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

Quick Facts

• Based on national averages for car insurance, Travelers offers significantly more affordable premiums than Electric
• Travelers tends to be a much cheaper option for drivers who have a speeding ticket on their driving record
• Travelers has less expensive rates for policyholders who live in rural neighborhoods

Electric or Travelers: Which Company has the Cheapest Car Insurance?

Are you in the market for a new insurance policy? After all, you've seen ads from all sorts of companies offering hefty savings. But exactly how much can you save by switching?

You've maybe even narrowed your search down to Electric or Travelers for your next policy, but between the two, which carrier will offer you more affordable prices?

Looking at nationwide averages, Electric has average rates that are around 35% a month more expensive than those from Travelers.

But that doesn't necessarily mean Travelers will be the less expensive option for every single driver. After all, insurance carriers can offer drastically different rates to every driver depending on rating factors like where you call home, your age, your driving record, or even your credit score (among other things). So, at the end of the day, premiums from each company will differ quite a bit from person to person.

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

Electric vs. Travelers: Average Car Insurance Rates by State

Electric and Travelers compete against each other in five states, with Travelers offering cheaper prices to the average driver in all of them. Virginia has the most noticable difference, where Travelers rates are $256 less expensive than auto insurance premiums at Electric.

But there's more to car insurance than just the state you live in. As we mentioned above, there's a lot of things that go into how auto insurance companies determine your prices. 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 -- usually pay a lot for car 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.

Even so, that doesn't mean that teen drivers have to just accept sky-high insurance rates. For example, 18-year-old drivers pay an average of almost 40% less per month by choosing Travelers over Electric.

That being said, both carriers will lower premiums by the time you turn 25. For example, average prices for Electric policyholders drop nearly 55% and Travelers's premiums reduce over 60% over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll generally enjoy the most affordable auto insurance rates you'll ever find. You've been on the road for years, and all that experience pays off when it comes to your monthly premiums for insurance.

When looking at Electric and Travelers specifically, which company is best for retired drivers? Travelers gets the edge, with rates for drivers 65 and older more than 25% more affordable than the national average for Electric.

Which is the Best Company for Married Drivers?

You may not be aware, but car insurance prices tend to be cheaper for married policyholders than they are for single policyholders. That's normally because married couples tend to own and insure multiple vehicles, which can often earn you a discount.

For single drivers, the difference in average premiums between these two companies is significant, with Travelers rates coming in at a third less than Electric's. The advantage for married drivers with Travelers is also obvious, where drivers save almost 35% a month.

Electric or Travelers: Average Rates by Gender

Because women are less likely to get speeding tickets and get into accidents, they have a lower chance of filing a claim with insurance. So, insurance carriers will often charge women less than men.

Men typically pay about $20 per month more than women with Electric, and around $10 with Travelers.

Looking at overall affordability, Travelers comes out as the lowest option for both genders, with average prices $104 less for men and $96 cheaper for women.

Electric vs. Travelers: 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 isn't the easiest topic to understand. Everyone needs auto insurance, but there are so many different terms and limits that it can be hard to find the right policy for you.

The two 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 what you get with a liability policy).

Looking specifically at state minimum limits for liability insurance, Travelers has the significant edge, with average monthly premiums coming in at $108. If you want a full coverage policy with the same state minimum limits, Travelers again has the edge, with policies averaging about $225 a month to Electric's $383.

Is Electric or Travelers Better for Drivers with Spotty Records?

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

It's no secret secret that speeding tickets and collisions lead to higher prices, but which carrier -- Electric or Travelers -- has the cheapest rates for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Electric for their insurance can generally expect their monthly bill to go up around 12% after getting a speeding ticket. Travelers policyholders can expect a bit more drastic of an increase of about 20%.

