Haris Ashley
Erie Insurance has received mixed reviews, with some praising its low rates and others criticising its poor customer service. It has been recognised by A.M. Best, a respected provider of financial ratings for insurance organisations, with a rating of A+ (Superior) for the Erie Insurance Group and an A (Excellent) rating for the Erie Family Life Insurance Company. In 2024, Erie Insurance was ranked 376th on the Fortune 500 list of the largest American corporations, based on total revenue for the 2023 fiscal year. FlexJobs ranked Erie among the top 250 companies for flexible work options, and the National Business Group on Health recognised them for their excellence in health and well-being programmes for employees. In terms of auto insurance, Erie offers a range of coverage types, including new car replacement, rideshare insurance, and rate lock features.
| Characteristics | Values |
|---|---|
| A.M. Best Rating | A+ (Superior) |
| Fortune 500 Ranking | 376 in 2024 |
| FlexJobs Ranking | Top 250 for flexible work options |
| National Business Group on Health Award | Best Employers: Excellence in Health & Well-being |
| Black EOE Journal and Hispanic Network Magazine Ranking | Top insurance company |
| J.D. Power Scores | Above average for customer and claim satisfaction |
| Full Coverage Average Annual Cost | $2,206 |
| Minimum Coverage Average Annual Cost | $728 |
| Full Coverage Compared to Competitors | Comparable to small regional carriers, lower than most major national insurers |
| State Minimum Coverage Compared to Competitors | Well below many larger competitors |
| Discounts | Bundling, multi-policy, vehicle storage, paid-in-full, youthful driver, driver training course completion |
| Perks | Diminishing deductible, pet coverage, accident forgiveness, rate lock, rideshare coverage, glass repair, locksmith services, personal items coverage, rental car coverage, new car replacement, better car replacement, gap insurance |
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Erie Insurance's ratings and rankings
Erie Insurance has received a range of ratings and rankings from various sources. In terms of financial stability, A.M. Best, a respected provider of financial ratings for insurance organizations, has given Erie Insurance Group an A+ (Superior) rating. Erie Family Life Insurance Company received an A (Excellent) rating from the same organization.
Erie Insurance has also been recognized for its flexible work options, ranking among the top 250 companies in this category by FlexJobs. The National Business Group on Health awarded Erie the "Best Employers: Excellence in Health & Well-being" award for its holistic health and well-being programs for employees. Black EOE Journal and Hispanic Network Magazine also named Erie a top insurance company.
In terms of customer satisfaction, Erie Insurance has received above-average J.D. Power Scores. Its Rate Lock feature, which allows customers to lock in their insurance rates until they make changes to their policy, has been highlighted as a positive factor in maintaining stable rates over time. Erie also offers a range of discounts, including bundling and multi-policy discounts, a vehicle storage discount, and a paid-in-full discount.
However, there are some mixed reviews regarding Erie Insurance's claims handling. While some customers have expressed satisfaction with their experience, others have claimed that the company dropped them or lied to avoid paying claims. It is always important to consider individual circumstances and perspectives when interpreting ratings and reviews.
Overall, Erie Insurance is one of the cheapest car insurance companies for drivers with clean records, offering full coverage at competitive rates. Their full coverage car insurance costs an average of $2,206 per year, while minimum coverage averages $728 per year, both of which are below the national average.
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Customer reviews
Erie Insurance has received mixed reviews from its customers. While some customers have praised the company for its friendly and professional service, others have complained about rude and callous treatment from the company's representatives.
Some customers have expressed satisfaction with the company's handling of their claims, describing the process as efficient, prompt, and easy. They have also appreciated the convenience of having a local office to report their claims and the helpfulness of the staff in answering their questions. One customer highlighted the adjuster for their claim, describing them as easy to understand, thorough, and proactive in addressing their needs.
On the other hand, some customers have shared negative experiences with Erie Insurance, particularly regarding claims handling. Several customers have accused the company of delaying claim payments or providing lowball offers. One customer shared their frustration with the company's appraisal process, claiming that the appraiser refused to inspect their vehicle and hastily declared it a total loss. Another customer recounted their experience with Erie Insurance as stressful and traumatic, feeling that the company did not genuinely care about their situation.
