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

Quick Facts

• In general, Penn National offers less expensive prices than Electric
• Electric offers more discounts than Penn National Insurance
• Penn National has cheaper premiums for drivers who have less-than-stellar credit

Electric vs. Penn National: 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 discounts, but exactly how much money can you save by switching?

You've maybe even narrowed your search down to Electric or Penn National as your top options, but which one has more affordable prices for insurance?

Looking at the national average rates for both companies, Electric has average rates that are about 18% per month more expensive than those from Penn National.

However, that doesn't necessarily mean Penn National will be the cheaper option for every single driver. Car insurance carriers vary their rates depending on things like where you live, how good your credit score is, how clean your driving record is, how old you are, and a ton of other factors, so prices will differ quite a bit from person to person.

So, if you want to find out which of Electric or Penn National is really the best for you, keep reading to see average rates for each carrier broken down by a variety of different rate factors.

Electric or Penn National: Average Car Insurance Rates by State

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

There's a lot more that goes into your auto insurance cost than just where you live. Read on to learn more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers typically pay a lot more for insurance than any group on the road. Generally, that's because young, inexperienced 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. As you can see above, teens who use Penn National save more than $100 a month compared to those who use Electric.

Even so, both companies will offer you dramatically lower prices by the time drivers turn 25. For example, average rates for Electric policyholders drop over $300 and Penn National's premiums reduce nearly $300 over that time.

Which is the Best Company for Retired Drivers?

When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the cheapest prices you can find.

But who has the best rates for retired drivers between Electric and Penn National? Penn National gets the slight edge, with premiums for drivers 65 and older almost 10% more affordable than the national average for Electric.

Which is the Best Company for Married Drivers?

Married policyholders tend to get slightly less expensive auto insurance rates than single policyholders. This usually boils down to married drivers having several cars on their policy -- something many car insurance carriers will reward with discounts.

When it comes to relationship status, Penn National is the clear winner for single drivers, with prices around $62 per month cheaper than Electric, on average. For married couples, the advantage is clear again - Penn National has the edge when it comes to average premiums.

Electric vs. Penn National: Average Rates by Gender

Men are statistically more likely than women to get pulled over for speeding or get into an accident, which means they'll usually end up paying more for auto insurance than women.

On average, men see prices about 7% a month higher with Electric, and around 2% more with Penn National.

When it comes to the lowest rates for each gender, Penn National comes out on top for both men and women, with average premiums 20% less for men and 16% cheaper for women.

Electric or Penn National: 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 limits and terms that it can be hard to find the right policy.

The two most common policies that many drivers look at fall into two categories -- liability only (which provides bodily injury and property damage coverage for other drivers and passengers if you cause a collision) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to liability).

If you're looking for state minimum limits for liability insurance, Penn National normally offers slightly less expensive rates of $144 compared to Electric's $150. When it comes to full coverage policies with similar limits, Penn National again has the edge, with policies about $90 per month cheaper than Electric, on average.

Is Electric or Penn National Better for Drivers with Spotty Records?

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

At-fault accidents and tickets will most likely raise your premiums, but is Electric or Penn National more affordable for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Electric policyholders can expect their prices to go up an average of $29 a month if they get a ticket, while Penn National typically raises rates around $40 per month, on average.

That being said, Penn National has cheaper prices for drivers in both categories, offering premiums that are $69 and $58 less expensive, 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 accident with Penn National increasing by over $65. Electric has a less extreme climb, but you can still expect to pay just under $30 more than you were prior to your first collision.

Overall, drivers who use Penn National end up with the cheaper prices after an accident, with monthly rates averaging $206 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. On average, Penn National will climb your premiums about 60% after a DUI, while Electric's average rates increase by over 45%.

If you have a DUI on your record and are looking for more affordable premiums, Penn National tends to be the much more affordable option with average prices of $346 a month compared to $385 from Electric.

How does Credit Score Impact Electric and Penn National Rates?

Often times, your credit score can be used as one of the factors to calculate your monthly car insurance premiums. This isn't always the case (Massachusetts, for example, has banned the use of credit score as a rating factor) but it might come into play for a lot of drivers.

