Last Updated: August 2019
Disclaimer: We are not Erie Car Insurance Company. This Erie Car Insurance Review is designed to help you determine if Erie Car Insurance is considered a top auto insurance company by providing factual and unbiased data and facts.
Our Erie Car Insurance Review is roughly a 4-min read.
In our full review of Erie Insurance Company, we will hit on topics including car insurance coverages offered, discounts available, and the most significant advantages and disadvantages of choosing to work with Erie car insurance.
We have also provided navigational links directly below that will allow you to skip to any specific section of this post that you need/want further information about:
- Our Erie Car Insurance Review
- Erie Car Insurance History and Background
- Erie Car Insurance Financial Strength
- Erie Car Insurance Company BBB Ratings and Complaints
- Erie Car Insurance Coverage Options
- What Makes Erie Car Insurance Unique?
- Discounts Available with Erie Car Insurance
- Cost of Erie Car Insurance
- Who Should Consider Erie Car Insurance?
- Rideshare Coverage with Erie Car Insurance
- Pros of Choosing Erie Car Insurance Company
- Cons of Choosing Erie
- Final Thoughts on Erie
We also wanted to make sure that we provided a quick summary of Erie Car Insurance Company for anyone here that is in a hurry.
Here is a brief overview for you.
Erie Insurance Company is a top-ranked auto insurance provider.
Especially for those who live in a state where Erie is currently being offered to consumers.
Erie is going to have some of the most competitive rates available for individuals with clean driving records and is known for its top-notch customer service and customer satisfaction.
Erie is also a great company to consider for rideshare drivers.
As far as finding the cheapest car insurance possible, we highly recommend comparing rates with multiple car insurance companies to ensure you are finding the best possible rates and most complete coverage.
That was the fast summary of Erie Car Insurance.
If you do have a few minutes to spare and have further research on the company you are looking to complete, we highly recommend you read our full review of Erie Insurance Company below.
Here are the details.
Our Erie Car Insurance Review
Erie Insurance is considered a publicly-traded/ held insurance company.
Currently, Erie’s main offerings consist of auto insurance, homeowner’s insurance, life insurance, and commercial insurance.
Erie is also marketed primarily through Independent insurance agents.
This simply means that agents who offer Erie insurance also can offer several other car insurance companies to tailor a policy specifically to your needs and circumstances.
Currently, Erie Insurance is only available in 12 U.S. States that includes the following:
- New York
- North Carolina
- West Virginia
- District of Columbia
Currently, Erie Insurance employs more than 5,000 individuals and has more than 12,000 independent insurance agents marketing and offering products to consumers throughout 12 States in the US.
Erie Car Insurance History and Background
Erie Insurance began way back in 1925.
Originally, Erie Insurance was founded by H.O. Hirt and O.G. Crawford with 31,000 dollars of initial capital raised by nothing more than a business plan written on paper with a pencil.
On April 20th, 1925, Erie Insurance was licensed by the State of Pennsylvania and was permitted to sell its first auto insurance policies.
In 1925, Erie was offering car insurance with an annual premium of 34.00 dollars.
If only car insurance was this cheap in today’s world.
Erie was known for creating car insurance coverage with additional perks and certain coverages that could have deductibles waived from the consumer in the event that certain damages occurred such as mechanical breakdowns or glass breaks.
After the 1930s, Erie expanded into offering homeowners insurance as well as business and life insurance.
Erie officially made the Fortune 500 List in 2003.
Additionally, Erie currently has 5 additional subsidiaries:
- Erie Insurance Property and Casualty Company
- Flagship City Insurance Company
- Erie Insurance Company
- Erie Insurance Company of New York
- Erie Family Life Insurance Company
Financial Strength Ratings
Currently, Erie is showing strong growth and stable ratings when it comes to financial strength.
As of 2019, Erie Property and Casualty Companies are being rated at an A+ “Superior” by A.M. Best Company, which is a global credit rating agency that focuses on the insurance industry.
Additionally, Erie is considered the 2nd largest insurance provider in the State of Pennsylvania and has more than 5.8 million policies in force, covering homeowners and car insurance.
BBB Ratings and Complaints with Erie Insurance Company
Erie is not currently accredited with the BBB but still is being provided an A+ rating, which is the highest rating one can be afforded by the BBB.
Additionally, Erie has had a lower overall number of complaints compared to other insurance companies relative in size and has closed a total of 95 complaints in the past three years.
Erie’s complaints with the BBB typically fall into the following categories:
- Advertising and Sales
- Billing and Collections
- Delivery Issues
- Products or Services
Erie Car Insurance Coverage Options
Most car insurance companies offer the same coverages when it comes to the basic needs of consumers.
Erie Insurance is going to be no different in this area.
Here’s a look at the basic car insurance coverages offered by Erie.
- Comprehensive Coverage
- Collision Coverage
- Bodily Injury Coverage
- Medical Payments
- Uninsured Motorist Coverage
However, the best car insurance companies tend to offer other coverages that can be advantageous for the consumer.
With Erie, they certainly do a good job offering Unique and beneficial coverages to consumers in addition to the basic car insurance coverages.
