These are trying times for sure!
And whether you are with your family or on your own, it is essential to be prepared for any type of contingencies.
Aside from having enough money for your plans, my tip is to invest in insurance. Having this will help you save money and your lives at the same time.
In this article, I will review Erie insurance from its history, policies, rates, and customer reviews. My goal is to help you consider getting a policy from this company.
But first, watch this video to help you avoid one of the biggest mistakes when getting insurance:
Who is Erie Insurance?
The company was built as a partnership between Oliver Grover Crawford and Henry Orth Hirt. Crawford met Hirt after a recommendation as a salesman for the Pennsylvania Indemnity Exchange. They then started the company under the name Erie Indemnity Exchange in 1925.
Their first policy was enacted as the Erie Insurance Exchange on April 20, 1925. Since then, their mantra is “The ERIE is Above all in service,” Aside from that, they asked their customers to call Hirt directly through the hotline, and use call collects too.
Due to this, they were able to expand into various places across the United States. They opened their second office in Pittsburgh in 1928. Meanwhile, their first branch outside their state was built in Maryland in 1953.
Aside from increasing their offices, they also increased the policies they can carry. This includes adding the Super Standard Auto Policy in 1934.
Even if Crawford retired a year before, Hirt was able to survive the Great Depression of the ’90s. This included offering fire insurance and personal liability insurance. It included a profit-sharing bonus for their employees and a punch-card accounting system.
Before the 2000s rolled in, they were able to offer life insurance and business insurance to their customers. As Hirt retired, he was able to grow it to $108.4 million in net premiums with dividends of $10 million for each of their 808,000 policyholders.
As of today, they were able to list themselves on NASDAQ, switched to several presidents, and became a Fortune 500 company. Aside from that, they were able to have lots of branches nationwide that sustain the active 5 million policies.
Types of Insurance Offered
After learning their history, let’s take a look at what services they are offering. Their services are classified into four: auto, home, life, and business.
Auto insurance
The first insurance policy they created for the company has long since expanded to various motor vehicle types. This includes motorcycles, ATVs, cars, and recreational vehicles.
At the get-go, the company can provide the following:
- Collision insurance – covers anyone that gets into an auto accident, and can cover anything broken other than the policyholder.
- Liability insurance – protect drivers if they caused a vehicular accident that harms any victims or any property.
- Comprehensive insurance – this policy covers any incident that damages the car that was not caused by colliding with people and objects, such as fire or theft.
- Pet coverage – a policy that covers any of your pets that get into a vehicle accident.
- Roadside and rentals bundle – to enable you to get your car fixed if it breaks down during a drive, Erie Insurance can cover it through this bundle.
- Personal item coverage – this additional bundle is about protecting your personal items, including clothing and luggage, in the event of any possible car accident.
- Auto glass repair – Erie Insurance can cover breaking your windshield during a future accident, which not only includes waiving the fees but includes new wiper blades.
- Locksmith services – this package is about regaining your access to your car if you locked yourself out as they can cover for a part of your blacksmith fees.
- Erie Auto Plus – you can get any of the optional benefits for your car insurance by paying a few pennies per day.
Motorcycle
According to Finder.com, the motorcycle riders are 27 times more likely to get into an accident than car drivers. With that in mind, Erie offer the following features for their motorcycle insurance policy:
- Covers damage for your safety gear, including your riding helmet, riding boots, and protective eyewear.
- Lets you fix the work you did for your motorcycle (e.g., custom paint, chrome, saddlebags).
- Pay for your stay in the hospital after you get into an accident.
- You can opt to add in roadside assistance if you want to protect yourself once your bike breaks down during a drive.
- Signing for this type of insurance can help you protect your bike for a year.
Recreational Vehicles
If you are planning for a camping trip in the future, you can invest in a recreational vehicle (RV) that you can attach to your car still to gain access to the comforts of your own home. Erie Insurance can cover it in an accident through its policy.
