State Farm is better than Erie overall, per WalletHub’s grading criteria. In particular, State Farm beats Erie in terms of discounts offered, transparency, and claims process, but the two companies are evenly matched when it comes to the types of insurance available and Erie beats State Farm in terms of cost.
Compare Erie Insurance vs. State Farm
- Types of Insurance: State Farm and Erie are evenly matched
- Cost: Erie beats State Farm
- Discounts: State Farm beats Erie
- NAIC Rating: Erie beats State Farm
- J.D. Power Rating: Erie beats State Farm
Although Erie has a higher rating from J.D. Power and a better customer complaint score from the National Association of Insurance Commissioners (NAIC), State Farm has a higher customer review score on WalletHub. State Farm is also in good standing with leading credit rating agencies like A.M. Best, S&P, and Moody’s Investors Service, a show of its financial strength and claims-paying ability. Erie, on the other hand, received a solid score from A.M. Best, but it hasn’t received ratings from S&P or Moody’s.
With that being said, both State Farm and Erie have received more than the average number of customer complaints for insurance providers their size, according to the NAIC. Customers have most often complained about State Farm’s unsatisfactory settlement offers and Erie’s tendency to delay claims payments.
Despite the complaints, State Farm clearly bests Erie when it comes to attracting customers. State Farm is the largest provider of private-passenger car insurance in the nation, as it sold 16.1% of personal auto insurance premiums written in 2019, according to the Insurance Information Institute. Erie, in contrast, didn’t make the III’s top 10 list.
Erie Insurance vs. State Farm: Customer Satisfaction Ratings
|NAIC Complaint Index
|J.D. Power Rating
The NAIC Complaint Index is calculated by dividing a company’s number of complaints by its share of market premiums. The average is always 1.00, and both State Farm and Erie exceed that benchmark.
To learn more about what sets these two insurance providers apart, check out WalletHub’s full State Farm review
and Erie review