Erie Insurance is making approximately $200 million in auto rate cuts for customers in 12 states and the District of Columbia, according to an announcement Thursday.
The company said the rate cuts will provide financial relief to customers impacted by the coronavirus pandemic.
“For 95 years, ERIE’s promise to our customers has remained the same: to be there when they need us most,” said Tim NeCastro, Erie Insurance President and CEO. “Now, more than ever, we are centered on the Golden Rule and committed to providing near perfect protection and near perfect service at the lowest possible cost.”
Some auto insurers this week announced short-term auto insurance rebates. Erie Insurance said it believes the decision to lower rates will be more impactful for its customers.
Rate changes for customers will vary by state and also be based on individually purchased policies and coverage options. Once the changes are approved, premium adjustments will take effect at the time of new policy initiation or renewal, according to Erie Insurance.