From the start, they can be covered under all the benefits that they have for their car insurance. With that, you can get help in case it gets damaged when it is parked at a campsite or while you’re driving with it.
They can cover for your car and this camping trailer under one bill once you sign with them for this type of policy. As an additional bonus, you can also get their discounts to save more money while covering both vehicles.
Boats
Erie Insurance can help you cover any maritime mishaps if you’re one of the many people who enjoy adventures on the high water with the wind in your sails.
From the get-go, this type of coverage can cover common recreational water vehicles. This includes sailboats, powerboats, houseboats, inboard motorboats, outboard motorboats, jet skis, WaveRunners, and WaveJammers.
Do take note that this will depend on the size, type, age, and value of the maritime vehicle. Don’t fret as you can save your wallet by pairing it with their existing homeowner’s policy.
Their coverage is as follows:
- Physical damage on your boat and other people’s property in a maritime accident.
- Coverage for other people hurt during the said maritime accident.
- Any medical cost towards the incident.
- Paying for services when your water vehicle breaks down.
- Cover for items you brought with you on the vehicle (e.g., clothes, fishing equipment).
- Getting a new fire extinguisher when it was used in the incident.
Collector Cars
Another hobby people indulge in is collecting old and rare cars for themselves. Maintaining all of them includes spending as much money as buying it brand new from the era in which they came.
Erie Insurance can cover any necessary work on any of them as an extension of their normal car insurance policy. They did this to help you save money and manage your daily driver and garage collection under one bill.
They will segregate your car collection into three different categories based on the following criteria:
- Classic autos
- At least 10 years old.
- Was released with outstanding workmanship or as part of a limited production run.
- Gained rare or historical interest based on the amount of preservation done.
- Antique autos
- At least 25 years or older.
- Has to be in good running condition.
- Certification from the Department of Motor Vehicles as an antique.
- Special interest autos
- Car’s overall value does not depreciate or appreciate the more years it has.
Off-road vehicles
Whether you enjoy roughing it against the elements during any time of the year, they can help cover all-terrain vehicles, snowmobiles, off-road motorcycles, trail bikes, mopeds, and golf cars against any future disaster.
Their coverage includes any future physical damage due to collision, vandalism, or theft. In case you accidentally destroy someone else’s property using any of the vehicles mentioned here, they can help cover it as part of their liability insurance.
Finally, they can also cover for any damages towards any person that is not insured. This is important as motor accidents can include getting any bystanders hurt and sending them to the hospital. Erie protects you from this liability through their policy.
Home insurance
As getting your own house or condo unit is one of the essential purchases you would have to do in your own life, Erie can help protect it from future disasters such as fires or vandalism.
They offer the following features:
- 24/7 support.
- Cover any additional living expenses due to home repair.
- Personal liability protection in case you accidentally hurt someone or someone else, with their items included.
- Cover damage caused by water backup and sump overflow.
- Identity recovery.
- Service line protection.
- Protection against theft.
- Protect valuables and hard-to-replace items.
- Protect pets.
- Protect cash and precious metals.
- Keep your home well protected even if you’re not there.
- Discounts for any installed fire, burglary alarm, sprinkler system credit.
You can also get the following policies with the benefits mentioned above:
- Renter’s insurance
- Condo insurance
- Mobile home insurance
- Flood insurance
Life insurance
Throughout the stages of your life, there will be instances when you would have to protect you and your family through its ups and downs.
Erie Insurance has the following options for their life insurance policy:
- Term life (10, 15, 20, or 30 years) – suited to protect a person’s loved ones once they pass away.
- Whole life – suited to protect an entire family in exchange for paying a constant premium throughout their lives.
- Universal life – this policy is intended for people who need a fund for college, estate, business, and retirement.
Each policy can be fitted with the following features:
- For retirement
- Nonqualified annuities – to be able to invest for one’s future while keeping safe from market highs and lows.
- Traditional IRA – a savings plan with tax advantages for those who want to save more for their retirement fund.
