The insurance industry has been coming up with new ways to innovate over the last few years with usage based insurance, diminishing deductible, and other neat and exciting features. The one thing that hasn’t changed however are that insurance rates have been increasing at your renewal. This can happen due to a number of factors, such as having claims and getting violations, which makes sense. What doesn’t make sense to the consumer, is that rates are increasing for people that are literally perfect throughout the year. There is a logic to this, as things cost more over time, which in turn will reflect on insurance. However, the consumer still feels penalized.
Our main line of insurance is Erie Insurance and they have recently launched “Rate Lock.” Which is a first in the industry (who would have thought a small company out of Erie, PA could be so innovative?). If you qualify for Rate Lock, your insurance rates WILL NOT CHANGE at the renewal date if the following events happen:
- You have an at fault accident.
- You have a speeding ticket.
- The insurance industry has an unprofitable year.
You would think that is backwards thinking, but Erie has shown amazing results with Rate Lock in terms of profitability. Keep in mind that your rate is subject to change if you purchase a new car, add a driver, or change your garaging address. At that point, any claims or tickets you have will show up in your new rating. Rate Lock is earned and there is no charge to have the feature. You simply qualify, or you don’t.
Please contact info@InsureCongressional.com to see if you qualify for “Rate Lock.”