Elephant insurance review 2024
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At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict ,this post may contain references to products from our partners. Here's an explanation of .Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .
At a glance
Bankrate's take
Policyholders with less-common auto insurance needs, such as non-owner insurance or policies for leased vehicles, may benefit from getting a quote from Elephant. However, the company’s service area is limited.
Those who want to manage their insurance policies and claims online. They may appreciate the perks Elephant offers, including e-signature, online quotes and work-from-home discounts.
Elephant car insurance
According to Bankrate’s analysis, drivers who are seeking less-common types of add-on car insurance coverage may find Elephant to be a good choice. Elephant was founded in 2009 and began as strictly an auto insurance company. It offers the standard suite of car insurance policy staples but also has an array of add-on options to consider. Among those options is non-owner car insurance for drivers who don't have their own vehicle and custom parts and equipment coverage for custom or modified cars. However, Elephant only writes auto insurance policies in eight states.
Pros and cons of Elephant car insurance
Like most products, Elephant’s car insurance has upsides and downsides. We explore a few below:
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Advertises a multitude of potential discount opportunities
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Allows bundling of Elephant auto insurance with some non-Elephant insurance products
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Offers several less-common auto insurance add-on options
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Availability limited to eight states
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Unusually high level of complaints with the National Association of Insurance Commissioners (NAIC)
Elephant car insurance cost
Average premiums for Elephant auto insurance are not available. The current national average cost of car insurance is $2,458 per year for full coverage and $678 per year for minimum coverage. Comparing quotes from multiple insurers can help ensure you purchase your policy at a competitive rate.
It’s important to remember, though, that rates vary based on a number of personal rating factors, such as your ZIP code, the make and model of your vehicle, driving history and even your age (in most states). As such, it may be helpful to get a personalized quote to learn what your costs may be.
Elephant car insurance discounts
Many of the best car insurance companies offer discounts to help you significantly lower your car insurance premium. Elephant advertises that drivers can save up to 40 percent on their car insurance by taking advantage of its long list of discounts, many of which may not be found with other car insurance carriers. This could make Elephant a competitively cheap insurance company for some drivers.
Discount opportunities include:
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Get personalized auto insurance quotes
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Elephant home insurance
Elephant offers standard homeowners insurance coverage through its partner company Lemonade, including personal property coverage, liability and medical payments coverage. Similar to Elephant’s auto policies, endorsements are available to customize coverage through Lemonade. These options include swimming pool coverage, water backup coverage, equipment breakdown coverage and valuable items coverage for luxury items like furs and jewelry. Extended replacement cost coverage is also available for the dwelling itself.
Pros and cons of Elephant home insurance
There are several pros and cons of Elephant homeowners insurance for prospective customers to consider:
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Numerous potential discounts on offer
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A range of add-on options are available
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Not available in every state
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Does not write its own homeowners policies
Elephant home insurance cost
Average premiums for a Lemonade homeowners policy are not available, although the company’s website states policies can start as low as $25 per month. The best way to find out how much you can expect to pay is to compare quotes from multiple companies.
For comparison purposes, the current national average annual premium for $300,000 in dwelling coverage is $2,304. However, your rate may vary due to factors like where you live, how big your house is and whether any renovations or updates have been completed. Keep in mind that depending on your coverage needs, the cheapest insurance will not always provide the best financial protection.
Elephant home insurance discounts
While Elephant does not underwrite its own home insurance policies, it does offer multiple discounts for drivers with existing car insurance with Elephant. Although Lemonade does not list available home insurance discounts on its website, the company notes you may get a discount if you install protective devices like sprinklers and smoke detectors, or if you check for discounts on the mobile app.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Get personalized home insurance quotes
Answering a few quick questions to check your availability with Elephant
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Elephant life insurance
Similar to its homeowners insurance, Elephant does not underwrite its own life insurance. Instead, Elephant life insurance is offered through its partner company Ladder. The only available option is term life insurance, which may be a draw to those who want a cost-effective method of protecting their loved ones. Perks of Ladder life insurance through Elephant include a quick online application with no required medical exam and a potential bundling discount.
Pros and cons of Elephant life insurance
Customers looking to bundle their insurance coverage and add term life to a variety of other policies may find convenience in purchasing Ladder coverage through Elephant. While life insurance is limited to term policies only, the convenience factor and potential bundling discount could make this a solid option.
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Offers term life policies
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Does not require a medical exam
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Coverage decision available in minutes
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Only offers one type of life insurance policy
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Does not underwrite its own life insurance policies
Elephant life insurance endorsements
Many of the best life insurance policies offer numerous coverage options to personalize the policy. While Elephant does not indicate which specific endorsements are available, it does state that policyholders can choose from different coverage limits and payment plans.
