Quote:
Originally Posted by mgarblik
Finally got an e-mail with the details of what Erie Insurance was up to. You have to apply their formula to get an exact rebate. It is about 5% of this years annual premium.
Here is their text: Dear ERIE Customer,
"This pandemic has significantly impacted all of our lives. At Erie Insurance, we continue to consider what we can do to make a difference for our Customers and communities. Most of you aren’t driving; you’re staying at home doing the right thing to protect yourselves and your neighbors.
That’s why we’re announcing that we will provide $200 million in dividends directly to personal and commercial auto insurance Customers in our 12 states and the District of Columbia. This immediate relief represents about 30 percent of your monthly auto insurance premium for a two-month period or 5 percent of your annual premium.
You can calculate your dividend using this simple equation: Annual premium as of April 1, 2020, multiplied by .30 / divided by 6. You can find your annual premium on your most recent auto insurance declarations page. For personal auto insurance Customers, you can access your declarations page through your Online Account at View Policy Details."
Better than a sharp stick in the eye, but hardly life changing. Good advertising, I suppose. When you consider the big boys like State Farm, Progressive, and Gieco each spend a BILLION dollars a year on TV commercials, this is a drop in the bucket.
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I got the same letter from Erie via email. Not a huge break--5% of the annual premium!
Our insurance companies are reaping a HUGE REWARD due to the Corona virus. Just as most of the other aspects of this virus situation, we can't do anything about it.