Cincinatti Financial vs. Electric: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for auto insurance, Cincinatti Financial offers significantly cheaper premiums than Electric
• Cincinatti Financial tends to be a much less expensive option for policyholders who live in rural neighborhoods
• Electric may help you save more money -- they offer more discounts than Cincinatti Financial

Cincinatti Financial or Electric: Which Company has the Cheapest Car Insurance?

Are you in the market for 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've maybe even narrowed it down to Cincinatti Financial or Electric as potential options, but between the two, which one will offer you more affordable rates?

Looking at the national average rates for both carriers, Cincinatti Financial is around $66 a month less expensive than Electric.

However, that doesn't mean Cincinatti Financial will necessarily be more affordable than Electric for every single driver. Car insurance companies vary their prices depending on things like how clean your driving record is, how good your credit score is, where you live, how old you are, and tons of other factors, so rates could differ drastically from person to person.

Luckily, we've broken down average premiums from both Cincinatti Financial and Electric by many different rate factors, so read on to find out which company is the best for you.

Cincinatti Financial vs. Electric: Average Car Insurance Rates by State

Cincinatti Financial and Electric only compete against each other in two states, with Cincinatti Financial offering cheaper rates to the average driver in all of them. Kentucky has the most noticable difference, where Cincinatti Financial premiums are $161 more affordable than insurance prices at Electric.

That being said, there are plenty of other factors that go into your auto insurance bill than just where you call home. Read on to find out more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- normally pay a lot for insurance compared to older drivers. That's because teen drivers are statistically much more likely to get into accidents since they have less experience on the roads.

But that doesn't mean that teen drivers have to just accept sky-high auto insurance premiums. As you can see above, teens who use Cincinatti Financial save almost 15% per month compared to those who use Electric.

Even so, both carriers will drop prices by the time drivers turn 25. Electric offers the steepest drop, with 25-year-olds paying less than half what 18-year-old drivers are charged. That being said, Cincinatti Financial still has the cheapest rates at $193 monthly.

Which is the Best Company for Retired Drivers?

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

But who has the best rates for retired drivers between Cincinatti Financial and Electric? Cincinatti Financial gets the edge, with prices for drivers 65 and older over 30% cheaper than the national average for Electric.

Which is the Best Company for Married Drivers?

Single policyholders tend to get offered slightly more expensive auto insurance rates than married couples. That's because policies for married policyholders generally cover more than one vehicle, which many companies will give you a discount for.

For single drivers, the difference in average premiums between these two carriers is significant, with Cincinatti Financial rates coming in at a quarter less than Electric's. The advantage for married drivers with Cincinatti Financial is also obvious, where drivers save about $60 a month.

Cincinatti Financial or Electric: Average Rates by Gender

Men are statistically more likely than women to cause a collision and get into accidents. That means when it comes to car insurance men will normally end up paying a little more.

Men usually pay around 6% more per month than women with Cincinatti Financial, and about 7% with Electric.

Looking at overall affordability, Cincinatti Financial comes out as the most affordable option for both genders. On average, male drivers save about $70 a month and women save around $64 with Cincinatti Financial compared to the average Electric policyholder.

Cincinatti Financial 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.

Insurance can be a complicated subject for most people. Everyone needs auto insurance, but there are so many different coverages and terms that it can be hard to find the right policy for you.

That being said, the most common policies that drivers look at fall into two categories -- liability coverage (that covers property damage and bodily injury for other drivers and their passengers if you cause a collision) and full coverage (which includes two additional coverages -- collision and comprehensive -- alongside liability coverage).

Looking specifically at state minimum limits for liability insurance, Cincinatti Financial has the significant edge, with average monthly prices coming in at $106. If you want a full coverage policy with the same state minimum limits, Cincinatti Financial again has the edge, with policies averaging about $293 per month to Electric's $383.

Is Cincinatti Financial or Electric Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their insurance. But that's not to say you can't save money if you don't have the best driving record, either.

Accidents and speeding tickets will most likely raise your premiums, but is Cincinatti Financial or Electric less expensive for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Cincinatti Financial for their car insurance can generally expect their monthly bill to go up around 15% after getting a speeding ticket. Electric policyholders can expect a less drastic increase of about 12%.

However, Cincinatti Financial has more affordable prices for drivers in both categories, offering premiums that are 41% and 40% less expensive, respectively, compared to Electric Insurance Company.

Which Company is Best for Drivers After an Accident?

Cincinatti Financial drivers who get in an accident can expect to see their rates rise by over $90, while those who have insurance through Electric will see around a $30 increase.

At the end of the day, drivers who use Cincinatti Financial end up with the cheaper prices after an accident, with average premiums coming in at $214 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 ticket or even a collision. For example, Cincinatti Financial increases average rates by nearly $200 a month -- that's more than a 60% increase.

