"For me, it all came down to saving money. Being unemployed for
six months, I had to cut down on expenses. The quotes I received
helped me lower my costs and put more money in my pocket."
Erie Insurance Group is a property and casualty insurance company offering its services to a few select states in the United States. Here we discuss the company's history, its financial strength, customer service, and our overall impression of the company. Read on for a full Erie Insurance review!
Erie Insurance History
Erie Insurance Group was founded in 1925 by H.O. Hirt and O.G. Crawford. It was originally an auto insurance provider based in Erie, Pennsylvania. H.O. Hirt founded the company based on the Golden Rule: "Do unto other as you would have done unto you."
Erie Insurance got its name from two different sources. First, the original office of the company was located in Erie, Pennsylvania. Second, in an attempt to differentiate Erie from other insurance providers, the company's founder H.O. Hirt coined the following phrase: "Above All in SERVICE." As you can see, the name ERIE is encapsulated in the word "service". This implies that Erie Insurance is built around its ability to provide excellent customer service. This has remained a company tag line ever since it was coined many years ago.
As the years went by and the company became more and more successful, Erie auto insurance slowly started expanding its product line and its reach. Below are a few significant milestones for the Erie Insurance Group:
- In 1940 Fire insurance was added to the product line
- In 1954 Inland marine insurance was added to the product line
- In 1961 homeowners insurance was added to the product line
- In 1967 life insurance was added to the product line
Erie Insurance by State
Erie has expanded a little slower than your historical insurance company. You can currently only purchase a majority of Erie insurance products in 11 states throughout the United States. Those states are all located primarily in the Midwest and on the east coast:
|• Illinois||• Indiana|
|• New York||• Maryland / District of Columbia|
|• North Carolina||• Ohio|
|• Pennsylvania||• Tennessee|
|• Virginia||• West Virginia|
If you do not reside in one of the above states, you probably won't be able to purchase Erie auto insurance or any other type of Erie insurance.
Erie Insurance Group's Financial Strength Rating
The best measure of financial stability for any insurance company is its A.M. Best rating. A.M. Best rates many companies on their financial stability and credit rating. As of June 2011, Erie had an A.M. Best rating of A+ (superior) and a credit rating of aa-. A superior A.M. Best rating means the company is in a stable financial condition with a stable outlook. Go to A.M. Best for more information.
Erie Insurance Customer Service
Every year, J.D. Power & Associates ranks insurance companies based on overall purchase experience, policy options, price, local agent performance, and more. Erie consistently ranks extremely well on nearly every dimension of the J.D. Power rankings.
In addition to Erie's exceptional J.D. Power rankings, in 2011, J.D. Power & Associates also ranked Erie Insurance Group as one of only six "Customer Service Champions" in the insurance industry. According to J.D. Power, Erie Insurance does more than just deliver on customers' expectations - it exceeds those expectations and raises the bar for all companies for the level of customer service.
Overall Impression of Erie Insurance Group
Overall, the impression we have is that Erie is a great insurance company. We did find a few complaints online, however with over 4 million outstanding insurance policies, that's somewhat to be expected. The most common complaints were for services rendered and billing issues.
Despite an extreme minority of dissatisfied customers, Erie Insurance Group is financially stable, has excellent J.D. Power rankings, an A+ rating on the Better Business Bureau (despite not being accredited, which is a feat!), and many positive testimonials of just how great the company is. If you are looking to switch your insurance and you live in one of the above-mentioned states, fill out an Erie auto insurance quote today to see what it can do for you!