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

Quick Facts

• Based on national averages for car insurance, Electric offers significantly less expensive rates than Hanover
• Electric offers more affordable average prices for drivers who have less-than-stellar credit
• Hanover offers more discounts than Electric Insurance Company

Electric vs. Hanover: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching your auto insurance. With so many ads from all sorts of companies offering substantial discounts, you're probably wondering exactly how much you might be able to save.

You've maybe even narrowed it down to Electric or Hanover as your top options, but between the two, which company will offer you cheaper premiums?

As you can see, Electric has average rates that are about 70% per month more affordable than those from Hanover when looking at the national average rates for auto insurance.

However, that doesn't mean Electric will necessarily be cheaper than Hanover for each driver. Insurance companies vary their prices depending on things like how good your credit score is, where you live, how old you are, how clean your driving record is, and all sorts of other factors, so rates will change quite a bit from person to person.

Luckily, we've broken down average prices from both Electric and Hanover by a range of different rate factors, so read on to find out which company is the best for you.

Electric or Hanover: Average Car Insurance Rates by State

Electric and Hanover only compete against each other in one states, with Electric offering less expensive premiums to the average driver in all of them. Connecticut has the most noticable difference, where Electric rates are over 70% more affordable than car insurance premiums at Hanover.

But there's more to calculating insurance rates than just the state you live in. Continue reading to see how other factors will affect your rates.

Which is the Best Company For Young Drivers?

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

That being said, that doesn't mean teen drivers can't still save money on their car insurance. Just look at the table above -- where 18-year-old drivers who have Electric for their auto insurance pay more than $500 less than those who use Hanover.

But with both carriers, you'll see your prices drop significantly by the time drivers turn 25. For example, average premiums for Electric policyholders lower over $300 and Hanover's rates reduce around $500 over that time.

Which is the Best Company for Retired Drivers?

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

So, which carrier offers the best premiums to retired drivers? Electric gets the edge here, with average prices coming in at about $178 per month compared to Hanover's $613.

Which is the Best Company for Married Drivers?

Did you know that insurance rates are usually cheaper for married drivers than they are for single policyholders? That's because policies for married policyholders typically cover more than one car, which a lot of companies will offer you a discount for.

When it comes to relationship status, Electric is the clear winner for those who are single, with prices around $687 a month less expensive than Hanover, on average. The advantage for married couples with Electric is also obvious, where drivers save more than $450 per month.

Electric vs. Hanover: Average Rates by Gender

Because men are more likely to get speeding tickets and get into collisions, they have an increased chance of filing a claim with insurance. Therefore, insurance carriers will tend to charge men more than women.

With Electric, women generally pay nearly $20 a month less than men, while with Hanover, the difference is closer to $60 per month.

Looking at overall affordability, Electric comes out on top for both men and women, with average premiums $607 less for men and $566 cheaper for women.

Electric or Hanover: 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.

It's no secret that auto insurance can be pretty complicated. Everyone needs insurance, but there are so many different terms and limits that it can be hard to find the right policy.

Even so, most policies end up falling into two different types of coverage -- liability only (that covers property damage and bodily injury for other drivers and their passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- alongside liability).

If you're looking for state minimum liability insurance, Electric normally offers significantly cheaper rates of $150 compared to Hanover's $509. When it comes to full coverage policies with similar limits, Electric again has the edge, with policies about $500 a month more affordable than Hanover, on average.

Is Electric or Hanover Better for Drivers with Spotty Records?

It's no big secret that drivers who are accident-free get better deals on their car insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

You'll probably end up paying more with tickets and collisions on your record, but which of these two companies offers the most affordable prices to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Electric policyholders can expect their premiums to go up an average of $29 per month if they get a ticket, while Hanover generally raises rates around $221 a month, on average.

That being said, Electric tends to offer the best prices for drivers both with a speeding ticket and with a clean record -- their rates are around 66% less expensive for drivers with clean records and 72% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

Both carriers will raise prices pretty significantly if you get into an at-fault accident with Hanover raising by just under $350. Electric has a less extreme rise, but you can still expect to pay nearly $30 more than you were prior to your first collision.

Overall, Electric offers the cheapest premiums for drivers with an at-fault accident on their records, with monthly prices averaging $236 compared to Hanover Insurance's $943.

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 insurance bill -- usually a lot more than a collision or ticket. Hanover drivers usually see a 39% raise in their auto insurance premiums after a DUI charge, while Electric will typically increase rates by about 46%.

