Electric Car Insurance Claims

Electric Insurance Company offers varied motor vehicle policies over and above the basic personal auto and small truck coverage common to most auto insurance policies available from competing motor insurance policies. Coverage is offered for motorcycles, recreational vehicles and all forms of water craft, as well.

The company policies comprise collision, comprehensive, bodily injury and property damage, medical payments and personal injury protection (in certain states only) and uninsured and underinsured motorist compensation. Reimbursement for a rental car, towing and labour charges (in certain states only) and full glass are optional extras, as is homeowner coverage.

Specific cost effective discounts and benefits are offered to certain of the company’s customers and the company encourages application for those a policy holder qualifies for. They include safe driver, good student and driver training and defensive driving course discounts and special benefits for mature drivers and for those customers who choose to reduce the use of their vehicle (low mileage discounts). Reductions in the cost of premiums are given to those drivers who have anti-lock brakes, passive seat belts and airbags fitted to their vehicles, as well as anti-theft devices. Multi-policy discounts are available for those customers who choose to purchase homeowners and/or life policies in conjunction with their vehicle coverage.

History of Electric Insurance Company

In 1927, a company trading under the name EMLICO was formed in Massachusetts to provide General Electric employees in that state with workers’ compensation insurance. In 1950, in response to EMLICO’s continued good results, the company expanded and began providing workers’ compensation coverage to GE’s employees nationwide and, at the same time, also began offering general liability and commercial auto insurance products to these same employees.

In the 1966, in response to GE employees’ search for even greater insurance coverage, the Electric Insurance Co was incorporated. The company added casualty and property, as well as auto and home insurance packages to all of GE’s employees. Extended auto and life insurance policies were added to the company’s portfolio in the 1990s and more recently renter and condo and umbrella policies have also been added.

Today the Electric Insurance Co. offers its insurance policies not only to GE employees, but to the general public as well, with the company’s customer base now being 60% GE employees and 40% general clients. The company markets its insurance products via a toll-free telephone service, on their website and through independent brokers and agents. It has expanded its area base to include Canada and the European Union.

Financial Strength of Electric Insurance Company

As of December 31 2008, the company had total premium sales of $425 million with close to $160 million in personal premiums alone. The company has assets valued at over $1.5 billion, with approximately $450 million in total premiums written. In 2007, A M Best rated the company’s financial standing as A (excellent) and Standard & Poor’s gave it an A (strong) rating.

It is recognised as a leading insurance company which markets its product on the internet and as such has been highly ranked by Gomez Advisors and has also won the USA Today/RIT Quality Cup Award for its easy to navigate and customer friendly website.