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

Quick Facts

• In general, Electric offers slightly less expensive rates than Mercury
• Electric offers more affordable premiums for policyholders who live in urban areas
• Mercury offers more affordable average rates for drivers with a DUI

Electric or Mercury: 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 your search down to Electric or Mercury, but between the two, which one will save you the most?

As you can see, Mercury is around $29 more a month than Electric when looking at the national average rates for auto insurance.

However, that doesn't mean Electric will necessarily be cheaper than Mercury for each driver. After all, insurance carriers can offer drastically different rates to every driver depending on rating factors like your driving record, where you call home, your age, or even your credit score (among other things), so prices could change drastically from person to person.

So, if you want to find out which of Electric or Mercury is really the best for you, keep reading to see average premiums for each company broken down by multiple different rate factors.

Electric vs. Mercury: Average Car Insurance Rates by State

Electric and Mercury only compete against each other in one states, with Mercury offering more affordable prices to the average driver in all of them. Virginia has the most noticable difference, where Mercury premiums are $233 less expensive than auto insurance rates at Electric.

There are plenty of other factors that go into your car insurance payment than just your home state. 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 -- typically pay a lot for auto insurance compared to older drivers. The reason is that teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But still, even with seemingly sky-high premiums, teen drivers can still find ways to save money. For example, 18-year-old drivers pay an average of almost 20% less per month by choosing Electric over Mercury.

That being said, both companies will lower prices by the time drivers turn 25. For example, average rates for Electric policyholders decrease about $300 and Mercury's premiums reduce around $500 over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll usually enjoy the cheapest insurance rates out there. You've been on the road for years, and all that experience pays off when it comes to your monthly prices for car insurance.

So, which carrier offers the best rates to retired drivers? Electric gets the edge, with prices for drivers 65 and older nearly 20% cheaper than the national average for Mercury.

Which is the Best Company for Married Drivers?

Did you know that auto insurance premiums are generally more affordable for married drivers than they are for single drivers? That's normally because married policyholders tend to own and insure several vehicles, which can often earn you a discount.

For single policyholders, the difference in average rates between these two carriers is significant, with Electric prices coming in at about 15% less than Mercury's. It's not quite so glaring for married couples, where drivers who use Electric save around $5 a month.

Electric or Mercury: Average Rates by Gender

Men are statistically more likely than women to get into collisions and file an insurance claim, which means they'll usually end up paying more for car insurance than women.

With Electric, men typically pay about 7% more per month than women., but with Mercury, the difference is closer to 5% a month.

Looking at overall affordability, Electric comes out on top for both men and women, with average premiums 9% less for men and 11% cheaper for women.

Electric vs. Mercury: 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, insurance can be pretty complicated. Everyone needs car insurance, but there are so many different terms and limits that it can be hard to find the right policy for you.

But most policies that drivers look at fall into two categories -- liability coverage (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which generally refers to having collision and comprehensive coverages alongside what you get with a liability policy).

Looking specifically at state minimum limits for liability insurance, Electric has the edge, with average monthly rates coming in at $150. If you want a full coverage policy with the same state minimum limits, Electric again has the edge, with policies averaging around $383 per month to Mercury's $406.

Is Electric or Mercury 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.

You'll probably end up paying more with at-fault accidents and speeding tickets on your record, but which of these two companies offers the most affordable premiums to drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Electric for their auto insurance can normally expect their monthly bill to go up about 12% after getting a speeding ticket. Mercury policyholders can expect a bit more drastic of an increase of around 19%.

Even so, Electric is generally the cheaper option for drivers both with clean records and with a ticket, offering prices that are 12% and 19% less expensive, respectively, compared to Mercury Insurance.

Which Company is Best for Drivers After an Accident?

Electric drivers who get in an accident can expect to see their rates climb by just under $30, while those who have insurance through Mercury will see about a $100 increase.

At the end of the day, drivers who use Electric end up with the cheaper prices after an accident, with average prices coming in at $236 compared to Mercury Insurance's $346.

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 a collision or speeding ticket. Electric drivers usually see a 46% raise in their insurance premiums after a DUI charge, while Mercury will typically increase prices by around 22%.

How does Credit Score Impact Electric and Mercury Rates?

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

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

Looking at Electric and Mercury specifically, which carrier has the best rates 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 Electric or Mercury Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a big impact on how much auto insurance carriers will charge for coverage. That's because the more milage you drive, the more likely you are to be in an accident and file an insurance claim.

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

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

Where you park your vehicle can have a large impact on your monthly insurance cost. Normally, those who live in urban areas will pay more than drivers in rural areas since there are a lot more cars on the road where they live, which increases the chances of an accident.

When comparing these two companies side-by-side, Electric tends to offer the most affordable option for drivers in urban and suburban areas, while Mercury wins in rural areas.

Those in rural areas can expect to save around 20% with Mercury compared to Electric. People who live in suburban areas pay about 15% less with Electric compared to Mercury. For policyholders in urban ZIP codes, Electric Insurance Company's average prices are around 24% less than Mercury Insurance.

Electric vs. Mercury 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, and the best way to do that is by utilizing as many insurance discounts as possible.

But where do you even start? With so many discounts out there, it may seem difficult to find all the of the ones you're eligible for.

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Electric and Mercury so that you can see which company can save you the most money each month.

Mercury blows Electric away when it comes to the sheer amount of discounts available, offering 10 more discounts than Electric.

There are a couple discounts both carriers offer, but Mercury also offers discounts for continuous insurance, distant student, DRL, and more.

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

Final Thoughts: Is Electric or Mercury Best for You?

You've seen the role certain factors have on your auto insurance and the different discounts companies offer. But, when it comes down to it, which company is the right carrier for you and your specific driver profile?

Electric might be best for you if....

• You have a speeding ticket on your driving record.
• Your neighborhood is in a city.
• You and your spouse are buying insurance together.

Mercury might be best for you if...

• Your driving record includes a DUI charge.
• You're looking for the carrier with the most discounts.
• You live in a rural neighborhood.

Hopefully, this guide helps you get a better idea of the difference between Electric and Mercury and that you can now make a more informed decision when it comes to your auto 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 carriers, not just Electric and Mercury. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code below and get multiple free quotes from some of the best auto insurance companies in your area, all in just a few minutes.

Electric vs. Mercury FAQs

Is Electric or Mercury cheaper?

Electric is the less expensive of the two carriers when looking at national average rates, with policies averaging $266 a month with Electric and $295 for Mercury. However, that doesn't mean Electric will be the lowest company for everyone, since there are several different variables that come into play when it comes to your insurance bill.

Who is better, Electric or Mercury?

Sadly, the answer truly is "it depends.". Neither carrier is "better" for everyone -- it all boils down to your unique car insurance profile. For example, Mercury is more affordable for drivers who have less-than-stellar credit scores, while Electric offers cheaper premiums for drivers with an at-fault collision on their record.

Why do Electric and Mercury offer me different rates?

Insurance companies use several different factors when calculating the rates they charge. Variables like gender, where your home is, your driving record, age, and sometimes even things like your credit score can all be used. Both Electric and Mercury calculate prices differently, so it's likely they'll offer different premiums. The best way to determine which company is the cheapest for you is by comparing personalized quotes from many different carriers.

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

The only way to find the car insurance carrier that's right for you is by getting quotes from a handful of 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 information once and you'll get quotes from dozens of your local top auto insurance carriers for free. That way, you can guarantee you're getting the best rate. And maybe you'll find that the best company for you isn't Electric or Mercury 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.