There are also mixed reviews regarding Erie Insurance's digital tools. While some customers find the online bill payment system convenient and user-friendly, others have encountered technical difficulties and a lack of user-friendly instructions.
Overall, customer reviews suggest that experiences with Erie Insurance can vary significantly. While some customers have benefited from positive interactions and efficient claims processing, others have encountered challenges and delays, leading to dissatisfaction with the company's service.
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Rates and discounts
Erie Insurance offers a wide range of coverage and discount opportunities. The company provides competitive rates due to its regional focus.
Erie offers bundling and multi-policy discounts to policyholders who carry more than one insurance policy with the company. The most popular bundles are auto and home insurance or auto and renters insurance, which can save customers up to 25% depending on the state. Other types of insurance bundles include motorcycle, condo, umbrella, or life insurance policies.
Erie also offers a vehicle storage discount for policyholders who store their insured vehicle for 90 days or more. This reduced-usage discount is not available in Kentucky. Additionally, Erie provides a paid-in-full discount for policyholders who pay their annual premium in one lump sum, with an average discount of 10%.
Erie's Rate Lock feature ensures that your rates will not increase unless you make certain policy changes, such as adding a car or another driver or changing your address. This feature is available in select states and can be added to your policy to prevent rate increases upon renewal.
Erie also offers discounts for safe drivers with good driving records and for vehicles equipped with safety equipment like factory-installed airbags, anti-theft devices, and anti-lock brakes. The company provides a youthful driver discount for unmarried drivers under 21 who live with their parents, except in Kentucky and North Carolina.
While Erie offers a range of discounts, it does not offer pay-per-mile or usage-based insurance programs. The company's YourTurn app monitors driving behaviour but offers rewards instead of discounts.
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Coverage options
Erie Insurance offers a range of coverage options for its customers. The company provides auto insurance, home insurance, life insurance, and business insurance.
Auto Insurance
Erie Insurance offers comprehensive and collision coverage for vehicles. This includes cars, light trucks, motorcycles, and trailers. Transportation expenses are included in comprehensive coverage and are optional with collision coverage. The company also offers rental car coverage, locksmith services, and physical damage coverage for personal belongings inside the car.
Home Insurance
Erie Insurance's home insurance base policy includes features such as protection against damage to someone's property and liability coverage for injuries caused to others. The company offers multi-policy discounts of up to 25% when customers insure their auto and home with them.
Life Insurance
Erie Insurance provides life insurance products, although these are not available in New York.
Business Insurance
The company also offers business insurance, but the specific coverage options and availability vary by state.
Erie Insurance emphasizes the support provided by its local agents, who can guide customers through the process of choosing the right coverage options and making claims. The company also offers various discounts and incentives, such as lower rates for safe drivers and vehicles equipped with safety features.
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Employee experience
Erie Insurance has received recognition for its employee experience, winning the Confirmit ACE Award for Employee Experience in 2021. The ACE Awards recognise companies that deliver a consistently great customer experience and use that to drive positive business results.
Erie Insurance has also been recognised as a 'Great Place to Work'-certified company. This certification is based on employee survey results, with approximately 7 out of 10 employees reporting a consistently positive experience at work. The Great Place to Work Trust Index Survey measures individual employee experiences across five dimensions of a high-trust company culture: credibility, respect, fairness, pride, and a sense of belonging.
Employee reviews of Erie Insurance on Comparably are mostly positive, with an overall rating of 4 out of 5 stars. Many employees report feeling cared for and secure in their positions, with opportunities for development and advancement within the company. The company is also praised for its good wages, benefits, and supportive work environment. However, some reviews highlight concerns about fairness and treatment, particularly for women in higher-level positions, and a lack of diversity and inclusion.
Erie Insurance has also been recognised for its flexible work options, ranking among the top 250 companies in this area. The company has received awards for health and well-being initiatives, demonstrating a commitment to the holistic health of its employees.
Overall, Erie Insurance appears to value employee experience, as evidenced by its external recognition and awards, as well as positive employee reviews highlighting a supportive and engaging work environment.
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Frequently asked questions
Erie Insurance Group has an A.M. Best rating of A+ (Superior).
Erie Insurance has above-average J.D. Power Scores for customer and claim satisfaction.
Erie Insurance has mixed reviews on Reddit, with some users praising the company for its competitive rates and others criticising it for its poor customer service and claims handling.