Here’s a look at those options.
Rate Lock Coverage- This coverage allows you to lock in your insurance rates if you don’t add or subtract any drivers from the policy or change the current vehicles being insured.
Accident Forgiveness Coverage- This coverage allows you to escape rising premiums in the event of an accident even if you are deemed at fault for the accident.
This only kicks into active mode once you have been an Erie car insurance customer for three years or more.
Diminishing Deductible- This allows you to remove 100.00 from your deductible every year that you do not file a claim against your coverage up to a maximum of 500.00 dollars off your collision deductible per year.
Pet Injury Coverage- We are beginning to see this coverage more and more recently, with specific car insurance companies.
This coverage will cover 500.00 in vet care if you must take your pet to a vet following a vehicle accident up to a maximum of 1,000 of coverage.
New Car Protection Coverage- This coverage allows you to replace a car with the current year’s models if your vehicle is less than 24 months old when it’s totaled.
Better Car Protection- If your car is more than 24 months old, your coverage will kick into to pay for a vehicle of the same make and model but up to two years newer than your previous vehicle.
Rental Car Coverage- This coverage takes care of additional cost you may encounter needing transportation in the event your vehicle needs to undergo repairs following an accident.
What Makes Erie Insurance Company Unique?
Erie auto insurance is unique for a few reasons.
First and foremost, Erie is the only company we have reviewed or seen offering a coverage type such as Rate Lock allowing you to keep your prices 100% locked in unless you change vehicles or remove/add drivers to the policy.
Often other insurance companies will have certain triggers that can increase or decrease your car insurance rates such as removing other lines like homeowner’s insurance or even getting 1 speeding ticket.
Additionally, Erie is one of the highest-ranked companies for overall purchasing satisfaction and customer satisfaction, according to J.D. Power and Associates.
Overall, Erie is a company worth considering.
Who Should Consider Erie Auto Insurance Coverage?
Overall, Erie is what we would consider a top ten car insurance provider in the United States.
This is due to analyzing multiple aspects of the company for this review.
Anyone who lives in one of the 12 states where Erie Car Insurance is offered would be wise to consider running a quote with them.
They are consistently ranked near the top for customer satisfaction and one of the cheapest car insurance companies in the country for those who are within a State of residence where Erie is available for purchase.
Another bright spot when reviewing Erie auto insurance is the discounts, they provide to help consumers save money on their car insurance premiums.
Here’s a look at all those discounts:
Safe Driving Discount- Applied for drivers with clean driving records.
Car Safety Equipment Discount- Applied for vehicles that come equipped with anti-lock brakes, factory-installed airbags, and passive restraints.
Multi-Car Discount- Applied to anyone insured with Erie Insurance Company who insures more than 1 vehicle.
Multi-Policy Discount- Applied to anyone who bundles other lines of insurance such as homeowner’s insurance.
Reduced Usage Discount- Applied to individuals who drive under the average annual miles per year.
Young Drivers- Applied to drivers under the age of 21 who still live at home with their parents.
Annual Payment Plan- Applied when you pay your entire years premium in full.
Cost of Erie Auto Insurance Coverages
When it comes to finding the best rates on your car insurance, Erie Insurance Company will undoubtedly be in the discussion.
Especially for drivers with clean driving records and driving histories.
If you live in a State where Erie is offered, it’s worth comparing rates and quotes to see who the best-priced company may be.
When comparing rates, you will find that Erie is very competitive against other big brand names in the industry, such as the following:
- Geico Insurance Company
- State Farm Insurance Company
- Allstate Insurance Company
- Farmers Insurance Company
Rideshare Coverage Available with Erie
Erie does currently offer car insurance coverage tailored for uber and lyft drivers.
Erie offers coverage for rideshare drivers in all 12 states where they currently offer their insurance products.
If you fall into this group of individuals, you should 100% be comparing rates and considering adding this additional layer of protection to your insurance plan.
You would be surprised at how little Uber and Lyft step in to help with the cost if something happens and you don’t’ have special endorsements on your private and personal insurance plan.
Pros with Erie Car Insurance
All car insurance companies offer unique advantages and disadvantages.
Here is a look at what we believe to be the biggest upsides of choosing Erie for your car insurance:
- Extremely Competitive Rates
- Rideshare Coverage Availability
- Top Ranked in Satisfaction by J.D Power and Associates
Cons of Choosing Erie Car Insurance
On the flip side, here is what we believe to be major drawbacks of choosing Erie for car insurance coverage.
- Limited Discounts Compared to Other Companies
- Other Companies Have Better Rate Comparison Tools (Progressive Insurance Has Perhaps the Best)
- Limited Availability and Only Currently Offering Coverage in 12 States
Final Thoughts on Choosing Erie Car Insurance Coverage
When it comes to finding the best car insurance coverage near you, Erie is certainly worth taking a glance at if you live in one of the 12 states where Erie currently offers coverage.
They are a top-ranked company with a long track history of excellent customer service and a stable financial strength rating.
Nonetheless, the best thing you can do is compare rates with multiple car insurance companies until you find the best rates and coverage for your specific needs and circumstances.