ERIE Rate Lock℠ Auto Endorsement

Life can be full of things that you just can’t control… rising gas prices, untimely appliance breakdowns–even the weather. To feel more in control of things in your life, it’s good to focus on things you do have control over. And now, that list can include your auto insurance premium.

What is this New Product?

Unlike any other insurance company, The Erie Insurance Group has provided to our customers their patent pending insurance rate protection.

ERIE Rate Lock℠ Auto Endorsement is an optional endorsement that offers pricing stability by locking your current auto insurance rate beyond the normal policy period of 12 months.

Once the rate is locked, it does not change even if you have an accident or violation.

Why lock my rate in?

ERIE Rate Lock offers you pricing stability during economic times that are anything but stable. As gas prices go up and up, you can feel good knowing your insurance premium will remain intact until you make a change to your policy.

Plus, if you’re on a fixed income, this endorsement will allow you to budget your annual auto premium knowing you won’t have unexpected increases.

How Much Does It Cost?

The cost is based on individual characteristics so pricing will vary for each policy. Thus, you may see no change in price to lock your rate, you may see an increase or you may see a decrease.

How Does Your Rate Unlock?

Only you can remove the Erie Rate Lock feature, which can be done at any time. The endorsement cannot be removed by Erie Insurance or lost.

Your premium will remain the locked until you do one of the following:

• Add or remove a vehicle from your policy
• Add or remove a driver from your policy
• Change your garaging address

On average, your rate will be un-locked about every 3 to 3½ years.  In comparison, the competition updates their rates every 6 months!

When the Lock Rate feature is removed the policy will be re-rated using Erie’s current pricing and any accidents, claims or violations that did not impact the “old rate” will be calculated into the “new rate”. You will have the option to re-lock the “new rate” but your driving record will be subject to Erie’s underwriting guidelines.

Are you eligible for this auto insurance?

Erie Insurance is the only auto insurance company that has the Rate Lock feature. It is available to new customers and to existing Erie Insurance customers only. However, existing Erie customers can only lock their rate when either their policy renews or if they make any of the 3 qualifying changes listed in “How Does Your Rate Unlock”.

The endorsement is available for vehicles having a model year of 1990 or later, and the benefits of enrolling don’t stop at simply “locking” your rate – think about the control and security you gain!

Discounts available to you!

• Pay Plan Discount: 7% Discount - Pay in full;   5% Discount - Pay in full in first 3 months of policy year

• Multi-Car Discount: Available if there are other vehicles insured by Erie in the household.

• Multi-Policy Discount: Available if  you  insure your Home/Renters/Condo insurance with Erie.

• Life Multi-Policy Discount: Available if you purchase an Erie FamilyLife policywith a face amount of at least $100,000.

• Age 55 Discount: Available to those drivers age 55 or older at the inception of your policy.

• Anti-Lock Brake Discount: Available if your vehicle is equipped with ABS.

• Passive Restraint Discount: Available if your vehicle is equipped with passive belts.

• Anti-Theft Discount: Available if your vehicle is equipped with an anti-theft device.

• Accident Forgiveness Discount

• Defensive Driver Discount: Available when you show proof of completed class.

• Safe Driver Discount: Available to new customers that have had a clean driving record.

• Reduced Usage Discount: Available if you have a vehicle that is garaged for at least 90 days each year.

• College Student Discount: Available to reflect the limited use of an auto when a youn, unmarried driver is a full time college student, does not live at home, and does not have a vehicle at school.

• Driver Training Discount: Available to un-married drivers age under 21 whom successfully complete 30 hour of classroom and 6 hours over-the road testing.

• Youthful Driver Longevity Discount: Available to households with youthful drivers based upon the number of years the policy has been continuously in force.