by accident at the precise moment they need it most.
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