Beatrice Lang
Electric Insurance Company is a Massachusetts-based insurance provider that offers auto, home, and excess liability insurance for employers, individuals, and families. The company was founded in 1966 and was originally established to provide insurance to General Electric employees, but now offers insurance to a wider customer base in all 50 states and the District of Columbia. Electric Insurance Company has received recognition for its customer service and claims handling, with 99% of surveyed customers indicating they would renew their policies based on their claims experience. The company offers a range of coverage options, including standard features and add-ons such as new car replacement coverage, towing coverage, and trip interruption coverage. Electric Insurance Company is currently owned by RiverStone International Holdings, Inc. and has an A rating from AM Best, indicating excellent financial strength.
| Characteristics | Values |
|---|---|
| Year founded | 1966 |
| Original purpose | To provide insurance to General Electric employees |
| Current owner | RiverStone International |
| Insurance types offered | Auto, home, umbrella, and personal excess liability insurance |
| Coverage | National |
| AM Best rating | A (Excellent) |
| J.D. Power rating | N/A |
| Average annual rate for full coverage | $3,066 |
| Average annual rate for minimum coverage | $787 |
| Discounts | Financial discounts for GE employees, 15% car insurance discount, 4% per policy term for paying through a payroll deduction program |
| Concerns | Issues with rental reimbursement |
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What You'll Learn
Electric Insurance Company's history
Electric Insurance Company is a Massachusetts-based insurance provider that was founded in 1966. The company is domiciled in the Commonwealth of Massachusetts and has its principal place of business in Beverly, Massachusetts. Electric Insurance Company is a wholly owned subsidiary of RiverStone International Holdings, Inc. and is in the process of changing its name to RiverStone International Insurance, Inc. subject to regulatory approval.
The company was originally established to provide insurance to General Electric employees, but later began offering insurance to a wider customer base. Electric Insurance Company offers auto, home, and excess liability coverage for individuals and families in all 50 states and the District of Columbia, as well as in Puerto Rico. The company has an A rating from AM Best, indicating excellent financial strength, but is not rated by other reputable third-party agencies like J.D. Power or S&P.
Electric Insurance Company provides a range of coverage options, including car, home, condo, renters, and umbrella insurance. Their auto insurance policies come with a suite of added features and benefits, such as automatic new car replacement, signature claim service guarantee, and total care for totaled vehicles. The company also offers financial discounts and convenient perks for GE employees, including a 15% car insurance discount and a 4% savings per policy term for paying through a payroll deduction program.
Electric Insurance Company has received multiple American Business Awards for claims and customer service, with 99% of surveyed customers indicating they would renew their policies based on their claims experience. However, the company has received some complaints regarding issues with rental reimbursement and communication.
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$12.69
The insurance products they offer
The Electric Insurance Company is a national provider of insurance products for employers, individuals, and families. The company offers a range of insurance products, including:
Auto Insurance
Electric Insurance offers coverage for autos, including cars, with the option of adding on features such as new car replacement coverage, a deductible waiver, OEM coverage, and towing coverage. They also provide special discounts for drivers of electric or hybrid vehicles, as well as married policyholders over the age of 15.
Home Insurance
The company provides home insurance with three tiers of coverage: Homeowners Plus, Premier Choice, and Signature Choice. The Signature Choice option caters to high-value homes and includes benefits such as higher coverage amounts and cash settlement options. All tiers include guaranteed replacement cost coverage, which is typically an extra charge with other providers.
Umbrella Insurance
Electric Insurance offers umbrella insurance, which can provide additional liability coverage beyond what is included in auto or home insurance policies. This type of insurance can help protect individuals and employers from lawsuits or large claims.
Other Insurance Products
In addition to the above, Electric Insurance also offers condo insurance, tenants/renters insurance, flood insurance, and personal excess liability insurance. They also provide voluntary benefits and financial wellness programs.
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Customer service and satisfaction
Electric Insurance Company is a Massachusetts-based insurance provider that was founded in 1966. The company was originally established to provide insurance to General Electric employees but later began offering insurance to a wider customer base. It is a national provider of auto, home, umbrella, and personal excess liability insurance for employers, individuals, and families.
Electric Insurance Company has a strong commitment to exceptional customer service. The company has earned multiple American Business Awards for claims and customer service, and 99% of surveyed customers would renew with them based on their claims experience. The company's website also features a helpful FAQ section, and customers can call their licensed, experienced, and helpful customer service representatives for assistance.
Electric Insurance Company's customer service extends beyond just providing insurance. They work directly with human resources professionals and select voluntary benefits brokers to provide employee programs that include relocation assistance services and onsite and online employee education. Their internal agency provides concierge placement for recreational vehicles, non-standard homes, and specialty items.
