Erie Insurance Shows A Need To Get Serious About Car Insurance

March 23, 2012 - PRLog -- "Laugh and the world laughs with you" is a mantra that has been embraced by many people in the car insurance business in recent years, with some companies spending hundreds of millions associated with dollars on ads that use humor to get attention. While fun might be an easy way to entertain, a new study from Erie Insurance unveils that the onslaught of car insurance ads centered on price are leading to some consumers to forget about coverage.

The majority of study respondents (68 %) agreed that most humorous car insurance ads had been about saving money. While respondents ranked coverage as the most important consideration when shopping for car insurance, three-quarters (74 percent) admitted the blitz of car insurance commercials focused on price have caused them to forget about coverage options that affect how well they're protected.

"People are making serious decisions about their financial well-being based on punch outlines," said Cody Prepare, vice president and product manager at Erie Insurance coverage. "Insurance is complex. Making a decision based on price on your own and without the consultation of an insurance professional can have serious consequences."
Interestingly, over fifty percent of survey respondents admitted that even after they bought auto insurance, they still weren't certain they had created the right decision. When asked to define fundamental insurance terms:

Forty-eight % thought Liability or even Comprehensive coverage paid for the damage they caused to their vehicle if it hit another object. Collision coverage will pay for the damage to a person's vehicle if he/she reaches fault in an incident; and
Fifty-four percent thought an Affirmation or Premium was the term for changes and/or inclusions in a policy. The correct term is an Endorsement. Acceptance isn't an insurance phrase.

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The Insurance Information Start, a group dedicated to assisting consumers better comprehend insurance, recently cautioned against selecting an insurance company based solely in price. Instead, it urged consumers to seek out companies with reputations for excellent customer service that will manage claims quickly and fairly.
"We think it's time to get serious about car insurance," said Prepare. "To truly understand what you are buying and ensure your family is protected, you'll benefit most by having professional guidance from a local agent you know and trust."


According to A.M. Best Company, Erie Insurance Team, based in Erie, Pennsylvania, is the 12th largest automobile and 14th largest homeowners insurer in the United States based on direct rates written and the 20th largest property/casualty insurer in the usa based on total lines net premium created. The Group, rated A+ (Superior) by A.M. Best Company, has over 4.3 million policies in force as well as operates in 11 says and the District of Columbia. Erie Insurance Team is a FORTUNE 500 company. Erie Insurance is proud to be called a J.D. Power and Associates' 2012 Customer Service Champ and is one of only 50 U.S. companies so named. Erie Insurance has also been recognized on the list of Ward's 50 Group of top carrying out insurance companies. The Ward's 50 honor analyzes the monetary performance of 3,Thousand property and victim companies and nearly 800 life and health insurance companies and recognizes the top entertainers for achieving exceptional financial results in security and consistency over a five-year period (2006-2010).

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MethodologyThe survey was conducted on the internet by an independent research firm on behalf of the Erie Insurance Group within February 2012. Responders represent the nationwide sample associated with 360 adults, age range 18+, who have considered and/or investigated switching their auto insurance or actually switched, in the past year. Study has a 95% confidence level with a 5% margin of error.


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