Compare life insurance providers quickly and easily
See which provider is right for you.
Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare Elephant with other insurers
Finding the right insurance can be tricky and depends on several personal variables. That's one reason why it's often helpful to shop around between multiple insurers when looking for a policy. Below are some possible alternatives to Elephant when considering insurance.
Elephant vs. Metromile
While Elephant offers discounts for low-mileage drivers, like its work-from-home discount, some companies specialize in low-mileage car insurance. Metromile is one such company, and it could be a good choice for drivers who want auto coverage but drive minimally and want to see that reflected in their rates.
Elephant vs. Progressive
Elephant offers a robust suite of auto insurance options, including add-on coverage options, but it does not have an app to make things more convenient for its customers. Progressive is one of the larger insurance companies, and it offers auto, home and life insurance. Progressive also has a free app and other digital tools. People who prioritize digital tools and apps and are looking for these types of insurance policies may prefer Progressive over Elephant.
Learn more: Progressive Insurance review
Elephant vs. Farmers Insurance
Customers can get auto, home and life insurance through Elephant, but home and life policies (as well as some specialized types of auto) are underwritten by partner companies. Farmers offers these types of policies in-house while maintaining several discount and customization options. Those who want to purchase all their insurance policies from one company and like customization options for home and auto may prefer Farmers to Elephant.
Learn more: Farmers Insurance review
Is Elephant a good insurance company?
Elephant insurance may be a good option for the right customers. The company offers auto, home and life insurance products, although some of these policies are underwritten by partner companies. Auto policies come with several add-on options that may be hard to find at some other companies, and Elephant offers several potential discounts.
Still, Elephant insurance products are only available in eight states, and Elephant car insurance reviews are mixed — the company has received a relatively high number of NAIC complaints. Customers who are in the service region, qualify for discounts and don't mind the rate of NAIC complaints may find Elephant to be a good company.
Elephant customer satisfaction
Third-party rating companies, such as J.D. Power and AM Best, review insurance companies and analyze specific factors like customer claims satisfaction and financial strength. These ratings can help prospective customers determine which company is best for them. Another helpful metric is the relative number of complaints filed with the NAIC.
| Study or Rating agency | Elephant | Industry average |
|---|---|---|
| 2024 J.D. Power Digital Experience Study - Service | Not scored | 698/1,000 |
| 2024 J.D. Power Digital Experience Study - Shopping | Not scored | 516/1,000 |
| AM Best rating | A+ (Superior) | N/A |
Elephant auto claims satisfaction
J.D. Power doesn’t include Elephant in its ratings. However, it is worth noting that Elephant’s financial strength is lauded by AM Best, indicated by its A+ rating.
Elephant auto complaints
The NAIC assigns complaint index scores independently for each insurance coverage type (private passenger, homeowner, individual life, etc.). Complaint indexes vary within companies depending on the product being ranked and its correlating customer service.
Elephant has an NAIC complaint index above the industry baseline. Its most recent NAIC complaint index is 1.55. Companies with ratios over the baseline of 1.00 have a higher number of complaints, while those under this number have fewer.
To judge a company’s complaint record, the NAIC tracks complaints and compares the rates to a national average. 1.00 is considered the baseline. Companies with a rating over 1.00 have a higher number of complaints for a company of its size. Elephant’s private passenger complaint index for the most recent year is 1.55 — more than industry average.
Other Elephant tools and benefits
Elephant offers other types of insurance in addition to auto, home and life insurance. These include:
- Motorcycle insurance: If you own a motorcycle, Elephant can provide coverage through its partner company, Dairyland.
- Roadside assistance: You can digitally track your service provider when you use the company's roadside assistance service, which offers towing, battery jumps and more. Assistance is available 24/7.
- ATV and off-road vehicle insurance: If you own an off-road vehicle, such as an ATV, golf cart or other recreational vehicle, Elephant can provide coverage.
- Renters insurance: Renters can purchase insurance to help financially safeguard their belongings while they live in a rental property.
- Condo insurance: Elephant offers insurance for condominium owners through its partner company Lemonade. These policies are designed to cover the unit’s interior.
- Umbrella insurance: For those who feel safest with extra coverage, umbrella policies are available to cover property owners, people with pets or those with significant assets they’d like to insure.
- Legal resources: For a small monthly fee, policyholders can access attorney services at a discount. This includes assistance for such services as family law (e.g., divorces, adoptions, etc.), wills and trusts, real estate and even 100 percent coverage for an attorney fee related to one traffic violation per year.
- Pet injury coverage: Enjoy pet injury coverage included with your collision policy. Your dog or cat will be covered up to $1,000 if injured in an auto accident.
Frequently asked questions about Elephant
