When drivers opt in for a new vehicle, it usually means new, and higher, auto insurance rates as well. However, though drivers can expect to pay a bit more for a new car, many drivers find that their premiums continue to increase every time they renew their policies. This may be because of any accidents that the drivers got into or the auto insurance companies just raised their rates over time.
To help drivers feel more secure financially, Erie Insurance Group of Pennsylvania has introduced their ERIE Rate Lock system for their policyholders. In an astounding move, the car insurance company hands much of the control over policies to the policyholders themselves. The system works by locking in the policy rates for every driver until they change a driver, vehicle, or an address, meaning that the rates can potentially be locked in for years. It also means that premiums won’t increase for drivers, even if they get tickets or file claims.
Erie Insurance declared that they’re taking this move in order to provide their customers with the best insurance policies possible. Vice president and branch manager Tony DaBreo states that “ERIE Rate Lock takes the concept of accident forgiveness to the next level, by ensuring you don’t get punished for factors beyond your control.”
Currently, the ERIE Rate Lock is available for Erie policyholders in the states of Illinois, Indiana, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Washington D.C., and Wisconsin.
However, as with all policies, remember to take the time to read the fine print and disclaimers. For example, Virginia policyholders who sign up for ERIE Rate Lock are limited to three years with it, and ERIE Rate Lock doesn’t guarantee continued coverage. Costs are still subject to change under certain conditions.