The company has a Risk Coach program that helps customers identify gaps in their coverage and understand the ins and outs of their policies. They also offer a claims service guarantee, where drivers can get $100 back if the service is not prompt and satisfactory.
Electric Insurance Company has an AM Best rating of A (Excellent), indicating excellent financial strength. However, it is important to note that the company has a lower-than-average number of complaints from the National Association of Insurance Commissioners (NAIC) but several complaints with the Better Business Bureau, mainly regarding issues with rental reimbursement.
Overall, Electric Insurance Company strives to provide award-winning customer service and has received recognition for its efforts. While there are some complaints, the company appears to be proactive in addressing concerns and providing solutions to ensure customer satisfaction.
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Financial strength and stability
Electric Insurance Company is a Massachusetts-based insurance provider that was founded in 1966. The company was originally established to provide insurance to General Electric employees but later began offering insurance to a wider customer base.
Electric Insurance Company has an A rating from AM Best, indicating excellent financial strength and the ability to pay out on claims. This rating is a measure of the company's historical financial strength and stability. However, it is worth noting that the company is not rated by other reputable third-party agencies such as J.D. Power or S&P.
The company offers a range of insurance products, including auto, home, and excess liability coverage for individuals and families. Electric Insurance Company's rates are in line with some of the largest insurers in the country, with the average rate for full-coverage car insurance being 2% higher than the average. The company also offers financial discounts and convenient perks for GE employees, such as a 15% car insurance discount and a 4% savings per policy term for paying through a payroll deduction program.
Electric Insurance Company has a strong commitment to exceptional customer service, as evidenced by their multiple American Business Awards for claims and customer service. 99% of surveyed customers would renew with the company based on their claims experience. The company also offers a Risk Coach program to help customers identify gaps in their coverage and understand the ins and outs of their policies.
In terms of financial stability, the company has been in business for over 50 years and is licensed to sell insurance in all 50 states, as well as the District of Columbia and Puerto Rico. The company is currently under review by AM Best based on pending plans to sell the company to RiverStone International. Despite this pending change, Electric Insurance Company has a strong financial backing that has allowed them to provide reliable service to their customers.
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Electric Insurance Company's future
The Electric Insurance Company is a Massachusetts-based insurance provider that was founded in 1966. The company offers auto, home, umbrella, and personal excess liability insurance for employers, individuals, and families.
In February 2024, Electric Insurance's owner, General Electric, announced plans to sell the company to RiverStone International, with personal lines policy renewal rights going to Plymouth Rock Assurance. The sale has not been finalized, and it is unclear how this will impact existing policyholders.
As of January 1, 2024, Electric Insurance Company (EIC) is non-renewing their policies and will no longer offer auto, home, boat, or personal umbrella insurance. Policyholders are being notified, and it is unclear what alternative insurance coverage they will seek in 2024.
The future of Electric Insurance Company is uncertain at this time. The company has an excellent financial strength rating of A from AM Best, but it is not rated by other reputable third-party agencies like J.D. Power or S&P. The sale of the company to RiverStone International is still pending, and it is unknown if the new owners will continue to operate under the Electric Insurance Company name or make changes to the company's structure, offerings, or target market.
Electric Insurance Company has a strong reputation for customer service, with multiple American Business Awards for claims and customer service. The company also offers a range of tools and programs to assist customers, such as the Risk Coach tool, the Signature Claim Service Guarantee, and the Great Driver app.
Assuming the sale of the company goes through, RiverStone International may choose to leverage these strengths and continue operating in the insurance industry, possibly expanding the company's reach and offerings. Alternatively, they may decide to integrate Electric Insurance Company's operations into their existing business structure and utilize their expertise in insurance to enhance their overall portfolio.
In conclusion, while the immediate future of Electric Insurance Company is marked by uncertainty due to the pending sale and non-renewal of policies, the company's strong financial position and reputation for customer service may bode well for its long-term prospects under new ownership. The impact on existing policyholders remains to be seen, but the company's new direction will likely become clearer once the sale is finalized.
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Frequently asked questions
Electric Insurance Company is a national provider of auto, home, umbrella, and personal excess liability insurance for employers, individuals, and families.
Electric Insurance Company offers a strong set of coverage options for average rates. This includes a robust set of standard features, such as automatic new car replacement, signature claim service guarantees, and total care for totalled vehicles.
Electric Insurance Company was founded in 1966 in Massachusetts. It was originally established to provide insurance to General Electric employees but later began offering insurance to a wider customer base.
Electric Insurance Company's rates are in line with some of the largest insurers in the country. The average rate for full-coverage car insurance from Electric is 2% higher than the average, based on an analysis that includes Allstate, Geico, and State Farm.
