Erie Insurance is probably one company you’ll wish you knew about earlier. Some of the Erie Insurance reviews you’ve seen on Google search results may not have treated it extensively like it should have.
In this blog article, you’ll come to what Erie Insurance is and how they work. We at TheWealthCircle will be unbiased in this Erie Insurance review. For a start, let’s get to know what Erie Insurance is.
Basic Info about Erie Insurance
Erie Insurance is a renowned insurance provider for home and auto needs. Its early days of issuing insurance policies started in 1825 in Pennsylvania.
Invariably, ErieInsurance has been in business for about 190 years. Its operations started then in a small setting and now, it now boasts of operating in 12 states across the US.
Its coverage includes key states such as New York and Washington D.C. The company is one of the largest insurance providers in the United States taking roughly 10% market share.
Although they offer a lot of insurance policies, Erie Insurance specializes in auto and home insurance.
Within the home and car insurance niche, they offer several subtypes. And so, it will be recommended that you opt for an Erie Insurance Policy that will suit your budget.
Erie Insurance is well established and has risen into the current Fortune 500 list.
Their services are reasonably priced compared to other insurance companies offering the same coverage. Also, there are a few discounts which you can take advantage of.
How Does Erie Insurance Work?
The working mechanism of Erie Insurance can be split into two: one for the home insurance policy and the other for the auto (car) insurance policy.
For simplicity and descriptive purposes, the following 5 steps highlight the working mechanisms common to both.
- You pay a monthly premium. This is the fee deducted from your account for your selected health plan.
- The deductible is made until your plan begins to be implemented, gradually providing you with more and more utilizable cost percentage.
- As you start sharing costs with your plan, your insurance ID will reflect both your deductible and coinsurance. A typical example of a coinsurance is when someone’s health plan reaches to the extent of paying 70% of car and/or home ownership costs while he pays the remaining 30% from his own money.
- Erie Insurance offers almost all kinds of auto insurance as well as home insurance. These are their niche areas in the insurance industry. There are the specialties with all the option for home and auto insurance.
- ErieInsurance like most insurance companies offer extra services and discounts that’s free of charge. You can benefit from them once you’re informed about them and utilize them.
Erie Auto Insurance
Auto insurance is mandatory for all car owners in developed countries like the USA. It is required by 48 states and getting your car insured is a money-saving thing to do.
Auto insurance providers like Erie pay for vehicle body damage, vehicle crashes, and other claims.
You can pick and choose to create one from the following insurance coverage policies outlined below.
Read: How Much Life Insurance Do I Need? | Full Guide
Types of Coverage
- Liability: Coverage offered when one damages other person’s vehicle. In some instances, it could also cover their medical bills if demanded.
- Comprehensive coverage: can provide coverage for the damage costs if the insured car is stolen or vandalised.
- Collision coverage: Coverage when one damages the body of the car from a collision.
- Personal injury protection (PIP)/physical damage coverage: is the kind of insurance coverage policy that pays out your medical bills in the case of a personal injury after a car accident. It can also cover the medical expenses of a passenger involved in a auto crash.
- Uninsured or underinsured motorist coverage : is a subtype auto insurance coverage that helps out an underinsured or uninsured driver that accidentally hits you. It is obviously not a free act of kindness. Coverage is temporary (gap insurance) and reversible.
- Rental car coverage : Here you’ll be given a rental after 24hrs of your severely damaged car and can’t be used. This is temporary until Erie Auto Insurance covers the cost of repairing it or providing a new one.
- New car replacement: This insurance will replace a severely damaged insured car with a new one.
- Better car replacement: this is simply coverage for the cost of obtaining another car in better mechanical condition.
- Rideshare driver coverage: Is only available in Illinois and Colorado whereby Lyft and Uber drivers can buy Erie Auto insurance.
- Roadside assistance: It is one of Erie’s extra programs that help you when the car breaks down unexpectedly by the roadside.
Purchasing an auto insurance plan from Eric Insurance may cost you $1,233 per annum. This is considerably lower than the average cost at a nationwide level. Nevertheless, Erie still provides some discounts you can benefit from.