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, policyholders with good credit will often be rewarded with less expensive prices.

Looking specifically at Penn National and Electric, which company has the best rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have a great credit score, you'll usually find a better deal with Electric for an "excellent" credit score. Policyholders with "excellent" credit can save 2% compared to Penn National, while those with "good" scores can expect to see better savings from Penn National -- around $31 or 15% cheaper than Electric each month.

Which Company is Best for Drivers with Bad Credit?

Penn National typically offers lower prices than Electric when it comes to drivers with bad credit. Drivers with "fair" credit pay about $59 a month less with Penn National compared to Electric, and those with "poor" scores generally save an average of around $108 monthly.

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

How much you drive can have a large impact on your monthly rates. Normally, those who drive fewer miles will end up with more affordable premiums since there's less of a chance of getting into a collision and causing an insurance claim.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Penn National charges. However, there's a pretty significant difference in monthly rates for Electric, with policyholders who drive the least paying about $33 less every month compared to those who drive 12,000 miles annually. Still, Penn National is the less expensive option for drivers in both categories.

Electric vs. Penn National: 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 pretty big impact as well. Usually, drivers who live in heavily-populated urban areas will pay quite a bit more than rural policyholders due to the number of vehicles that are on the roads in those areas.

Penn National tends to offer the most affordable prices for drivers in every type of area, no matter if it's urban, suburban, or rural.

If you live in a rural area, you can expect to save around $97 with Penn National compared to Electric. Drivers in suburban ZIP codes pay about $22 less with Penn National compared to Electric. In urban areas, Penn National Insurance's average premiums are around $29 less than Electric Insurance Company.

Electric vs. Penn National Discounts

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

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're eligible for.

In the section below, we've broken down all of the different discounts offered by both Electric and Penn National so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Looking at the total number of discounts, Electric has a slight advantage when it comes to total number of discounts. Penn National offers a grand total of 16 discounts, while Electric has 17.

There are a couple discounts both companies offer, but Electric also offers COVID-19 relief discount, electric vehicle discounts, good driving discounts, and more that Penn National does not.

On the flip side, Penn National has a couple unique discounts of its own -- added pip option discounts, distant student discounts, DRL discounts, and more.

Final Thoughts: Is Electric or Penn National Best for You?

So, we've broken down the average prices for many of the variables insurance carriers look at, and we've shown you all the discounts each company offers. But, when it comes down to it, which carrier is the right carrier for you and your specific driver profile?

Penn National might be best for you if....

• You've been pulled over for speeding recently.
• You want basic auto insurance coverage at the state minimum limits.
• You live in a rural area.

Electric might be best for you if...

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

We hope this guide helps you get a good idea of the differences between Electric and Penn National and that it aids in making a more informed decision about your insurance.

At the end of the day, the best way to make sure you're getting the best deal on your car insurance policy is to compare quotes from a handful of companies, not just Electric and Penn National. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code below and get free quotes from dozens of top auto insurance carriers in your area, all in just a few minutes.

Electric vs. Penn National FAQs

Is Electric or Penn National cheaper?

Looking just at the national average rates, Penn National is the cheaper of the two companies, offering average rates of $218 per month compared to $266 for Electric. But Penn National won't necessarily be the cheapest company for everyone, since there are lots of different factors that are considered when it comes to your insurance bill.

Who is better, Electric or Penn National?

Unfortunately, the only answer we can give you is "it depends.". No single carrier is "better" for each driver -- it all comes down to what your unique car insurance profile looks like. For example, Penn National offers more affordable premiums for drivers with a recent DUI, while Electric is cheaper for drivers with excellent credit.

Why do Electric and Penn National offer me different rates?

Auto insurance carriers take a look at quite a few different variables when calculating the prices they charge drivers. Things like age, gender, your driving record, where you live, and sometimes even things like your credit score can all be used. Both Electric and Penn National calculate rates using different formulas, so each one will most likely offer different premiums. The only real way to see which company is the most affordable for you is by comparing personalized quotes from many different companies.

How do I know if Electric or Penn National 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, sites like Compare.com do all the hard work for you. Just enter your information once and you'll get free quotes from dozens of the best insurance companies 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 Penn National 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.