If you live in the right areas, Erie offers great value with reliable coverage. Although Erie’s base quotes may be steep with certain policies, take into consideration all variables before making your decision.
Auto Insurance Review: Erie
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- Auto Insurance Review - Erie
Score923/5
discounts
4.5/5
complaints
5/5
satisfaction
4.5/5
stability
5/5
affordability
pros
Generous coverages with certain policies
Varied add-ons
Big discounts with bundled services
cons
Limited service in western states
Higher premiums
Restrictions on filing claims online
With bargain quotes, stellar customer satisfaction ratings, great value with base policies and numerous features, Erie Auto Insurance is an A-list insurer that could cover you in many ways. However, their coverage only applies if you live in an eligible state. Although Erie is a legacy insurer, its network is thin in the western region. But if you live in eastern, midwestern or southern locations, Erie offers many opportunities to save while providing top-notch coverage.
How Does Erie Auto Insurance Rate?
Erie Auto Insurance is highly ranked among industry-standard rating agencies, including J.D. Power, Consumer Reports, the National Association of Insurance Commissioners (NAIC) and AM Best.
Customer Satisfaction Rating
First Notice of Loss:
4/5
Estimation of Process:
4/5
Repair Process:
4/5
Claims Servicing:
4/5
Rental Experience:
4/5
Settlement:
4/5
Erie Auto Insurance’s consumer satisfaction ratings are among the best in the industry. But results were sampled from a smaller network compared to those that were sampled from larger networks operated by nationally-based insurers.
Nonetheless, Erie Auto Insurance is one of J.D. Power’s top five insurance companies.
Customer Complaint Ratio
Erie
The National Association of Insurance Commissioners (NAIC) issues the Customer Complaint Ratio, which tracks the number of public complaints lodged against insurance companies. The ratio is calculated by dividing each insurer’s complaint index by the national median. The default national median is 1. It’s based on complaint indices from all regulated insurance companies, according to the type of policy. Ideal performance standards should fall below 1.
Financial Strength
AM Best is the world’s largest credit-rating agency specializing in insurance. It issues the AM Best Financial Strength Rating, which is a financial quality assurance measure to ensure certain insurance companies can meet their financial obligations. The ratings gauge fiduciary strength and are not a warranty for policyholders.
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Erie Insurance Features
Erie’s competitive policies allow you to customize your policy in various ways. Certain coverages that are typically add-ons with some insurers are included in a few of Erie’s base policies. Rate-lock and extended coverage options are also key features. If you’re looking to tailor your policy for specific purposes, Erie has many selections to choose from.
- Type of FeatureDescription
- Online Bill PayWith an online account, you can pay your premium online.
- Online ClaimsAuto claims are handled over the phone, but auto-glass claims can be filed online.
Erie Auto Coverage
Each state mandates the level of protection drivers need to have. Most states require liability coverage, which includes bodily injury and property damage. Other frequently mandatory coverage includes medical payments or personal injury protection (PIP) and uninsured motorist protection. Your lender may require you to add comprehensive and collision coverage.
A basic Erie auto package includes these features with certain eligibility and restrictions based on the specific policy and your state-of-residence.
- Type of CoverageDescription
- CollisionErie pays for damages to your car that result from an at-fault collision with another vehicle or object.
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Optional Insurance Features and Coverage
Erie has many single coverages to accessorize your policy. Certain restrictions and applications apply based on your location.
- Type of OptionDescription
- Rental ReimbursementA replacement vehicle is provided while your rental is being repaired. Premiums are based on the class of your car, ranging from Class, such as compact Sedans, to Class 6, such as specially-equipped models.
- Roadside AssistanceFor an extra $5, Erie’s emergency roadside service covers you if you become stranded from an empty gas tank, lockouts, flat tires, mechanical breakdowns and dead batteries.
- Accident ForgivenessNo surcharge is added for your first claim if you’ve held a policy for at least three years.
- New CarIf your vehicle is two years off of the lot and it’s destroyed in a collision, Erie will replace it with the newest comparable model year minus your deductible.
Available Discounts on Erie Car Insurance Coverage
Erie’s discounts are less than some other insurers, but if you meet eligibility criteria you could save additional cash. Car safety equipment discounts could automatically apply as newer vehicles are pre-installed with some of the qualifying equipment. If your driving record has no major infractions, you could easily save on your premium.
- Type of DiscountDescription
- Safe DriverIf you’ve maintained a good driving record, you may receive a discount on your premium.
- Multi VehicleIf you insure two or more of your cars with Erie, a discount may apply. All of the vehicles in your household, however, must be owned and used by the policyholder.
- Multi PolicyStandard multi-policy premium discounts are around 20% if you add a qualifying life insurance policy or home policy.
- Safety EquipmentSavings are available if your vehicle is installed with safety equipment, such as factory-installed airbags, passive restraint, anti-theft devices and anti-lock brakes.
- Pay In FullA discount may apply if you pay your auto premium in one lump sum.
Other Erie Insurance Products
In addition to selling car insurance, Erie’s sells other types of protection, typically what you might find with other large insurers. But if you’re also shopping for homeowner’s insurance and you live in an eligible state, consider bundling your auto coverage. Erie’s multi-policies offer discounts from 16% to 25%, with most around 20%, depending on your location and policy start date. If you’re looking for business insurance, Erie also has an impressive portfolio to choose from.
- Type of ProductDescription
- Homeowners InsuranceErie has homeowner’s insurance for homeowners, renters, condo, mobile home, personal valuables and flood insurance. Erie’s Guaranteed Replacement Cost coverage for homeowner’s insurance covers your home’s original value, even if it needs to be rebuilt.
- Life InsuranceRetirement services and life, personal catastrophe liability, identity theft, Medicare and long-term care rider protection are available.
- Business InsurancePackages include business, business auto, wholesaler distributors, restaurant, risk control, workers’ compensation and other industry options.
How to Make a Car Insurance Claim With Erie
To file most claims, you have to do it over the phone. You can file an auto glass or workers’ compensation claim, however, online as well. But you need to set up an online account. To open a claim over the phone, follow these steps: 1. Call (800) 367-3743 2. Select the prompt that applies to you 3. Stay informed with your online account, where you can review: - The status of your claim - Rental company and repair shop services - Payments entries including a history of credits made to you - Contact information for claims representatives handling your claim
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Methodology and Assumptions
To evaluate and review auto insurance companies, MoneyGeek carefully weighs factors such as price, financial strength, policy features, customer satisfaction, service and other leading indicators. MoneyGeek also references publicly available data from industry leaders such as J.D. Power, AM Best and the National Association of Insurance Commissioners (NAIC) and the Better Business Bureau. Learn more about MoneyGeek’s review methodology here.
About the Author
sources
- AM Best. "Erie Insurance Company Financial Strength Rating." Accessed March 18, 2020.
- Consumer Reports. "Car Insurance Ratings & Reliability." Accessed March 18, 2020.
- J.D. Power. "2019 U.S. Auto Claims Satisfaction Study." Accessed March 18, 2020.
- The National Association of Insurance Commissioners. "Erie Insurance Property & Casualty Co. Complaint Ratio Report." Accessed March 18, 2020.
