Erie Insurance has recently announced their new Rate Lock or Rate Protection Endorsement.
This endorsement allows auto insurance policyholders to “lock in” their auto insurance premiums for longer than 12 months. The locked in rate remains in effect year after year until the policyholder does one of the following:
*Adds or removes a vehicle from their policy
*Adds or removes a driver from their policy
*Changes their primary residence
That’s right; speeding tickets, fender benders, accidents, not even company rate changes will change the policy premiums for that policyholder unless they make one of those three changes listed above. This gives policyholders control over their auto rates by extending Erie’s already 12 month rate. This new endorsement can be added when one of those three changes occurs or on the policy anniversary (renewal) date. Other discounts, such as home/car, can be added and take effect immediately as always. Studies show that about 50% of Erie’s auto policyholders would lock in their rates for at least three years!
Contact our office for more details.