Orlando Harmon
Nationwide Insurance is a large provider, offering standard coverage, a solid set of discounts, and excellent third-party customer service. Nationwide auto insurance rates are generally competitive, especially for drivers with bad credit, safe drivers, and those seeking pay-per-mile insurance. However, rates can be higher than competitors for certain driver categories, such as young adults, low-mileage drivers, and drivers with a history of accidents or DUIs. Nationwide's average annual car insurance rate is $1,981, which is slightly lower than the national average of $2,012. The company's customizable policy options, unique perks, and add-ons make it a popular choice for many consumers.
| Characteristics | Values |
|---|---|
| Average Annual Premium | $1,981 |
| National Ranking | #6 out of 10 |
| Customer Satisfaction | High |
| Customer Complaints | Below Average |
| Coverage Options | Middle of the Pack |
| Cost | Towards the Bottom |
| Sample Rates | Higher than the National Average for Some Categories |
| Availability | 46 States and Washington, D.C. |
| Unique Features | Accident Forgiveness, Vanishing Deductible, SmartRide, SmartMiles |
| Competitive Rates | Yes, especially for safe drivers, individuals with low credit scores, and parents of teens |
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What You'll Learn
- Nationwide's rates are competitive for drivers with bad credit
- Rates are higher for male teens, young adults, and low-mileage drivers
- Nationwide offers a pay-as-you-drive insurance option
- Nationwide's rates are lower than the national average
- Nationwide's rates are higher than competitors like Erie and Liberty Mutual
Nationwide's rates are competitive for drivers with bad credit
Nationwide Insurance is available in 46 states and Washington, D.C. It is rated No. 6 out of 10 in a national rating of the best car insurance companies. While Nationwide's average annual premium is lower than the national average, it is in the middle of the pack compared to all insurers. Its average annual car insurance rate is $1,981, which is lower than the national average of $2,012.
Nationwide's rates are lower than average for teens, people with bad credit, safe drivers, and low-mileage drivers. For drivers with bad credit, Nationwide's average rate of $2,421 is nearly $1,000 cheaper than the national average, making it one of the most competitive providers. In Texas, Nationwide offers the cheapest rates for drivers with poor credit at $2,089 or $174 annually. High-risk car insurance in Texas costs $3,233 annually, but Nationwide offers rates as low as $2,124.
Nationwide's sample premiums for teen drivers are $52 lower per year than the national average for females, but $327 higher than the average for males. Nationwide's rates are higher than the national average for male teens, young adults, low-mileage drivers, drivers with one at-fault accident on their record, and drivers with a DUI. Its sample annual rate for drivers with a DUI is 11% higher than the national average in this category.
Nationwide offers unique perks, add-ons, and affordable rates that appeal to specific drivers. It also has a higher-than-average sample rate for minimum coverage policies. Nationwide's average premiums are lower than average in some categories, but several companies offer lower rates. Nationwide's SmartRide program tracks certain driving habits via a mobile app, and safe drivers can receive a discount on their premium.
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Rates are higher for male teens, young adults, and low-mileage drivers
Nationwide Insurance offers competitive rates, with an average annual car insurance rate of $1,981, which is lower than the national average of $2,012. However, its rates are higher than average for male teens, young adults, and low-mileage drivers.
Male teens are considered a higher insurance risk than their female counterparts due to their higher liability. Teenage boys are statistically more likely to engage in reckless driving, get a DUI, and get into accidents due to poor driving habits. As a result, insurance companies view them as riskier clients and charge higher premiums to account for the potential cost of claims. Male teens can expect to pay $327 more per year than female teens on average.
Young adults are also subject to higher insurance rates. Similar to teens, young adults are considered riskier drivers due to their lack of experience and driving history. They are more prone to accidents, poor decision-making, and driving errors, which increases the potential cost of claims for insurers. As a result, young adults may struggle to obtain affordable insurance coverage and are often charged higher premiums until they reach the age of 25, when rates typically drop.
Low-mileage drivers may also experience higher insurance rates with Nationwide. While this may seem counterintuitive, insurers consider the odds of being involved in an accident increase the more time someone spends on the road. Therefore, low-mileage drivers may be offered higher premiums as they are seen as a higher risk. However, it is important to note that each insurance company has its own criteria for setting rates, and some insurers offer discounts for low-mileage drivers, especially in states like California, where unique laws govern how insurance companies can use rating factors.
