ERIE, Pa., April 21, 2020 /PRNewswire/ -- Erie Insurance
today announced it will provide $200
million in dividends directly to personal and commercial
auto insurance customers in the 12 states and the District of Columbia where the company does
business. This immediate relief represents about 30% of related
auto insurance premiums over a two-month period or 5% of their
annual premium.
Today's announcement is in addition to the $200 million in rate reductions announced earlier
this month. Together these efforts provide a combined
$400 million in immediate relief and
longer-term rate reductions for ERIE auto insurance customers. This is in
response to the significant decline in miles driven due to the
stay-at-home directives for COVID-19.
ERIE plans to distribute checks
to customers in mid-May 2020. There
is no need for customers to call ERIE or their agent to request the payment.
Checks will be mailed directly to customers with policies in force
as of April 1, 2020.
"We are fortunate to have built up the financial strength we
have over our 95 years that allows us to further support our
customers during this challenging time," said Erie Insurance
President and CEO Tim NeCastro. "We
stand by our customers during times of hardship and catastrophe and
our response reflects who we've been for 95 years: a company that's
always there for our customers and a company that is truly Above
All in Service."
To further support local communities throughout its footprint,
ERIE is also granting nearly
$2.5 million to agents and branch
offices to boost their charitable work in local communities.
"Our agents and employees have also stepped up to provide
much-needed support to their local communities," added NeCastro.
"They're feeding first responders and healthcare workers,
purchasing gift cards from restaurants and retailers to thank those
on the front lines and so much more. This infusion of funding will
give them even more opportunities to continue these good
works."
In addition to these measures, the company also continues to
help hundreds of individual customers each day with flexible
payment and billing options, coverage adjustments and other steps
aimed at addressing specific customer and community needs:
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. Customers can
contact ERIE's Customer Care team
at (800) 458-0811 with assistance on delaying payment dates,
adjusting installments, changing pay plans and waiving penalties
and fees. In addition, some billing requests including
deferring payments and nonpay cancellations can also be requested
through erieinsurance.com/help or through their ERIE Online Account.
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 during this challenging time, 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 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 nearly 6 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