However, Travelers has less expensive prices for drivers in both categories -- their rates are around 38% more affordable for drivers with clean records and 32% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

Both companies will raise premiums pretty significantly if you get into an at-fault collision with Travelers climbing by around 26%. Electric has a less extreme climb, but you can still expect to pay more than 10% more than you were prior to your first accident.

At the end of the day, drivers who use Travelers end up with the cheaper prices after an accident, with average rates coming in at $173 compared to Electric Insurance Company's $236.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single collision or ticket when it comes to your auto insurance bill. For example, Electric increases average prices by nearly $200 per month -- that's over a 45% increase.

How does Credit Score Impact Electric and Travelers Rates?

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

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

So, which company offers the best rates for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Electric or Travelers 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 your monthly prices. Typically, the more milage you put on your car, the more you can expect to pay for coverage.

For both remote workers and those taking short commutes, Travelers tends to be the less expensive option. Electric's average premiums for drivers with 6,000 annual miles come in nearly 35% more expensive than Travelers. Those who drive 12,000 miles each year can expect to pay more than 40% more with Electric over Travelers.

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

Where your home is can play a big role in how much you pay for car insurance. Normally, if you live in an urban area with more cars on the road, you'll pay a little more for auto insurance, while the opposite is true for people in rural areas.

Travelers boasts the cheapest average premiums for drivers in all areas, regardless of if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Travelers's average rates are about 33% less than Electric Insurance Company. People who live in suburban areas pay around 32% less with Travelers compared to Electric. Those in rural areas can expect to save about 48% with Travelers compared to Electric.

Electric vs. Travelers Discounts

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

But with what seems like a million different discounts out there, it can be challenging to find all the ones you can take advantage of or to nail down the company that has the most discounts for your unique driver profile.

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

Travelers blows Electric away when it comes to the sheer amount of discounts available, offering 25 different discounts to Electric's 17.

Both carriers offer several of the same discounts -- like advance quote discounts, COVID-19 relief discount, discounts for being a defensive driver, and discounts for being a good driver -- but Travelers also offers discounts for alternative fuel, continuous insurance, distant student, and more.

On the other hand, Electric has a few proprietary discounts of their own like marital status discounts and referral discounts.

Final Thoughts: Is Electric or Travelers Best for You?

So, we've broken down the average prices for many of the factors auto insurance companies look at, and walked through the different discounts each carrier offers, too. But, at the end of the day, which insurance company is the best fit for you?

Travelers might be best for you if....

• Your driving record includes a DUI charge.
• Your credit score is high.
• Your neighborhood is in the suburbs.

Electric might be best for you if...

• You have a more unique driver profile than those we mentioned above.

Hopefully, this guide has ben a valuable resource as you compare Electric and Travelers 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 auto insurance -- comparing quotes from multiple carriers, not just Electric and Travelers. 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 car insurance companies in your area, all in just a few minutes.

Electric vs. Travelers FAQs

Is Electric or Travelers cheaper?

Travelers is the cheaper of the two carriers when looking at national average premiums, with policies averaging $167 a month with Travelers and $266 for Electric. But that doesn't mean Travelers will be the lowest carrier for every policyholder, since there are a variety of different variables that are considered when it comes to your auto insurance cost.

Who is better, Electric or Travelers?

Sadly, the only answer we can give you is "it depends.". One company is not "better" for each policyholder -- it all depends on what your unique car insurance profile looks like.

Why do Electric and Travelers offer me different rates?

Insurance companies use a lot of different factors when calculating the prices they charge. Variables such as gender, where you park your vehicle, your driving record, age, and sometimes even things like your credit score can all be used. Both Electric and Travelers calculate rates using different factors, so it's likely they'll offer different prices. The best way to determine which carrier is the most affordable for you is by comparing personalized quotes from several different carriers.

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

The only way to find the auto insurance company that's right for you is by getting quotes from several 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 quotes from dozens of your local top car insurance carriers for free. That way, you can guarantee you're getting the cheapest premium. And maybe you'll find that the best carrier for you isn't Electric or Travelers 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.