Read: Root Insurance Reviews 2022: Is It Legit Or Scam | How It Works
Discounts you can enjoy from Erie Auto Insurance Plans
- Multi-policy: This is the most beneficial discount you can get from Erie Insurance. You will save up to 17-25% for bundling auto, home, or condo insurance policies. Hence, the name multi-policy Erie Insurance discount is given.
- First Accident Forgiveness: Your rates will not increase after your first accident with your insured car.
- Rate lock discount: In this case, Erie Insurance will freeze your rate for a time period if though you file a claim. So you’ll pay the same premium throughout that time unless you add vehicles to it.
- Diminishing deductible: this type of discount is marked by a declining monthly deductible when you do not file any claim for a longtime. You can save $100 or more every year.
- Car Safety Discount: You could save 5-10% if your car has saftey features such as anti-brake locks.
- Payment Upfront Discount: paying your rates upfront before reminiders or expiration dates met, attracts a discount.
- Other discounts include Student Away at School Discount, Driver Training Discount, and Financial Incentives
Read: Safeco Insurance Reviews: Pros & Cons | Legit & Scam | How it Works
Erie Home Insurance
Erie Home Insurance is the type of insurance that covers the home repair costs or home replacement cost of the insured individual or family.
Homeowners insurance is almost compulsory that one purchases home insurance as unexpected damage to the house or its contents can happen to anyone at any time. Loss of property in certain events like weather or theft is the primary reason why people get Erie Home Insurance.
Unlike other insurance providers, Erie covers your home up to its assessed cash value.
You can pick and choose to create one from the following insurance coverage policies outlined below.
Read: Cigna Life Insurance Review
Types of Coverage
Personal property: This covers the content of your house particularly your personal items, such as furniture, kitchen utensils, electronics, and others.
Personal liability: Covers you if a third party sues for injury or damage to property.
Home structure: Coverage for your home or dwelling, especially from extensive damage from flood, hurricane, or earthquake. It will ensure that your home gets refurbished or replaced if it gets damaged or destroyed.
Other home insurance products: Water backup and sump pump overflow, Liability, Identity recovery, Service and utility line protection
The home insurance will cost you just $897 on average for a $250k house. If you divide that into monthly premium, it will set you back $75 at the end of every month.
Discounts you can benefit from Erie Home Insurance
- Multi-policy: Just as with the Erie auto insurance discount, you will save up to 13% for bundling auto, home, or condo insurance policies. This is the most beneficial discount you can get from Erie Insurance. Hence, the name multi-policy discount is given.
- Home Safety credit discount – If you install a couple of safety devices in your house (example, fire alarms or burglar alarms), you can save yourself some money.
- Advanced quote discount – Shopping for homeowners insurance one week to two months prior to the expiration date of your policy might save you.
Is Erie Insurance Legit or Scam?
If you want to buy insurance from Erie Insurance, you should go ahead. You shouldn’t fear because Erie will certainly pay your insurance claims and fulfill the policies.
Many Erie Insurance reviews are positive and without much complaints from customers. This is commendable for a company of this size to still keep up the quality of service and reputation for a length of 196 years of business.
Erie Insurance for car and home claims is a good option for individuals and families who want their automobile and property adequately insured. Check their website to confirm their authenticity.
Read: Globe Life Insurance Review In 2022
Conclusion
In conclusion, Erie Auto Insurance is legit and so is Erie Home Insurance. But ensure that you contact their official customer service lines before purchasing in order to avoid scammers using the company name.
Erie Insurance will financially protect your car as it goes from ‘zero to a hundred real quick’ as a friend will jokingly say.
FAQs Erie Insurance Review
The auto insurance costs $1,233 per annum for minimum (basic) coverage and $1235 for a fully opted coverage. Home insurance with Erie Insurance costs $897. These amounts are the average annual cost according to bankrate.com
Filing your Erie insurance claim is quite simple. You can do so through the “claim center” on the official Erie website or app. Alternatively, you may call the support desk for more information.
Should you need to replace your belongings or repair your home, Erie Insurance will protect you from the financial risk of these losses. The company is solid insurance with an A rating from multiple institutions. There have been very few customer complaints and Traveler Insurance reviews have been positive online.
References:
Recommendation
