If you are searching for insurance, then you probably heard of Erie car insurance. Erie is well-known for their attractive rates, but the question is, why is Erie Insurance so cheap? This is what we will help you to find out in the article.
Erie prices their services differently
There is no real way to answer this question. Some insurance carriers price their services differently than others. Companies such as GEICO and Esurance have lower costs than car insurance companies like State Farm and AAA. With lower overhead costs, they are able to give you cheaper rates.
Is Erie reliable for auto insurance?
If we’re honest with ourselves, If we notice that a company offers cheap rates, then we start to question their reliability. We like to equate cheap as being poor quality, but in the world of insurance this is not always true. Erie is known for their reliability. They are one of the top auto insurance companies in the U.S. today.
They have been insuring people since 1925 and they have maintained a great reputation. Nerd Wallet awarded Erie with 4.5 out of 5 stars. In the J.D. Power Auto Claims Study, Erie Insurance received 4 out of Power Circles in overall satisfaction. In the estimation process, repair process, and rental experience Erie received 5 out of 5 Power Circles. The only companies that rated higher than Erie are USAA, NJM, Amica Mutual, and Auto-Owners Insurance.
In the Homeowner’s insurance study, Erie rated among the best with 4 out of 5 stars in overall satisfaction. Erie also rated 4 out of 5 power circles in policy offering, price, billing, interaction, and claims. In the Renter’s insurance study, Erie was the top insurance company with 5 out of 5 power circles. The only other company to receive 5 out of 5 Power Circles was USAA. If you need a home and auto insurance company with a great reputation, then Erie would be a wonderful choice. Erie is a company that you can trust. Not only does J.D. Power think so, BBB another reliable source gave the company an A+ rating.
Does Erie have a strong financial strength rating?
Many local companies offers low insurance rates, but they don’t have a strong financial strength rating. I know local car insurance companies in Fort Lauderdale, Fl that offer competitive rates, but I would not trust them to insure my vehicle because they don’t have strong assets. When a company does not have that much funds available, getting your insurance claim handled timely and fairly can become a nightmare. Insurance companies with low assets can become greedy when it’s time to help out their customers. Erie Insurance doesn’t have this issue. From A.M. Best, Erie received an A+ in financial strength.
Erie Insurance discounts to help you save more money.
Safe driver – Safe driving is the best way to receive cheaper auto insurance rates. You may be able to save 10% – 30% depending on your insurance provider.
Multi-car – Do you have multiple cars that you want to insure? If so, then you can end up saving with Erie Insure. The vehicles that are insured must be owned and used by the insured driver.
Reduced usage – Do you use your car often? With Erie if your car is garaged for 90 consecutive days, then you will be able to save on auto insurance. This is great if you are away for school or if you are being deployed.
Annual payment – Paying your insurance premium in full instead of month to month can help you to save. Payment must be made in one lump sum to qualify.
Young drivers – If you are a young driver who is under 21 years old, then you can save with Erie. To qualify for this insurance discount, you must be unmarried and you must still live with your parents.
ERIE Rate Lock – Erie Rate Lock is a great insurance feature if you want to avoid insurance spikes. An auto accident can significantly increase your rates. Some insurance companies even increase your rates after one year. With Rate Lock your policy will remain the same. The only time your rates will change is when you add or remove a vehicle or driver on your policy.
Multi-policy – If you want to insure multiple policies with Erie you will be able to save anywhere from 14% to 30%. The amount that you will be able to save with this discount depends on where that you live.
Erie only offers insurance in 12 states.
This matters because one of the determining factors of how much you will end up paying for insurance is the state that you live in. Some states offer expensive rates while others are inexpensive. High insurance states include Louisiana, Oklahoma, Michigan, West Virginia, Washington, D.C., Montana, Georgia, Rhode Island, and California. However, Erie does not offer insurance for any of these places except for West Virginia. Their locations served could be a big reason for their lower rates. Erie is available in the following states:
- Illinois
Office location
2409 North Main Street, Suite 200
East Peoria, IL 61611-1785
- Indiana
Office locations
7223 Engle Road, Suite 100
Fort Wayne, IN 46804-2228
250 East 96th Street
Suite 500
Indianapolis, IN 46240-3762
- Kentucky
Office locations
1146 Monarch Street
Suite 140
Lexington, Kentucky 40513
- Maryland/District of Columbia
Office locations
Hagerstown Claims Office
18544 Breeze Hill Drive
Hagerstown, MD 21742-1350
Silver Spring Branch Office
12121 Tech Road
Silver Spring, MD 20904-1906
- New York
Office locations
120 Corporate Woods
Suite 150
Rochester, NY 14623-1464
- North Carolina
Office locations
10715 David Taylor Drive, Suite 500
Charlotte, NC 28262
8000 Regency Parkway, Suite 200
Cary, NC 27518-8514
- Ohio
Office locations
4690 Munson Street, N.W.
Canton, Ohio 44718-3636
Suite 350
445 Hutchinson Avenue
Columbus, OH 43235-5691
- Pennsylvania
Office locations
2200 West Broad Street
Suite #1
Bethlehem, PA 18018-3247
4950 West 23rd Street
Erie, PA 16506
4901 Louise Drive
Rossmoyne Business Center
Mechanicsburg, PA 17055-4878999
Eisenhower Blvd. Suite A
Johnstown, PA 15904-3650
1000 Murry Ridge Lane
Murrysville, PA 15668-8517
1400 North Providence Road Suite #216
Rose Tree Corporate Center
Media, PA 19063-2094
301 Commonwealth Drive
Warrendale, PA 15086-7508
- Tennessee
Office locations
750 Old Hickory Blvd.
Building 1, Suite 150
Brentwood, TN 37027
2035 Lakeside Centre Way
Suite 140
Knoxville, TN 37922
- Virginia
Office locations
Two Paragon Place
Suite 600
6802 Paragon
Richmond, VA 232302820
Electric Road, Suite 100
Roanoke, VA 24018-3550
100 Pelham Drive
Waynesboro, VA 22980-1543
- West Virginia
Office locations
3700 Poplar Street, Suite 200
Parkersburg, WV 26101-0162
- Wisconsin
Office locations
20300 Watertower Boulevard
Suite 230
Brookfield, WI 53045-3745
Compare rates today
I have found Erie to be an affordable insurance provider. Not only is it affordable, but it is also a great company. However, if you are budget shopping, the best way to get the best rates is to compare insurance rates. With a plethora of providers such as GEICO, Travelers, Allstate, etc. take the time to compare rates in your area which can end up saving you 25% on auto insurance.