Erie Insurance is making a number of rate reductions that will reportedly result in savings for its personal and commercial auto policyholders in the state of New York.
The combined impact of rate actions proposed by Erie on its private
passenger auto business will be a rate reduction totaling 6.5 percent, or a premium savings of over $4.7 million for Erie’s personal auto policyholders.
The New York State Insurance Department has already approved rate decreases totaling 3.0 percent for Erie’s private passenger auto insurance rates with an effective date of Nov. 15, 2005. Individual rates and reductions will vary according to coverages and limits selected. Erie has also filed for additional reductions totaling 3.7 percent with a proposed effective date of Jan. 1, 2006.
In addition, Erie announced that the company has filed for an 8.0 percent safe driver discount for new private passenger auto policyholders who meet specified underwriting guidelines. The discount is similar to Erie’s Pioneer Experience Rating Credit (PERC), which has for years rewarded the company’s claims-free drivers with discounted insurance rates.
Along with the reductions in its personal auto rates, Erie also recently
received approval for commercial auto decreases that will take effect Dec. 1, 2005. Erie is reducing rates for trucks, tractors and trailers by 5.1 percent and commercial passenger trucks by 2.0 percent.
Erie Indemnity Company provides management services to the member companies of the Erie Insurance Group, which includes the Erie Insurance Exchange, Flagship City Insurance Company, Erie Insurance Company, Erie Insurance Property and Casualty Company, Erie Insurance Company of New York and Erie Family Life Insurance Company.
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