Erie Insurance Review 2022 | Bankrate

Founded in 1925, Erie Insurance Group started in Pennsylvania but has since expanded to 12 states and Washington D.C. Customers who live within Erie’s coverage area and want personal service may be interested in its broad distribution network of 13,000 local, independent agents. In addition, the insurer has a stellar reputation for customer service, as demonstrated by its high J.D. Power scores for both home and auto insurance.

Perks
Drawbacks

Affordable average premiums for both homeowners and car insurance policies compared to the national average
Erie auto and home insurance is limited to 12 states and Washington D.C.

Both Erie’s home and auto insurance ranked high in respective 2021 J.D. Power surveys for customer claims satisfaction
Limited online portal access and lack of mobile app may not ideal for customers who want to manage their own policies

Erie’s home insurance offers guaranteed replacement for dwelling coverage in most states

Bankrate’s Erie insurance review also revealed that the company offers coverage options that may be difficult to find with competitors. Its auto insurance policies come with discounts like a diminishing deductible and Erie Rate Lock in many of its states. Its homeowners insurance comes with guaranteed replacement cost for dwelling in many states, and the company offers its ERIExpress life insurance product in most of its states.

As a super-regional carrier, Erie writes auto, home and life insurance coverage in numerous markets along the East Coast and across the Midwest, including: Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, Washington, D.C., West Virginia and Wisconsin.

Erie car insurance | Bankrate Score: 4.6

Erie car insurance earned a Bankrate Score of 4.6 out of 5. A Bankrate Score reflects how a company performed in various categories, including policy and discount options, third-party ratings, along with mobile app availability, average premium and more. Erie received an A+ (Superior) financial strength rating from AM Best and ranked second in J.D. Power’s 2021 U.S. Auto Claims Satisfaction Study.

Erie’s Bankrate Score was most impacted by its limited availability, unlike other larger car insurance carriers. Still, customers living in areas where Erie operates may find it to be one of the best car insurance companies for them due to its long list of coverage options. These include add-ons for ridesharing, new car protection, pet coverage, personal item coverage and more. Drivers can even purchase coverage for replacement autos, trailers or non-owned vehicles.

Erie car insurance cost

Erie is one of the cheapest car insurance companies based on our research of average premiums analyzed from Quadrant Information Services. Erie’s full coverage car insurance is $1,321 per year, while minimum coverage is $476 per year.

Comparatively, the national average cost of car insurance for both coverage levels is higher, at $1,771 per year for full coverage and $545 per year for minimum coverage. Actual rates may vary based on car insurance rating factors, but the below premium data may be a useful comparison tool.

Erie average annual full coverage premium
National average annual full coverage premium

Clean driving history
$1,321
$1,771

Speeding ticket conviction
$1,435
$2,138

At-fault accident
$1,562
$2,521

Adding a 16-year-old driver*
$2,580
$3,852

*16-year-old rates reflect the total cost of parents insuring a teen on their full coverage car insurance policy.

Erie car insurance discounts and perks

Utilizing discounts is one of the best ways to save money on car insurance. Erie offers numerous ways to help reduce car insurance expenses:

Erie Rate Lock: Premiums are kept the same year to year unless you make policy changes such as adding or removing a vehicle, changing drivers on the policy or moving.
First accident forgiveness: If this coverage is added as an endorsement, you will not incur an additional surcharge following the first at-fault accident after you have been insured with Erie. Some states require a three-year or more waiting period before the discount applies.
Diminishing deductible: Deductibles for your collision and comprehensive coverage are reduced by $100 for each claim-free policy year up to a $500 maximum.

These discounts and perks may differ by state, or may be unavailable depending on the state where you are insured. It is best to check with an Erie agent to understand your eligibility for these options.

Erie car services

A feature that Erie offers to customers is its coverage for non-owned autos. This is ideal for Erie drivers who do not own a vehicle but do drive on occasion. With this policy, drivers have liability and some medical coverage should an at-fault accident occur while behind the wheel of a vehicle that is owned or leased by another party.

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Erie home insurance | Bankrate Score 4.6

Erie home insurance offers its Guaranteed Replacement Cost coverage in many of its markets. In the event of a claim, homeowners with a replacement cost policy will receive the full cost of rebuilding their home, even if the costs are above the dwelling limit listed on the policy.

In addition to understanding how replacement costs are determined, homeowners must also consider policy options when finding the best homeowners insurance. In addition to standard policy coverage like dwelling, personal property and additional living expenses, Erie also offers four common add-on options, including water backup and sump overflow, service line protection, personal liability and identity theft recovery.

