Erie Insurance is one of the most highly regarded insurance businesses in the United States, and for good reason. It has consistently good pricing, outstanding customer service, and coverage options that are comparable to or better than those offered by rival insurers.
Erie Insurance, which has been in business since 1925, has a customer retention percentage of over 90% year after year. It provides coverage for your home, life, and automobile.
So, join me to go through this article and you will learn all you need to know about Erie Insurance Reviews in this article.
Table of contents
What is Erie Insurance?
According to Wikipedia, Erie Insurance is a publicly held insurance company, offering auto, home, commercial, and life insurance through a network of independent insurance agents.
As of 2021, Erie Insurance Group is ranked 347th among the largest public U.S. companies, in terms of revenue, by Fortune magazine. It offers a variety of discounts, perks, and add-ons, including a rate-lock scheme.
On the company’s website, you can acquire an insurance quote, but you’ll need to deal with an agent to purchase the coverage you want.
You can also use the website to pay bills and manage your account; however, any claims must be submitted through the company’s claims hotline. Erie is responsible for policy in 12 states as well as Washington, D.C.
The headquarters of Erie Insurance is in Erie, Pennsylvania. Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin, and the District of Columbia are among the states where the firm is offered.
Erie Insurance Reviews: More about Erie
Website: Erie’s webpage is quite useful. Get a car quote, find an agent, pay your bill, log in to your account, register a claim, and find a repair shop.
Mobile phone: Erie has a smartphone app that you can use to manage your policy.
Erie’s retirement planning products include annuities, standard and Roth individual retirement accounts, as well as additional insurance. (Erie Annuities are not available in New York.)
Erie Insurance Reviews: How Does It Work?
This insurance company (Erie) provides a wide variety of coverage and benefits, including basic coverages like liability, uninsured motorist, medical protection, collision, and comprehensive. It also offers these additional coverages:
- Glass repair
- Locksmith service
- Personal items
- Accident forgiveness
- Travel expenses
- Pet injury
Erie’s Auto Plus package offers the following perks:
- Diminishing deductible: Takes $100 off your deductible (up to $500) every year without an accident.
- Extra rental car time: Gives you up to 10 days of extra time with a rental car when your car is out of commission.
- Even higher limits: Adds to your limits for services like locksmiths, etc.
- Waived deductible: Waives your deductible if you also use Erie’s home insurance and the accident involves your home (e.g., if you accidentally run into your home, you don’t have to pay the auto deductible).
- Death benefit: Pays up to $10,000 in the event of a covered auto accident death.
Erie Insurance Reviews: Pros and Cons
- Erie might be a good choice for drivers who require a lot of coverage and want to tailor their policy.
- Erie caters to drivers who want to bundle their auto insurance with other types of coverage.
- The insurance provides insurance for homeowners, renters, landlords, condos, and mobile homes.
- Applicants can mix and combine coverage options or select from a pre-packaged solution.
- In our Satisfaction Survey, Erie was one of the highest-rated firms among Millennial and Boomer customers.
- Erie offers a mobile app, but it’s exclusively for vehicle policies (no homeowners), and the firm doesn’t have a telemetry program.
- The online satisfaction scores for Erie were lower than the national average.
- Low-mileage drivers may be better suited looking for coverage elsewhere if there isn’t a usage-based coverage alternative.
- According to our Customer Satisfaction Survey, Erie’s coverage is better for homeowners than for renters.
Types of Policies Offered by Erie Insurance
#1. Erie Auto Insurance
Erie Insurance offers a variety of auto insurance coverage, including ridesharing coverage and first-accident forgiveness, which are often charged extra by other providers if they are offered at all.
But there’s a catch: not all forms of coverage are available in every state where Erie does business. North Carolina and Kentucky have fewer insurance options than other states.
Types of Coverage
- Comprehensive coverage
- Physical damage coverage
- Collision insurance
- Liability insurance
- Transportation expense/rental car coverage
- Roadside service
- New car protection
- Better car protection
- Rideshare coverage
- Pet coverage
Cost of Erie Company Auto Insurance
According to Bankrate, the average annual premium for Erie car insurance is $1,233 per year or $100 per month, which is over $400 lower than the average premium of $1,674.
Erie Auto Insurance Discounts
- Rate lock – This discount, available in some states, freezes your premium. The price remains the same even if you file a claim, except when you add or remove vehicles or drivers or if you move your residential address.
- Multi-policy discount – Save 16 to 25 percent if you bundle home or life insurance with auto insurance coverage, or if you insure multiple cars.
- First accident forgiveness – Depending on how long you’ve been a policyholder, your first accident won’t increase your rates.
- Diminishing deductible – Eligible drivers can reduce their deductible by $100 for every year they don’t file a claim, up to a maximum of $500.
- Vehicle storage – If you’re keeping your car off the road for 90 days or more, you can get a discount for reduced usage.
- Safety savings – If your car has safety features like anti-lock brakes, you can save money.
- Payment discounts – There are discounts available for customers who pay the premium up front in full.
