Dear Valued Customer:
These are truly difficult times, and to ease your burden somewhat, Erie Insurance has designed a relief package for commercial auto insurance Customers that helps now and in the future.
The immediate relief totals $200 million and comes in the form of a dividend that you will receive mid-May 2020, pending regulatory approval. The dividend represents about 30 percent of premium for a two-month period or 5 percent of annual premium.
You can calculate your dividend payout using this simple equation: Premium as of April 1, 2020 x .30/6. We chose April 1, 2020, for the calculation since it is in the middle of the reduced exposure period to reflect average reduction in driving.]
This immediate relief is in addition to the $200 million in longer-term rate reductions ERIE announced in early April. These rate reductions, once approved by regulators later this summer, will be in effect at renewal, and will last at least 12 months for most Customers.
We are proud to represent a company that cares about you, our Customer. Despite the challenges we’re all facing, we continue to be here for you to address your insurance needs. Whether that’s handling a claim, adjusting coverages, or helping you through payment options, the team at Aguilar Insurance Agency is ready to serve. While our physical offices are closed, we are open for business, all working remotely.
Thank you for putting your trust in the Aguilar Insurance Agency and Erie Insurance. We stand with you during these unprecedented times.
If you have questions about ERIE’s Customer Relief Package, visit www.erieinsurance.com/support-center/COVID-19