Auto-owners vs. Electric: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for insurance, Auto-owners offers significantly more affordable prices than Electric
• Auto-owners offers more affordable rates for policyholders who live in urban areas
• Electric has cheaper prices in CT, KS, KY, ME, MO, and VA

Auto-owners or Electric: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? You've probably seen commercials and billboards from companies offering hefty savings, but exactly how much money can you save by switching?

You might have narrowed your search down to Auto-owners or Electric for your next policy, but between the two, which one has less expensive rates for car insurance?

As you can see, Electric has average rates that are around 35% a month more expensive than those from Auto-owners when looking at the national average rates for auto insurance.

However, that doesn't necessarily mean Auto-owners will be the more affordable option for every driver. Insurance carriers use a ton of complex algorithms to determine premiums, so depending on how good your credit score is or where you live (among many other factors), you could see wildly different prices from the ones above.

So, if you want to find out which of Auto-owners or Electric is really the best for you, keep reading to see average premiums for each carrier broken down by lots of different rate factors.

Auto-owners vs. Electric: Average Car Insurance Rates by State

Auto-owners and Electric compete against each other in four states, with Auto-owners offering cheaper rates to the average driver in all of them. If you live in Missouri, Electric is the less expensive of the two companies when looking at the overall average premiums. Auto-owners is the cheaper option in Kansas, Kentucky, and Virginia.

That being said, there are plenty of other factors that go into your auto insurance bill than just the state you live in. Continue reading to learn more about how other variables will affect your rates.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for insurance compared to older drivers. That's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But that doesn't mean teen drivers can't still save money on their car insurance. For example, 18-year-old drivers pay an average of almost 35% less per month by choosing Auto-owners over Electric.

Even so, both carriers will drop rates once you turn 25. For example, average prices for Auto-owners policyholders lower nearly 60% and Electric's premiums reduce almost 55% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age normally enjoy some of the cheapest insurance rates you'll ever see. After all, they've likely been driving for quite some time, which usually lowers their chances of collisions and other infractions that can raise prices.

When looking at Auto-owners and Electric specifically, which company is best for retired drivers? Auto-owners gets the edge, with rates for drivers 65 and older over 25% less expensive than the national average for Electric.

Which is the Best Company for Married Drivers?

Did you know that car insurance prices are typically more affordable for married couples than they are for single drivers? That's usually because married drivers tend to own and insure multiple vehicles, which can often earn you a discount.

For those who are single, the difference in average premiums between these two companies is significant, with Auto-owners prices coming in at a third less than Electric's. The advantage for married policyholders with Auto-owners is also obvious, where drivers save about $65 a month.

Auto-owners or Electric: Average Rates by Gender

Because women are less likely to get into collisions and get tickets, they are less likely to file a claim with insurance. So, insurance carriers will tend to offer women more affordable premiums.

Women normally pay around 6% per month less than men with Auto-owners, and about 7% less with Electric.

When it comes to the most affordable rates for each gender, Auto-owners comes out as the cheapest option for both genders. On average, women save about $83 a month and men save around $91 with Auto-owners compared to the average Electric policyholder.

Auto-owners vs. Electric: Compare State Minimum vs. Full Coverage Rates

*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits

**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.

For most people, auto insurance can be pretty complicated. There are so many different coverages and terms that it can make it pretty confusing to find the right policy for you.

That being said, the most common policies that drivers look at fall into two categories -- liability coverage (which provides bodily injury and property damage coverage for other drivers and passengers if you cause a collision) and full coverage (which typically refers to having collision and comprehensive coverages in addition to what you get with liability coverage).

Looking specifically at state minimum liability insurance, Auto-owners has the significant edge, with average monthly premiums coming in at $99. If you want a full coverage policy with the same state minimum limits, Auto-owners again has the edge, with policies averaging about $260 per month to Electric's $383.

Is Auto-owners or Electric Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from insurance companies offering great rates for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

It's no secret secret that speeding tickets and at-fault accidents lead to higher prices, but which carrier -- Auto-owners or Electric -- has the most affordable rates for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Auto-owners for their auto insurance can generally expect their monthly bill to go up around 27% after getting a speeding ticket. Electric policyholders can expect a less drastic increase of about 12%.

Even so, Auto-owners tends to offer the best prices for drivers both with a ticket and with a clean record -- their rates are around 42% less expensive for drivers with clean records and 30% more affordable for those with a ticket.

Which Company is Best for Drivers After an Accident?

Both carriers will increase premiums pretty significantly if you get into an at-fault collision with Auto-owners raising by around 28%. Electric has a less extreme raise, but you can still expect to pay more than 10% more than you were prior to your first accident.

At the end of the day, drivers who use Auto-owners end up with the cheaper prices after an accident, with average prices coming in at $168 compared to Electric Insurance Company's $236.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple speeding ticket or even an accident. Electric drivers usually see a 46% increase in their car insurance premiums after a DUI charge, while Auto-owners will usually climb prices by about 54%.

But if you end up with a DUI charge and are looking for more affordable rates, Auto-owners tends to be cheaper for the average driver, with monthly premiums coming in at around $264 to Electric's $385.