- Driver training discount – Drivers under 21 who’ve taken a driver training course can save.
- Youthful driver discounts – Parents or guardians can get discounts for unmarried young drivers.
#2. Erie Home Insurance
Also, Eric Insurance provides renters, condo, and mobile home insurance besides homeowners’ insurance. The manner the insurer handles claims sets it apart from the competition.
Erie Insurance policies use a guaranteed replacement cost instead of cash value, which protects your house up to its assessed cash worth.
Guaranteed replacement means that Erie “will pay you for the full cost of rebuilding your house back to its previous size and specifications,” says Fran Majidi of SmartFinancial Insurance, an insurance technology company.
This is more liberal because assessed monetary value does not often cover the true cost of rebuilding.
Types of Coverage
Home insurance coverage includes:
- Personal property
- Home structure
Also, there’s the option to add extra coverage areas, like:
- Personal liability
- Water backup and sump pump overflow
- Identity recovery
- Service and utility line protection
Cost of Erie Home Insurance
According to Bankrate, On average, Erie’s homeowner’s insurance premiums cost $897 per year or $75 per month for a home valued at $250,000. This is lower than the national average of $1,312.
Erie Home Insurance Discounts
- Safe home credit–If you install safe home devices, such as fire alarms or burglar alarms, you can save money.
- Advanced quote discount–Shopping for homeowner’s insurance one week to 60 days before your policy expires will save you.
- Multi-policy discount–If you have both home and auto insurance with Erie, you can get a price break by getting their life insurance, too.
#3. Erie Life Insurance
Erie Insurance offers four forms of life insurance: term, whole, universal, and ERIExpress Life, a simplified policy that does not require a medical exam.
Types of Coverage
- Term life insurance: Fixed payments following your death for a set period; this policy is valid for a set term, like 10, 20, or 30 years, rather than your whole life.
- Whole life insurance: Guaranteed cash value for your entire life with fixed premium payments.
- Universal life insurance: Coverage that lasts your entire life with a flexible payment structure.
- ERIExpress Life insurance: Coverage between $10,000 and $500,000 with a fast application that doesn’t require a medical exam; you’ll still need to answer questions about your medical history in the application.
Cost of Erie Life Insurance
While shopping for life insurance quotes is a personal experience, sample policy quotes for two Erie plans can provide a sign of rates.
A quote was sought for a healthy 35-year-old lady who does not smoke and lives in Columbus, Ohio by NextAdvisor.
A 30-year term policy with a death benefit of $100,000 would cost $243 per year, or $20.24 per month for this person.
Erie Life Insurance Discounts
Erie doesn’t specify any life insurance discounts.
Other Policies Offered by Erie Company
- Motorcycle insurance
- Classic car insurance
- Boat insurance
- RV and mobile home insurance
- ATV/snowmobile/golf cart insurance
- Renters insurance
- Condo insurance
- Flood insurance
- Personal valuables insurance
- Identity theft recovery coverage
- Personal catastrophe liability coverage
- Retirement insurance
- Medicare coverage
- Long-term care insurance
- Business insurance
- Wholesaler-distributors insurance
- Restaurant insurance
- Risk control services
- Workers’ compensation
Erie Insurance Reviews and Ratings
Customer service at Erie Auto Insurance is routinely rated as excellent. The company has received high praise in all facets of its operations, including during the shopping experience and while filing claims.
In J.D. Power’s nationwide auto insurance shopping study, the company received first place, a 5/5 rating, and a 4/5 rating for claims satisfaction.
It also got far fewer customer complaints than expected for a company of its size, with an NAIC complaint ratio of 0.59.
Erie’s home insurance division is also highly regarded. J.D. Power’s overall U.S. home insurance satisfaction research scored a 4/5 rating and came in the fourth position nationwide.
All parts of Erie’s service received high grades, including policy offerings, affordability, and the claims process.
Erie Insurance is likewise in good financial shape. A.M. Best has given it the highest possible rating (A+/Superior), suggesting that the company has a very strong ability to pay out customer claims; future Erie Insurance clients should not be concerned about financial stability.
Erie Insurance Reviews
Here are some reviews from Erie customers.
“Erie Insurance is great and responds quickly when I need to make a claim. Wouldn’t think about going with any other company!” Scott M. Weston, WV
“Everyone I worked with at Erie made this claim so easy… such wonderful customer service!” Robert D. Willard, WI
“The best decision we ever made was switching our insurance to ERIE. You guys have gone above and beyond every time we have needed help”. Thank you! Valerie S., Martinsburg, WV.
Easy to Deal With
“Thoroughly impressed with the efficiency of the process and literally everyone involved. Made the bad experience of my car accident a situation that was very easy to deal with. I have had ERIE for a long time and will always recommend it to my family and friends.” Kami C. Harrison City, PA.
Eric Insurance is a good firm, and their prices are quite competitive, and their customers are generally satisfied with their services. The only drawbacks are the restricted number of online tools and geographic availability. However, before you get insurance from them, you need to study about them well before anything.
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