Erie home insurance cost

Affordability extends to Erie’s homeowners insurance, which is $959 per year for $250,000 in coverage. This is more than 30% less than the national average cost of homeowners insurance at $1,383 per year for the same amount of dwelling coverage.

Dwelling coverage limit
Erie average annual premium
National average annual premium

$150,000
$686
$980

$250,000
$959
$1,383

$350,000
$1,330
$1,887

$450,000
$1,675
$2,351

Erie home insurance discounts

Home insurance discounts with Erie include:

Safety features: Homeowners with monitored smoke alarms and security systems, as well as an automatic sprinkler system, may earn a discount on their insurance policy.
Advanced quote discount: If homeowners switch to an Erie policy before their current policy renews, they may earn an early shopper discount.
Multi-policy discounts: Customers who bundle their car and homeowners insurance policies with Erie could earn a multi-policy discount.

Erie home services

Erie’s home insurance coverage comes with unique options not found with other carriers. Its pet coverage under its home policy is extended to birds and fish, which may be excluded or limited by competitors. Erie’s base home insurance policy offers up to $500 for animals, birds and fish coverage.

In 2020, Erie started to offer gift card and gift certificate reimbursement coverage for its Secure Home policies. Customers could receive reimbursement for up to $250 per gift card purchased from businesses within 100 miles of their home, with a maximum of $500 per policy period. The business had to have closed within a year of purchasing the gift card, must employ more than 100 employees and was not required to have its business insurance coverage with Erie.

Erie life insurance

Erie offers four life insurance products: term life, whole life, universal life and Erie’s exclusive ERIExpress life program. The best life insurance company is different for everyone, and each policy serves a different purpose. Understanding what policy might be the best fit for you can help you identify your financial and personal goals and budget.

Erie’s term life insurance may be a good option for those who want a fixed coverage term and intend for the policy to pay for expenses that may be burdensome to loved ones, such as funeral costs and mortgage or credit card debt. Whole and universal life have no fixed terms, but among the many differences between the two, universal life offers more flexibility in adjusting the death benefit. Erie’s unique ERIExpress life insurance policy is ideal for those aged 18-55. This policy typically offers a simple application, fast approval and may not require a medical exam.

Erie life insurance endorsements

To find out what endorsements may be available for each life insurance policy type, an Erie independent agent can help you understand the different policy coverage and options.

Erie life services

Erie offers a life insurance calculator on its website to help customers get a sense of the different life insurance options the company offers and what product may work best to fit their needs. From there, customers can request a quote online or reach out to an independent Erie agent for assistance.

Other Erie perks worth considering

Erie also offers a long list of other insurance and financial products for customers, including:

Financial services: Erie offers long-term care rider insurance, Medicare supplemental coverage (Medigap) and retirement accounts, including annuities and Individual Retirement Accounts (IRAs).
Condominium insurance: This type of insurance is specifically for condominium unit owners, who are primarily responsible for the interior of their units since their homeowners association’s master condo policy covers the exterior structure and common areas.
Renters insurance: Renters can insure their personal belongings with this policy, as well as receive liability and loss-of-use coverage.

Erie corporate sustainability

Through Erie’s The Giving Network, the company is able to support community efforts in its market areas. These initiatives include partnering with United Way and American Red Cross, as well as supporting other culture and arts organizations, entrepreneurship, education and environmental responsibility. The Giving Network also accepts funding requests from various organizations, provided they meet the foundation’s criteria.

With the company’s ERIE Service Corps, employees are encouraged to use a full work-day volunteering in their local community. The Corps also has a matching donation program and established the H.O. Hirt Scholarship Fund and the F.W. Hirt Employee Emergency Fund to more immediately meet the financial needs of their community.

Not sure if Erie is right for you? Consider these alternatives

Auto-Owners: If you are seeking more discount opportunities to save on car insurance, Auto-Owners may be worth a look.
Farm Bureau: Farm Bureau also offers guaranteed replacement cost coverage, which may make it beneficial to request a home insurance quote for comparison.
Travelers: Travelers is widely available, which may be ideal for those living or moving outside of areas where Erie offers coverage.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist bodily injury per person
$300,000 uninsured motorist bodily injury per accident
$500 collision deductible
$500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our sample drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: 16-year-old data was calculated by adding a 16-year-old teen to a 40-year-old married couple’s policy.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and a single at-fault accident.

Homeowners

Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000
Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000
Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000
Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000
Coverage E, Liability: $300,000
Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Score

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers and homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car and home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers and homeowners, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry, as well as 40-year-old male and female homeowners with $250,000 in dwelling coverage. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers and homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.