ERIE, Pa., Aug. 18, 2011 /PRNewswire/ -- Prices on everything seem to be going up – clothes, groceries, utilities. In today's economy, that's tough on the wallet. But now drivers in Pennsylvania can keep one line item in their budget the same – their car insurance. With the patent-pending ERIE Rate Lock(SM) feature from Erie Insurance, drivers can lock in car insurance rates for as long as their policy remains in force unless they make one of three changes -- add or remove a new driver or vehicle or change their address. Customers who lock in their rates aren't subject to rate increases of any type.
"Given today's uncertain economy, what we heard from our customers was a desire for predictability with their auto insurance coverage. So we decided to take accident forgiveness to the next level and give our customers the opportunity to lock in rates indefinitely unless they make one of three changes to their policy," said Ann Zaprazny, senior vice president, East Region, Erie Insurance. "Traditionally, insurance companies will raise rates after an accident or apply inflationary increases at time of renewal. With ERIE Rate Lock, our customers won't feel punished with rate increases and they know we are listening. That's why more than 90 percent of ERIE customers stay with us year after year."
Erie Insurance, the second largest auto insurer in Pennsylvania, launched a new website, www.dontpunishme.com, where those interested in taking advantage of ERIE Rate Lock can learn more about the feature and get a quote.
Erie Insurance has one of the highest customer retention rates in the industry and offers a full line of property/casualty insurance products, including auto, homeowners and commercial insurance, as well as life insurance and annuities.
ERIE Rate Lock does not guarantee continued insurance coverage. Insured must meet applicable underwriting guidelines. ERIE Rate Lock is available through the Rate Protection Endorsement. Premium may change if you make a policy change. Patent Pending. Not all companies are licensed or operate in all states. Not all products are offered in all states. Go to erieinsurance.com for company licensure and territory information.
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 13th largest automobile and homeowners insurer in the United States based on direct premiums written and the 19th 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 over 4.3 million policies in force and operates in 11 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.
Erie Insurance is proud to be named a J.D. Power and Associates' 2011 Customer Service Champion and is only one of 40 companies so named in the U.S. Erie Insurance has also been recognized on the list of Ward's 50 Group of top performing insurance companies. The Ward's 50 award analyzes the financial performance of 3,000 property and casualty companies and nearly 800 life and health insurance companies and recognizes the top performers for achieving outstanding financial results in safety and consistency over a five-year period (2006-2010).
SOURCE Erie Insurance