ERIE announces $200 million in dividend payouts to personal and commercial auto insurance Customers
April 21, 2020 – 9:00 a.m.
This pandemic has significantly impacted all of our lives. At Erie Insurance, we continue to consider what we can do to make a difference for our Customers and communities. Most of you aren’t driving; you’re staying at home doing the right thing to protect yourselves and your neighbors.
That’s why today we’re announcing that we will provide $200 million in dividends directly to personal and commercial auto insurance Customers in our 12 states and the District of Columbia. This immediate relief represents about 30 percent of your monthly auto insurance premium for a two-month period or 5 percent of your annual premium.
You can calculate your dividend using this simple equation: Annual premium as of April 1, 2020 multiplied by .30 / divided by 6. You can find your annual premium on your most recent auto insurance declarations page. For personal auto insurance Customers, you can access your declarations page through your Online Account at View Policy Details.
Pending regulatory approval, you should receive a check from us in mid-May 2020. There is no need for you to call ERIE or your Agent to request the payment.Checks will be mailed directly to Customers with auto insurance policies in force as of April 1, 2020.
Erie Insurance Announces $200 Million in Personal Auto and Commercial Auto Rate Cuts to Provide Financial Relief to Customers
April 9, 2020 – 12:15 p.m.
After careful consideration, ERIE has decided that lowering personal auto and commercial auto rates would be the best option for providing additional relief to our Customers. We estimate the total rate reduction impact to be approximately $200 million throughout the 12 states and District of Columbia where ERIE operates.
While ERIE’s pricing philosophy has always centered on providing exceptional protection and service at the lowest possible cost, lowering rates during this challenging time is simply the right thing to do. Pending regulatory approval, rate changes will vary by state and will be based on individually purchased policies and coverage options. Once approved, premium adjustments will take effect at the time of renewal.
The rate reductions announced today are in addition to the relief ERIE is already providing to thousands of Customers, including individualized payment flexibility, paramedical exam waivers for life insurance applicants and philanthropic support to COVID-19 rapid response funds across our communities.
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 across our footprint.