Why is Elephant Auto Insurance So Cheap?
Last Updated on November 25, 2020
Many drivers are attracted to Elephant auto insurance because of its cheap prices. Why is Elephant auto insurance so cheap? Is Elephant Insurance a legit company?
Yes, Elephant Insurance is a legitimate car insurance company. Elephant is not widely known because they only operate in seven states. The Virginia-based company has a unique insurance system that allows them to charge lower rates to certain drivers.
Today, we’re explaining why Elephant auto insurance is so cheap – and what you can expect as an Elephant Insurance policyholder.
About Elephant Insurance
Elephant Insurance is a Richmond, Virginia-based insurance company. Founded in 2009, Elephant operates in seven states, including Illinois, Indiana, Maryland, Tennessee, Texas, Ohio, and Virginia.
Elephant only offers auto insurance. Unlike some of its larger competitors, Elephant does not sell homeowners insurance or renters insurance. However, you can bundle policies from other companies to receive a bundling discount.
You can buy Elephant auto insurance online through the official website. Or, you can buy it through an Elephant Insurance agent over the phone.
Some drivers feel Elephant auto insurance is cheap. Statistics show, however, that Elephant auto insurance is only about 10% cheaper than the average insurance provider in most states.
How Elephant Auto Insurance Works
Elephant auto insurance works like any other type of car insurance. You buy coverage, customize insurance to your needs, then carry insurance until you need it.
Elephant meets or exceeds the minimum insurance requirements in all states. If you have Elephant auto insurance, you are legally able to drive, and your insurance will cover you after an accident, vehicle theft, vandalism, and other incidents.
Your Elephant Auto Insurance Policy Can Include All of the Following:
- Bodily injury liability coverage
- Property damage liability coverage
- Collision coverage
- Comprehensive coverage
- Other optional coverages
What Makes Elephant Auto Insurance Unique?
Elephant Insurance offers similar car insurance to competing companies, although they have some unique options, including:
Legal Assistance Coverage: Elephant lets policyholders add legal assistance coverage for around $5 per month. With this coverage, Elephant will pay for any legal fees associated with tickets, citations, traffic charges, family law, estate planning, and more. Most insurers cover legal fees related to car accidents, but few extend coverage beyond that.
Diminishing Deductible: If you have collision coverage on your Elephant policy, then you can buy a diminishing deductible. With this optional add-on, you get $100 off your deductible immediately, then an additional $100 off each year you’re accident-free after that. Your deductible does not reset if you make a claim. You’ll continue paying that low deductible, and it will continue decreasing if you go one more year without a claim.
12 Month Policies: Many insurance companies in the United States prefer giving 6-month policies. Elephant is one of the few to offer a 12-month policy term.
Online Tools: Elephant is well-rated for its website and overall online experience. Customers generally have good things to say about requesting a car insurance application online. You can request a quote in minutes online. Customers also appreciate the ability to manage a policy completely online.
Low Mileage Options: Most insurance companies request mileage information on your application. However, Elephant offers customized quotes based on your mileage. You can choose your exact annual mileage (in 2,000-mile increments), then pay lower or higher rates for car insurance based on that information. If you drive fewer than 9,000 miles per year, then you could qualify for significantly cheaper insurance premiums.
Free Windshield Replacement: Elephant makes a big deal out of its free windshield replacement. Elephant will repair your windshield for free in certain circumstances.
Urgent.ly Roadside Assistance: Elephant has partnered with Urgent.ly to provide roadside assistance. You can add roadside assistance to your Elephant policy for a few extra dollars per month, getting coverage for fuel delivery, vehicle lockout, towing, and more.
Additional Insurance Products: Elephant only directly sells car insurance, although the company offers additional insurance products through third-party providers. Other insurance products include homeowners, umbrella, renters, condo, life, and motorcycle insurance.
Elephant Auto Insurance Ratings
Elephant Insurance isn’t one of the biggest or best-known insurance companies in the United States, so the company isn’t rated by large organizations like J.D. Power (for customer satisfaction) or A.M. Best (for financial strength).
However, Elephant has an A+ rating with the Better Business Bureau (BBB). The company has been accredited by the BBB since 2015, with the BBB file opened in 2009 (when the company was founded). The company’s BBB page has a customer rating of just 2.8 stars out of 5 based on 50 customer reviews.
Elephant has a mixed rating with the National Association of Insurance Commissioners (NAIC). The NAIC reported that Elephant had a complaint ratio index of 2.76, higher than the national median of 1.00. That means more customers complained to state regulators about Elephant than competing insurance companies.
Online, customers generally have good things to say about Elephant Insurance. Customers appreciate the company for its fast online quote request system, cheap insurance prices, and range of discounts. Many customers also find the website to be easy to use.
However, you can also find negative reviews about Elephant online. Customers who have made a claim are less impressed with Elephant. Some customers claim that Elephant was slow to respond to their insurance claim, for example, or resisted paying the claim for various reasons.
Overall, like most newer insurance companies, Elephant Insurance reviews are mixed. Some customers have had a positive experience, while other customers have not.
Elephant Auto Insurance Discounts
Elephant offers a range of discounts similar to the discounts offered by other insurance providers. Common discounts available with Elephant include:
- Multi-vehicle discount
- Online quote request discount
- Anti-theft device discount
- Safety equipment discount
- Multi-policy bundling discount
- Good student discount
- Paperless discount
- Paid in full discount
- Early bird discount
- Electronic payment and paperwork discount
- Defensive driving course discount for older drivers (over age 55)
Because of these discounts and its cheap overall coverage options, Elephant tends to offer cheaper-than-average car insurance in its targeted states. The company isn’t as cheap as GEICO and USAA, although Elephant tends to be about 10% cheaper than the average insurance company in most of its seven states.
Final Word – Elephant Insurance Review
Elephant Insurance is a Virginia-based car insurance company available to drivers in seven states, including Illinois, Indiana, Maryland, Tennessee, Texas, Ohio, and Virginia.
The company offers a range of auto insurance policy options and discounts. Overall, Elephant is well-rated for its discounts and policy customizability. Although Elephant is not as well-known as some of its larger competitors, it may be worth requesting a quote from Elephant the next time you apply for car insurance.
|Elephant Insurance Contact Information|
|Address||9950 Mayland Dr.
Henrico, VA 23233
|Customer Service Phone Number||877-321-2096|
|Claims Phone Number||844-937-5353|