Erie Rate Lock – Take Control Of Your Auto Insurance

Erie Rate Lock – Take Control Of Your Auto Insurance

Curious about the Erie Rate Lock? In this article, we share how insurance companies rate auto policies and insight on the benefits and features of the Erie Rate Lock. 

Everything from food to transportation in the United States is becoming more expensive due to inflation.

Insurance premiums are naturally rising alongside inflation. For example, costs for auto insurance across the country increased by 5% in 2022. 

In today’s world, we can do many things to ensure our auto insurance rates don’t increase yearly. And Erie Insurance Company provides an excellent solution with its Rate Lock program. 

Here’s how it works and why it’s a perfect choice for Erie customers who want more control over their premium auto insurance rate every year.

How Do Insurance Companies Rate Auto Policies?

A wide variety of factors can determine your auto insurance premium, from the level of coverage you select to your driving history and even where you keep your vehicle overnight. Not all insurers use the same criteria to calculate your final auto policy cost, but here is a rundown of the most frequent ones:

The type of car you drive:

Certain vehicles, like sports cars convertibles, can carry higher premiums because they’re considered risky on the road. If you’re looking for affordable rates on a luxury car like an Audi A6 Quattro Premium Plus or BMW 328i Sedan 4D Sport Wagon 7-speed Steptronic with M Sports Package, Erie can help! 

How you use your car:

Another critical factor in determining your auto insurance premium is how often and where you drive. If you have a long distance to travel to work, insurance companies will review your driving habits and road conditions in that area to determine if daily driving is safe. In addition, some companies may consider other factors like how far away from home you leave your car overnight and which side of town you typically store it on.

How well you drive: 

Not only is your history with insurance companies important, but it is also how you conduct yourself on and off the road. Almost every auto insurance company reviews your driving record to check for recent tickets, at-fault accidents, and other reckless behavior that may cause you to pay higher premiums. Specifically, Erie will consider any good driving habits that could lead to lower rates, like adhering to posted speed limits or avoiding aggressive driving situations.

Where you are located:

Erie considers where you live and stores your car to avoid overpaying for your premium. Areas with higher theft rates or more severe weather like hurricanes are prime examples. However, sometimes those areas come with more specialized coverage options to suit your needs (like windstorm) that would be worth investigating before deciding on moving locations. 

What Is The Rate Lock Product?

The Erie Rate Lock feature can help you avoid unexpected changes in your auto insurance premium. After filing a claim, you will not see a difference in your auto insurance premiums unless you make significant alterations to your policy, such as adding or removing vehicles, drivers, or addresses. 

So, what are the benefits? With this product, there’s no need to worry about rising rates and increased deductibles yearly. You will also have access to any discounts Erie Insurance Company offers and save money on most vehicle repairs if an approved repair shop handles them. Now that’s peace of mind!

How Much Does It Cost?

Every driver has a unique premium. The Erie Rate Lock function tailors a policy’s premium to the specifics of each driver. Rather than being stuck with an arbitrary rate every year, Erie gives drivers the option to lock in their auto insurance rates for up to five years at a time. Drivers can choose whether they want their rate locked in for two, three, four, or five years at a time, and they are free to change their minds as often as they want.

Several variables determine your rates, such as your car’s safety rating and driving record. Still, insurers must find a happy medium between insurance premiums and operating expenses to satisfy consumer expectations and pay claims. Erie is worth checking out if you’re looking for an affordable company that provides excellent customer service and offers flexible products.

What Events Can Unlock Your Rates?

Many distinct events can cause your auto insurance rate to unlock. These events include an accident, loss or theft of a vehicle, accumulating points on your driving record, adding or deleting a vehicle from coverage, and moving out of state.

How Does It Compare To Its Competitors?

Compared to its competitors, Erie’s insurance rates seem to be significantly cheaper. For example, the insurance quotes are 32-38% cheaper than the other insurers. In addition, Erie gets a lot of high marks when it comes to customer satisfaction.

