Concord Group vs. Electric: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for insurance, Concord Group offers significantly more affordable premiums than Electric
• Concord Group has cheaper rates for policyholders who live in rural neighborhoods
• Electric may help you save more money -- they offer more discounts than Concord Group Insurance

Concord Group or Electric: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching to a new insurance policy. After all, you've seen ads from all sorts of companies offering sizable savings. But exactly how much can you save by switching?

You've maybe even narrowed your search down to Concord Group or Electric as your top options, but which company has more affordable premiums for car insurance?

As you can see, Concord Group is quite a bit cheaper than Electric, with rates averaging $74 a month compared to $266 with Electric when looking at the national average rates for auto insurance.

Even so, Concord Group may not be the most affordable or best option for every single driver out there. Insurance carriers use a variety of complex algorithms to determine prices, so depending on how good your credit score is or how clean your driving record is (among a whole range of other factors), you could see wildly different premiums from the ones above.

Wanting to know if Concord Group or Electric is really the right company for you? Keep on reading to see how average rates can change based on all of the factors we've mentioned above.

Concord Group vs. Electric: Average Car Insurance Rates by State

Concord Group and Electric only compete against each other in one states, with Concord Group offering cheaper prices to the average driver in all of them. Maine has the most noticable difference, where Concord Group premiums are $173 less expensive than car insurance prices at Electric.

But there's more to insurance than just your home state. As we mentioned above, there's a lot of things that go into how car insurance companies calculate your rates. Read on to find out more.

Which is the Best Company For Young Drivers?

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

However, that doesn't mean that teen drivers have to just accept sky-high car insurance prices. For example, 18-year-old drivers pay an average of almost 75% less per month by choosing Concord Group over Electric.

That being said, both carriers will reduce premiums by the time you turn 25. Electric offers the steepest decrease, with 25-year-olds paying less than half what 18-year-old drivers are charged. That being said, Concord Group still has the lowest rates at $74 monthly.

Which is the Best Company for Retired Drivers?

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

When looking at Concord Group and Electric specifically, which carrier is best for retired drivers? Concord Group gets the edge, with rates for drivers 65 and older $124 more affordable than the national average for Electric.

Which is the Best Company for Married Drivers?

Did you know that insurance premiums are typically more expensive for those who are single than they are for married policyholders? That's normally because married couples tend to own and insure several vehicles, which can often earn you a discount.

For single policyholders, the difference in average prices between these two companies is significant, with Concord Group rates coming in at around a quarter of Electric's. The advantage for married drivers with Concord Group is also obvious, where drivers save about $150 a month.

Concord Group or Electric: Average Rates by Gender

Men usually pay more for auto insurance than women. That's because men are more likely to get speeding tickets and get into accidents, which increases the chances of filing a claim with insurance.

Women generally pay nearly 15% per month less than men with Concord Group, and around 7% less with Electric.

Looking at the data for each company specifically, Concord Group offers the lowest average prices for both men and women, with average rates 71% less for men and 73% cheaper for women.

Concord Group 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 isn't the easiest topic to understand. There are so many different terms and limits that it can make it pretty confusing to find the right policy for you.

But most policies end up falling into two different types of coverage -- liability coverage (which covers the other party's property damage and injuries if you cause a collision) and full coverage (which typically refers to having collision and comprehensive coverages in addition to liability).

Looking specifically at state minimum limits for liability insurance, Concord Group has the significant edge, with average monthly premiums coming in at $47. If you want a full coverage policy with the same state minimum limits, Concord Group again has the edge, with policies averaging about $101 a month to Electric's $383.

Is Concord Group or Electric Better for Drivers with Spotty Records?

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

Accidents and speeding tickets will most likely raise your premiums, but is Concord Group or Electric cheaper for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Concord Group for their insurance can normally expect their monthly bill to go up around 14% after getting a speeding ticket. Electric policyholders can expect a less drastic increase of about 12%.

However, Concord Group has less expensive prices for drivers in both categories, offering premiums that are $153 and $173 more affordable, respectively, compared to Electric Insurance Company.

Which Company is Best for Drivers After an Accident?

Both companies will increase prices pretty significantly if you get into an at-fault collision with Electric climbing by around 12%. Concord Group has a less extreme rise, but you can still expect to pay nearly 35% more than you were prior to your first accident.

