What is Erie's Rate Lock and will it save me money?

I keep hearing that Erie offers some kind of “rate lock.” What does that actually mean? Does it really stop my premium from going up, or does it just mean my bill never changes no matter what?

Rate lock doesn’t mean your bill is frozen forever. Erie’s Rate Lock is designed to keep your premium steady at renewal, even if you file a claim or if overall rates in Baltimore rise. That’s a big difference from most insurers, where you can see increases every year no matter how clean your record is.

But there are a few important exceptions:

• If you add or remove a vehicle, your premium will be adjusted.
• If you change drivers on your policy (like adding a teen driver), your rate can change.
• If you move to a new address, Erie will re-rate your policy.

So, Rate Lock doesn’t mean your bill will never change — it means your base rate is protected as long as your key policy details stay the same. For many people, especially in cities like Baltimore where accident rates can push prices higher, it gives you a level of stability that’s hard to find elsewhere.

It’s also worth pointing out how Rate Lock differs from accident forgiveness, since people often confuse the two. Accident forgiveness waives the surcharge you’d normally see after your first at-fault accident. Rate Lock, on the other hand, keeps your overall premium the same at renewal unless you make a big change to your policy. They can work together, but they’re not the same thing.