All drivers who want to engage with minimized-cost insurance should check out Erie insurance. It easily counts as one of the best car insurance companies with one of the lowest insurance rates.

With the ‘Rate Lock’ option, Erie will increase the insurance rates only if you add or remove cars from your policy (or change your address). That is what makes Erie stand out. In addition, the premiums do not change with the years, even if you have an accident or make a claim. 

In the national surveys with high marks for customer satisfaction, Erie gets 84 points out of 100. It ranks very well in the J.D. Power rating too.

For younger drivers (25-30 years old), Erie has a cheap auto insurance offer compared to its competitors Ameriprise and Farmers. But, compared to USAA and Progressive, it is a bit pricier. For older drivers (40-55 years older), Erie’s prices are much more competitive than those of Ameriprise, Farmers, or Progressive. 

Erie Rate Lock Benefits And Features

The Erie Rate Lock is there to help all drivers avoid increases in auto insurance rates. Even with a claim, the rates will not change unless you change something in your insurance policy (for instance, adding a new vehicle, a driver, or changing your home address).

Furthermore, even if you decide to change something in your policy, you will not lose the Erie Rate Lock benefits. For example, if you add new coverages, the premium will adjust only to suit that specific change. 

Another benefit will be the $500 in coverage if a pet gets injured in the accident.

Is It Worth It If You Stay Claims-Free?

Even if you make a claim or get in an accident, the rate with Erie will not alter. So, the Rate Lock option is worth it if you stay claims-free. Why? Because of past experiences with drivers who got in an accident and afterward, their rates got too high. Sometimes, an auto premium can go up even by 10% yearly.

Choosing the Rate Lock option will protect you from those high-rate increases.

However, if you add a driver or change resident address, any accidents and driving scenarios will go to your premium.

So, make sure you choose an option to minimize the higher expenses in case of an accident.

Rideshare Coverage

The rideshare coverage will fill the gap between your car and commercial car insurance. In addition, rideshare insurance protects you if you drive for a ridesharing service (for example, Uber).

If you are a rideshare driver, Erie will give you an offer with which you will have protection and coverage in any part of the trip. However, the insurance coverage for ridesharing services is different in different companies. For example, some companies will not provide coverage if no passenger asks for a ride, even though the phone app is on.

Erie, on the other hand, offers ridesharing insurance during any part of the trip. You can add this insurance if you put a ‘business use’ designation on the insurance policy. This insurance is not very expensive, but it will make you feel safer while you drive for Uber or Lyft.

Erie Auto Plus Coverage

Although the Erie insurance is enough for you in most cases, they offer another option if you pay an additional $35 a year – Erie Auto Plus. With Erie Auto Plus, you will have enhanced coverage features. These features might turn into a fantastic move if you ever decide to file an auto claim. 

With the Auto Plus option, you will get a diminishing deductible, $10,000 death benefit, additional expense coverage transportation days, increased limits for a given coverage, and waived deductible in a specific situation.

You can easily add this additional coverage to your auto quote. Also, if you are an Erie customer, you can add it to your existing policy by contacting the local Erie agent.

Final Words

With Erie auto insurance, you can feel free to drive anywhere and not worry about any accidents. But unfortunately, accidents happen no matter what you do to avoid them, so the best you can do is find insurance that will protect you and cover your vehicle. 

Erie Auto Insurance, with its Rate Lock and Auto Plus options and many other benefits and advantages, will boost your coverage and offer you peace of mind for the lowest prices on the market.

For more information on auto insurance, click here to request a quote.


How Much Does Erie Insurance Cost Per Month?

Erie rates are among the lowest when it comes to good drivers.   Click here to request a quote and a comparison to other carriers.  

Do I Get First Accident Forgiveness With Erie?

Erie believes everybody should have a second chance, so they offer the First Accident Forgiveness, where you will not get surcharges the first time you are guilty of an accident. This benefit applies if you have been a customer of Erie for more than three years.


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