Is Electric a good insurance company?

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Asked November 23, 2011

1 Answer

Electric Insurance was founded in 1927 to provide General Electric employees with workers compensation insurance. The company is entirely owned by GE, and only sells insurance to current, former and retired GE employees. Available insurance lines are home insurance, auto coverage and special business insurance.

Financial Rating
A.M. Best rates Electric Insurance as A- (stable) but gives the company a long term rating of A (excellent). Standard & Poor, a similar financial ratings company, rates Electric as A (Good). The company, being a wholly owned subsidiary, Electric Insurance does not have stock available, but GE, the parent company is available under the GE ticker symbol.

Customer Satisfaction
61% of the respondents in an online survey said that the customer service from Electric Insurance was somewhat acceptable or better. 45% of the respondents gave the company a rating of "extremely satisfied." Normally, these surveys are slanted towards the negative, but Electric is only available to limited number of possible customers so the survey may more closely reflect reality. To sum up the customer attitude: Electric Insurance is popular with the people who work for General Electric and not available to anyone else.

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Company Availability
Electric Insurance is available in all 50 states as well as the District of Columbia. They are represented only by dedicated career agents. Since the company is only available to current and former GE employees, availability is not really an issue for Electric Insurance.

The Bottom Line
Electric insurance is a very well-liked insurance company, perhaps due in part to their limited availability. If you work for General Electric, this company the potential to be the best auto or home insurance company you have ever dealt with, but non-employees will not be able to get a policy at all. The biggest drawback for this company is that they have a very limited availability. They may be the best company in the world, but that doesn't mean they will be the best for you

Answered November 23, 2011 by Anonymous

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