How does Credit Score Impact Auto-owners and Electric Rates?

Did you know many auto insurance companies take into account your credit score when determining prices? This isn't true for everyone (Massachusetts, for example, has banned the use of credit score as an auto insurance factor) but it might come into play for quite a few drivers.

Car insurance carriers argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, policyholders with bad credit will often be forced to pay more.

So, which company offers the best rates for drivers with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

If you have solid credit, Auto-owners will normally reward you the most. For policyholders with "excellent" credit scores, Auto-owners comes in nearly 39.87 more affordable. Drivers with "good" credit scores typically save about 39% with Auto-owners compared to average premiums from Electric.

Which Company is Best for Drivers with Bad Credit?

Auto-owners typically offers lower prices than Electric when it comes to drivers with bad credit. Drivers with "fair" credit pay around 34% a month less with Auto-owners compared to Electric, and those with "poor" scores generally save an average of about 26% a month.

Is Auto-owners or Electric Better for Drivers who Work from Home or Have Short Commutes?

The amount of time you spend behind the wheel of your car plays a big role in your monthly premiums. Typically, those who drive less will end up with cheaper rates since there's less of a chance of causing a collision and filing an insurance claim.

For both remote workers and those taking short commutes, Auto-owners offers less expensive premiums than Electric. Auto-owners's average rates for drivers with 6,000 annual miles come in around 28% cheaper than Electric. Those who drive 12,000 miles annually can expect to pay about 36% less with Auto-owners over Electric.

Auto-owners or Electric: Compare Rates for Urban, Suburban, and Rural Drivers

Where your home is can play a pretty big role in how much you pay for insurance. Usually, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders since there are a lot fewer cars on the roads where they live.

When comparing these two companies side-by-side, Auto-owners generally comes out as the lowest option for drivers in every type of area, no matter if it's urban, suburban, or rural.

For drivers in urban ZIP codes, Auto-Owners Insurance's average prices are around $99 less than Electric Insurance Company. People who live in suburban areas pay about $65 less with Auto-owners compared to Electric. Those in rural areas can expect to save around $98 with Auto-owners compared to Electric.

Auto-owners vs. Electric Discounts

No matter why you might be in the market for a new auto insurance policy, you're always going to want to save as much money as you can. That's where car insurance discounts comes into play.

But where do you even start? With what seems like a million different discounts out there, it may be difficult to find all the ones you qualify for.

Luckily, we did the hard work for you and compared all of the different discounts offered by Auto-owners and Electric so that you can find the carrier that has the most discounts and, therefore, the largest savings.

Auto-owners knocks Electric out of the park when it comes to the sheer number of discounts available, offering seven more discounts than Electric.

A couple of those are overlapping for things like advance quote discounts, COVID-19 relief discount, discounts for being a defensive driver, and discounts for being a good student. Auto-owners also offers discounts for company car, distant student, education, and more.

On the other hand, Electric has a few proprietary discounts of their own for things like electric vehicle discounts, hybrid vehicle discounts, marital status discounts, and more.

Final Thoughts: Is Auto-owners or Electric Best for You?

So, we've broken down the average premiums for many of the factors insurance carriers look at, and we've shown you all the discounts each carrier offers. But, at the end of the day, which insurance company is the right fit for you?

Auto-owners might be best for you if....

• Your driving record includes a DUI charge.
• You live in an urban area.
• You don't spend much time in your car.

Electric might be best for you if...

• You're looking for the best rates in CT, KS, KY, ME, MO, and VA.

Hopefully, this guide helps you get a good idea of the differences between Auto-owners and Electric. We also hope we've given you the information you need to make the best decision about your car insurance.

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on insurance -- comparing quotes from a handful of companies, not just Auto-owners and Electric. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP code below and get free quotes from dozens of the top auto insurance carriers in your area, all in just a few minutes.

Auto-owners vs. Electric FAQs

Is Auto-owners or Electric cheaper?

Auto-owners is the more affordable of the two companies when looking at national average rates, with policies averaging $179 per month with Auto-owners and $266 for Electric. However, that doesn't mean Auto-owners will be the most affordable carrier for every policyholder, since there are a range of different variables (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Auto-owners or Electric?

Unfortunately, the only answer we can give you is "it depends.". Neither company is "better" for each policyholder -- it all depends on the makeup of your unique insurance profile.

Why do Auto-owners and Electric offer me different rates?

Auto insurance carriers use a lot of different factors when calculating the prices they charge. Variables such as your driving record, gender, age, where you live, and sometimes even things like your credit score can all be taken into consideration. Both Auto-owners and Electric calculate rates differently, so it's likely they'll offer different prices. The best way to determine which carrier is the lowest for you is by comparing personalized quotes from several different companies.

How do I know if Auto-owners or Electric is right for me?

The only way to find the car insurance company that's right for you is by getting quotes from several carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code and you'll get quotes from dozens of your local top auto insurance companies for free. That way, you can guarantee you're getting the cheapest rate. And maybe you'll find that the best carrier for you isn't Auto-owners or Electric at all, but another you hadn't even thought of!

Methodology

All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.