But if you end up with a DUI charge and are looking for more affordable prices, Cincinatti Financial tends to be cheaper for the average driver, with monthly premiums coming in at about $320 to Electric's $385.

How does Credit Score Impact Cincinatti Financial and Electric Rates?

Did you know many insurance companies take your credit score into account when determining premiums? This isn't true for everyone (for example, Michigan and Massachusetts are two states that ban the practice entirely), but it will come into play for several policyholders.

Car insurance carriers argue that someone with good credit is more likely to pay their bills on time, which makes them less risky to insure. Because of that, drivers with good credit will often be rewarded with less expensive prices.

So, which carrier offers the lowest rates for policyholders with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, Cincinatti Financial will typically reward you the most. For drivers with "excellent" credit scores, Cincinatti Financial comes in NaN cheaper. Drivers with "good" credit scores normally save around 19% with Cincinatti Financial compared to average prices from Electric.

Which Company is Best for Drivers with Bad Credit?

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

Is Cincinatti Financial or Electric Better for Drivers who Work from Home or Have Short Commutes?

Did you know that the amount of time you spend in your car have a large impact on your monthly premiums? Generally, the more milage you put on your car, the more you can expect to pay for coverage.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Cincinatti Financial charges. However, there's a pretty significant difference in monthly prices for Electric, with policyholders who drive 6,000 miles yearly paying about $33 less every month compared to those who drive 12,000 miles each year. Still, for drivers in both categories, Cincinatti Financial is the more affordable company.

Cincinatti Financial or Electric: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your vehicle can have a sizable impact on your monthly auto insurance cost. Usually, those who live in urban areas will pay more than policyholders in rural areas because of the number of cars that are on the roads where they live.

Cincinatti Financial tends to offer the cheapest prices for drivers in all types of areas, no matter if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Cincinatti Financial's average rates are around 28% less than Electric Insurance Company. People who live in suburban areas pay about 16% less with Cincinatti Financial compared to Electric. Those in rural areas can expect to save around 31% with Cincinatti Financial compared to Electric.

Cincinatti Financial vs. Electric Discounts

You want to save as much money as you can, right? The best way to do that is by taking advantage of as many insurance discounts as possible.

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

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Cincinatti Financial and Electric so that you can easily see which company offers the most discounts and, therefore, the largest savings.

Electric knocks Cincinatti Financial out of the park when it comes to the sheer number of discounts available, offering 17 different discounts to Cincinatti Financial's 17.

Both companies offer lots of the same discounts -- like COVID-19 relief discount, discounts for being a defensive driver, and multi-policy discounts -- but Electric also offers discounts for ABS, driver training, electric vehicle, and more.

On the other hand, Cincinatti Financial has a few proprietary discounts of their own like homeowner discounts and special large ded discounts.

Final Thoughts: Is Cincinatti Financial or Electric Best for You?

So, we've broken down the average premiums for many of the variables auto insurance carriers look at, and walked through the different discounts each company offers, too. But, at the end of the day, which carrier is the right company for you and your specific driver profile?

Cincinatti Financial might be best for you if....

• You have a speeding ticket on your driving record.
• Your credit score is high.
• You want to save money while purchasing car insurance for a teenager.

Electric might be best for you if...

• You're looking for the company with the most discounts.

Hopefully, this guide helps you get a good idea of the differences between Cincinatti Financial and Electric and that you can now make a more informed decision when it comes to your 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 car insurance -- comparing quotes from several companies, not just Cincinatti Financial and Electric. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP codes below and get free quotes from dozens of top auto insurance carriers in your area, all in just a few minutes.

Cincinatti Financial vs. Electric FAQs

Is Cincinatti Financial or Electric cheaper?

Cincinatti Financial is the less expensive of the two companies when looking at national average rates, with policies averaging $200 a month with Cincinatti Financial and $266 for Electric. That being said, that doesn't mean Cincinatti Financial will be the most affordable carrier for everyone, since there are multiple different factors (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Cincinatti Financial or Electric?

Sadly, the answer truly is "it depends.". Neither company is "better" for every policyholder -- it all depends on what your unique car insurance profile looks like.

Why do Cincinatti Financial and Electric offer me different rates?

Auto insurance carriers use a lot of different variables when calculating the premiums they charge. Things like age, gender, your driving record, where your home is, and sometimes even things like your credit score can all be taken into consideration. Both Cincinatti Financial and Electric use different formulas, 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 lots of different companies.

How do I know if Cincinatti Financial or Electric is right for me?

The only way to find the insurance company that's right for you is by getting quotes from multiple carriers and finding the one best suited for your individual budget. Luckily, Compare.com does 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 price. And maybe you'll find that the best carrier for you isn't Cincinatti Financial 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.