At the end of the day, Concord Group offers the cheapest rates for drivers with an at-fault collision on their records, with average prices coming in at $82 compared to Electric Insurance Company's $236.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge, you can expect some pretty significant increases in your monthly car insurance bill -- usually a lot more than an accident or ticket. For example, Electric increases average rates by nearly $200 per month -- that's more than a 45% increase.

But if you end up with a DUI charge and are looking for more affordable premiums, Concord Group tends to be less expensive for the average driver, with monthly premiums coming in at about $95 to Electric's $385.

How does Credit Score Impact Concord Group and Electric Rates?

Did you know many auto insurance carriers take into account your credit score when determining prices? This isn't true for everyone (Michigan, for example, has banned the use of credit score as a car insurance factor) but it does affect several drivers out there.

Insurance companies argue that those with good credit scores are more likely to pay their bills on time every month, which reduces the risk involved on their end, while the opposite is true for those with bad credit.

Looking at Concord Group and Electric specifically, which carrier has the best premiums for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Concord Group 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 how much auto insurance carriers will charge for coverage. Generally, 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, Concord Group offers less expensive premiums than Electric. Electric average rates for drivers with 6,000 annual miles come in around $177 more expensive than Concord Group. Those who drive 12,000 miles yearly can expect to pay about $208 more with Electric over Concord Group.

Concord Group or Electric: Compare Rates for Urban, Suburban, and Rural Drivers

We've already mentioned how your home state can play a role in how much you pay for car insurance, but the type of area you live in can have a considerable impact as well. Typically, if you live in a rural area with fewer cars on the road, you'll pay a little less for auto insurance, while the opposite is true for people in urban areas.

Concord Group boasts the lowest average rates for drivers in all types of areas, no matter if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Concord Group Insurance's average prices are around 73% less than Electric Insurance Company. People who live in suburban areas pay about 68% less with Concord Group compared to Electric. Those in rural areas can expect to save around 75% with Concord Group compared to Electric.

Concord Group vs. Electric Discounts

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

The difficult part is finding all of the discounts you qualify for, since it can feel sometimes like every company has different discounts and each one is advertised differently.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Concord Group and Electric so that you can find the one that has the most discounts and, therefore, the largest savings.

Looking at the total number of discounts, Electric comes out ahead with 17 discounts to Concord Group's 13.

Both companies offer quite a few of the same discounts -- like advance quote discounts, COVID-19 relief discount, and discounts for being a defensive driver -- but Electric also offers discounts for driver training, electric vehicle, good driving, and more.

On the other hand, Concord Group has a few proprietary discounts of their own for things like life policy discounts, multi-car discounts, new business discounts, and more.

Final Thoughts: Is Concord Group or Electric Best for You?

You've seen the role certain variables have on your auto insurance and the different discounts carriers offer. That's all well and good, but at the end of the day, which insurance carrier is the right carrier for you and your specific driver profile?

Concord Group might be best for you if....

• You will be the only person on the car insurance policy.
• Your credit score is high.
• You have a short drive to work everyday.

Electric might be best for you if...

• You care about discounts (Electric offers the most).

Hopefully, this guide has ben a valuable resource as you compare Concord Group and Electric and that it aids in making a more informed decision about 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 auto insurance -- comparing quotes from a handful of companies, not just Concord Group and Electric. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP codes below and get multiple quotes from some of the best insurance carriers in your area, all for free.

Concord Group vs. Electric FAQs

Is Concord Group or Electric cheaper?

Concord Group is the more affordable of the two companies when looking at national average premiums, with policies averaging $74 a month with Concord Group and $266 for Electric. Even so, that doesn't mean Concord Group will be the cheapest company for each driver, since there are multiple different factors that come into play when it comes to your car insurance cost.

Who is better, Concord Group or Electric?

Sadly, the real answer is "it depends.". One carrier is not necessarily "better" for every policyholder -- it all comes down to what your unique insurance profile looks like.

Why do Concord Group and Electric offer me different rates?

Auto insurance carriers use lots of different variables when calculating the prices they charge. Things such as your driving record, gender, age, where you call home, and sometimes even things like your credit score can all be used. Both Concord Group and Electric use different formulas, so it's likely they'll offer different rates. The best way to determine which company is the most affordable for you is by comparing personalized quotes from a range of different companies.

How do I know if Concord Group or Electric is right for me?

The only way to find the car insurance carrier that's right for you is by getting quotes from several carriers and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your area information 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 lowest premium. And maybe you'll find that the best company for you isn't Concord Group 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.