ERIE, Pa., April 9, 2020 /PRNewswire/ -- To continue
providing support and financial relief to customers impacted by the
coronavirus pandemic, Erie Insurance today announced that it will
reduce rates for personal and commercial auto insurance customers
in 12 states and the District of
Columbia.
Once approved and implemented, the estimated amount of financial
relief for Erie Insurance customers is estimated to be
approximately $200 million.
According to Erie Insurance President and CEO Tim NeCastro, while ERIE's pricing philosophy has always centered
around providing exceptional protection and service at the lowest
possible cost, lowering rates during this challenging time is
simply the right thing to do.
"For 95 years, ERIE's promise
to our customers has remained the same: to be there when they need
us most," said NeCastro. "Now, more than ever, we are centered on
the Golden Rule and committed to providing near perfect protection
and near perfect service at the lowest possible cost."
While some auto insurers this week announced short term auto
insurance rebates, ERIE's decision
to lower rates is designed to offer more impactful relief to
customers — now and in the future.
Pending regulatory approval, actual rate changes for customers
will vary by state and also be based on individually purchased
policies and coverage options. Once approved, premium adjustments
will take effect at the time of new policy initiation or
renewal.
The rate reductions announced today are in addition to a range
of assistance that ERIE has
already provided to thousands of customers, including
individualized payment flexibility, updating auto coverages for
policyholders to reflect current vehicle usage, offering
paramedical exam waivers for life insurance applicants, adding gift
card reimbursement coverage to ErieSecure Home policies and
delivering significant philanthropic support to COVID-19 rapid
relief efforts in the communities ERIE serves.
Flexible Payment and Billing Options
ERIE understands that each
customer's situation is unique and we continue to offer flexibility
to customers facing hardship.
ERIE agents can help customers
with updating coverages. Agents and ERIE's Customer Care teams can also assist
with delaying payment dates, adjusting installments, changing pay
plans and waiving penalties and fees. Customer Care can be reached
at (800) 458-0811 with questions or to discuss these
options.
Customers can also access their personal lines and life
policies, view current and previous invoices, pay their bill and
monitor a claim through Online Account.
Making Life Insurance Attainable
For a limited time,
Erie Family Life is offering applicants a path to life insurance
coverage without the requirement of a paramedical exam. The option
to waive the exam is aligned with the Centers for Disease Control
and Prevention guidance to maintain social distancing and prevent
the spread of COVID-19. The waiver provides Erie Insurance
customers the ability to obtain life insurance without in-person
interaction. The offer is available for customers up to age 55 and
policy face amounts up to $500,000.
Gift Card and Gift Certificate Reimbursement
Coverage
Pending regulatory approval in several
states, Erie Insurance is adding gift card and gift certificate
reimbursement coverage to the company's ErieSecure Home® policies.
The additional feature, included at no additional cost, would
reimburse customers for remaining balances on gift cards that can
no longer be used at independently owned and operated local
businesses due to business closures. There is no requirement that
the business be insured by ERIE.
While the additional protection was introduced to help promote
buying new gift cards to help small businesses with their cash
flows while they are closed, it is not a temporary addition and
will become part of ERIE's base
ErieSecure Home policies.
Support for Community COVID-19 Relief Efforts
Erie
Insurance provided a lead gift to support a new COVID-19 Rapid
Response Fund recently established in Erie, Pennsylvania. The COVID-19 Rapid
Response Fund will directly support 501(c)(3) organizations in Erie
County, Pennsylvania — the location of our headquarters — that are
providing support to those in need, administering care for
children, serving elderly populations who are most vulnerable and
helping those suffering hardships and job loss due to the COVID-19
pandemic. ERIE is also supporting our agents in their philanthropic
efforts in their local communities.
"Our customers are looking to ERIE during this difficult time and we will
continue to be here for them," added NeCastro. "We will get through
this unprecedented time together and continue to offer our
employees, agents, customers and communities the support they need
and the service they expect."
Erie Insurance Group
According to A.M. Best
Company, Erie Insurance Group, based in Erie,
Pennsylvania, is the
9th largest homeowners insurer and 12th
largest automobile insurer in the United States based on
direct premiums written and" the 16th largest
property/casualty insurer in the United States based on
total lines net premium written. The Group, rated A+
(Superior) by A.M. Best Company, has more than 5 million
policies in force and operates in 12 states and the District
of Columbia. Erie Insurance Group is a FORTUNE 500
company.
News releases and more information about Erie Insurance
Group are available at www.erieinsurance.com.
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SOURCE Erie Insurance Group