If you have a DUI on your record and are looking for more affordable premiums, Electric tends to be the much less expensive option with average prices of $385 monthly compared to 1013 from Hanover.

How does Credit Score Impact Electric and Hanover Rates?

Often times, your credit score can be used as one of the variables to calculate your monthly car insurance rates. This isn't always the case (for example, Hawaii and Michigan are two states that ban the practice entirely), but it might come into play for many drivers.

The reasoning auto insurance companies use is that policyholders with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper prices, while those with poor credit will normally be forced to pay more.

So, which company offers the lowest premiums for drivers with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

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

How much you drive can have a considerable impact on your monthly car insurance payment. Typically, the more miles you put on your vehicle, the more you can expect to pay for insurance.

For both drivers who put 6,000 miles on their vehicles each year, as well as those who average twice that figure, Electric tends to be the more affordable option. Hanover average rates for drivers with 6,000 annual miles come in around $602 more expensive than Electric. Those who drive 12,000 miles yearly can expect to pay about $570 more with Hanover over Electric.

Electric vs. Hanover: Compare Rates for Urban, Suburban, and Rural Drivers

Where you call home can play a large role in how much you pay for auto insurance. Usually, those who live in urban areas will pay more than policyholders in rural areas because there are a lot more cars on the road in those areas, which increases the chances of an accident.

Electric boasts the most affordable average premiums for drivers in all types of areas, no matter if they're urban, suburban, or rural.

In urban areas, Electric Insurance Company's average rates are around 69% less than Hanover Insurance. Drivers in suburban ZIP codes pay about 72% less with Electric compared to Hanover. If you live in a rural area, you can expect to save around 65% with Electric compared to Hanover.

Electric vs. Hanover Discounts

Regardless of 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 possible, and the best way to do that is by taking advantage of as many insurance discounts as you can.

But with what seems like a million different discounts out there, it can be difficult to nail down the carrier that has the most discounts for your unique driver profile and to find all the discounts you qualify for.

In the section below, we've compared all of the different discounts offered by Electric and Hanover so that you can see which one offers the most discounts and see which ones you might be able to take advantage of.

Looking at the total number of discounts, Hanover comes out ahead with 21 discounts to Electric's 17.

There are a couple discounts both carriers offer, but Hanover also offers annual mileage discounts, distant student discounts, DRL discounts, and more that Electric does not.

On the flip side, Electric has a couple unique discounts of its own -- COVID-19 relief discount, electric vehicle discounts, hybrid vehicle discounts, and more.

Final Thoughts: Is Electric or Hanover Best for You?

You've seen the effect certain factors have on your car insurance and the different discounts companies offer. But, at the end of the day, which insurance company is the right carrier for you and your specific needs?

Electric might be best for you if....

• You haven't received any speeding tickets or been in an accident in the last few years.
• Your neighborhood is in the suburbs.
• You don't spend much time in your car.

Hanover might be best for you if...

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

We hope this guide helps you get a better idea of the difference between Electric and Hanover. We also hope we've given you the information you need to make the best decision when it comes to your auto insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your insurance policy is to compare quotes from several carriers, not just Electric and Hanover. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP codes below and get multiple quotes from some of the best car insurance companies in your area, all for free.

Electric vs. Hanover FAQs

Is Electric or Hanover cheaper?

Looking just at the national average prices, Electric is the cheaper of the two carriers, offering average rates of $266 per month compared to $853 for Hanover. Even so, Electric won't necessarily be the cheapest company for everyone, since there are many different variables that come into play when it comes to your insurance bill.

Who is better, Electric or Hanover?

Unfortunately, the answer truly is "it depends.". Neither carrier is "better" for every driver -- it all comes down to what your unique auto insurance profile looks like.

Why do Electric and Hanover offer me different rates?

Car insurance companies take a look at several different factors when calculating the premiums they charge drivers. Variables like where you live, gender, where you park your vehicle, age, and sometimes even things like your credit score can all be used. Both Electric and Hanover use different formulas, so each one will most likely offer different prices. The only real way to see which company is the most affordable for you is by comparing personalized quotes from lots of different carriers.

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

The only way to find the insurance carrier that's right for you is by getting quotes from multiple companies 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 free quotes from dozens of the best auto insurance carriers in your area. That way, you can guarantee you're getting the best rate. And who knows, the best company for you might not be Electric or Hanover at all!

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.