- Roth IRA – an alternate retirement savings plan where any money you get from is tax-free.
- Catastrophe liability claim – get emergency funds in case the policyholder gets into an accident and needs extra funds.
- Identity theft recovery coverage – have extra funds from contacting the authorities to recovering a stolen item after your identity was used in a crime.
- Medicare supplement – pay for additional medical services that are not covered by a Medicare plan.
- Long-term care rider – only applicable for holders of Universal or Whole Life policies, where they can get help to afford nurses and health aids.
- For businesses
- Simple IRA – save for retirement income as an employee and handled by the employer on a tax-deferred basis.
- Simplified Employee Pension (SEP) IRA – create your retirement fund by contributing to it while working under an employer.
- Deferred compensation – allow certain employees to get a life insurance-based retirement plan from their employer.
- Executive bonus plan – an advanced plan compared to deferred compensation that includes tax-deductible costs and supplements the selected employees’ income with it.
Business insurance
As a business owner, a lot of things can cause you to derail you from earning a substantial profit. This includes delivery accidents, natural disasters, or an economic downturn. To stay afloat, you can invest in their insurance policy for your business.
There are several options available for entrepreneurs:
- Auto insurance
- Wholesaler-distributors insurance
- Contractors insurance
- Industry-based packages
- Risk control services (invest in maintaining your industry’s safe practices from training to certification)
- Workers’ compensations
Erie Insurance’s Prices and Premiums
As with all insurance companies, they have an on-site calculator on their website to check the total amount you would have to pay for the policy you want. Do note that their policies may or may not be available and can cost differently across states.
As an example, their Auto Plus package costs $25 in North Carolina, while customers outside this state cost five dollars more yearly. Their base automobile insurance quotes range between $143 to $231 depending on your marital status, driving record, and age.
How to Claim Policies from Erie Insurance
Once you want to claim from a policy with Erie Insurance, you can choose between the following to contact the company:
- Talk to a local ERIE representative. Preferably this should be the same agent you signed for an Erie Insurance policy.
- Call the following hotlines depending on your need:
- (800) 367-3743
- Windshield or auto glass claim
- Roadside assistance
- Workers’ compensation claims
- Start a new claim
- Talk to a representative about a previously reported claim
- Customer Care
- (800) 458-0811 – claiming life insurance policy or annuity contract
- (800) 367-3743
After this, you can check back with them using any of the options above. You can also opt to log in to their online tracking system to learn the following information:
- Status of claim
- Rental company and repair shop information
- Payment status
- Payment history
- Contact information for claims representatives
Customer Reviews with Erie Insurance
The customer outlook towards the company is positive. As cited by NerdWallet, last year’s J.D. Power Study ranks them among the best for auto and home insurance and around average for claiming for either insurance policies.
Do take note that this company does not serve across all states. They can only offer their services on the eastern side of the United States. Aside from that, NerdWallet explains that they do not have a mobile app compared to its competitors.
Consumer Affairs, on the other hand, has a different story. They explained in a review that several customers had to pay a cost that was different from their original quote for auto insurance, thus the 3 out of 5 stars rating.
Value Penguin also views them in a different light. Even if they cited that overall satisfaction for their auto and home insurance is positive while getting an A+ from A.M. Best for their ability to pay out customer claims.
Wrapping up!
Erie Insurance is one of the top insurance providers on the market today. They provide auto, home, life, and business insurance policies across the United States.
They are known to be a great auto and home insurance provider. Even so, they may be unavailable depending on your location, and rates may vary.
Overall, they can be depended on to protect your future for nearly every possibility.
Did this article help you decide on where to buy your insurance? Read these articles to help you further:
- Guide to Medical Insurance Deductible, Copays, and Coinsurance
- How to Use a Life Insurance Policy to be Debt-Free: A Long Term Solution
- What is Hazard Insurance and Why is It Important?
Comment below and let me know which insurance company you would want me to review next!