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Nationwide offers a pay-as-you-drive insurance option
Nationwide is one of the largest U.S. auto insurance companies by market share. Its average annual car insurance rate is $1,981, which is lower than the national average of $2,012. However, eight companies in one analysis have a lower average rate than Nationwide. Nationwide's rates are higher than the national average in some categories, including young adults, low-mileage drivers, drivers with one at-fault accident on their record, and drivers with a DUI.
Nationwide also offers SmartRide, a safe-driving discount program for traditional auto insurance policies. It tracks certain driving habits via a mobile app, and you can receive a discount on your premium for driving safely.
Nationwide's pay-as-you-drive insurance option can be a good choice for low-mileage drivers who want to save money on their car insurance. It provides flexibility and control over insurance costs, allowing drivers to pay less if they drive less.
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Nationwide's rates are lower than the national average
Nationwide's average annual car insurance rate is $1,981, which is lower than the national average of $2,012. Nationwide's rates are also lower on average for drivers with bad credit, with an average rate of $2,421—nearly $1,000 cheaper than the national average. The company offers several discounts and usage-based insurance programs, such as SmartRide and SmartMiles, that can help customers save money. For example, SmartRide offers up to 25% savings for safe driving, and SmartMiles calculates premiums based on a flat base rate and a per-mile rate, which can result in significant savings for those who don't drive often.
Nationwide also has lower average rates than some of its competitors, such as Liberty Mutual. Nationwide's liability insurance for senior drivers is also cheaper on average when compared to other companies. The insurer is also rated highly for customer satisfaction and has received fewer complaints than average, according to the National Association of Insurance Commissioners (NAIC) Complaint Index score.
Nationwide's rates are competitive, especially for safe drivers and those with low credit scores. The company's customizable policy options and add-ons provide customers with flexibility and the opportunity to find coverage that suits their needs. However, it is important to note that Nationwide's rates can be higher than some other competitors, and there may be cheaper options available, especially for specific driver categories such as male teens, young adults, and low-mileage drivers. While Nationwide's rates are generally lower than the national average, it is always a good idea to compare quotes from multiple insurance providers to ensure you get the best rate for your specific circumstances.
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Nationwide's rates are higher than competitors like Erie and Liberty Mutual
Nationwide's average annual car insurance rate is $1,981, which is lower than the national average of $2,012. However, its rates are higher than competitors like Erie and Liberty Mutual for certain driver categories. For example, Nationwide's rates are higher for male teens, young adults, low-mileage drivers, drivers with a DUI, and those with an at-fault accident on their record. While Nationwide offers competitive rates and is ranked 6th out of 10 companies, it scores towards the bottom for cost when compared to all insurers in the analysis.
Nationwide's rates are influenced by various factors, including age, gender, credit score, ZIP code, coverage type, and vehicle type. The company provides coverage in 46 states and Washington, D.C., excluding Alaska, Hawaii, Louisiana, and Massachusetts. Their rates are higher than competitors like Erie, which offers a Rate Lock® feature to control premium increases. Erie also provides multi-policy discounts of up to 25% and incentives for safe drivers, resulting in lower rates than Nationwide for similar coverage.
Liberty Mutual, another competitor, offers competitive rates for customers with unique coverage needs. They provide robust coverage options and bundling opportunities, similar to Nationwide. However, Liberty Mutual may offer lower rates for specific customer profiles, such as young adults or low-mileage drivers, who face higher premiums with Nationwide. Liberty Mutual's rates are also influenced by factors like age, driving history, and vehicle safety ratings, allowing them to provide competitive pricing for certain demographics.
While Nationwide's rates are generally competitive, they are higher than those offered by Erie and Liberty Mutual for specific customer segments. Nationwide's strength lies in its customization options, accident forgiveness, and vanishing deductible features, which may outweigh the higher rates for some customers. However, for cost-conscious individuals, particularly those in the identified higher-rate categories, Erie and Liberty Mutual could present more attractive alternatives.
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Frequently asked questions
Nationwide's average annual car insurance rate is $1,981, which is lower than the national average of $2,012. However, eight companies in our analysis have lower average rates than Nationwide. Nationwide's rates are also higher than the national average in some categories, including young adults, low-mileage drivers, drivers with a DUI, and drivers with an at-fault accident on their record. Nationwide's rates are also higher than those of Erie Insurance, which is known for its competitive pricing. However, Nationwide has slightly cheaper average rates than Liberty Mutual, one of the largest auto insurance companies in the US. Nationwide also offers lower rates for drivers with poor credit compared to other companies. Overall, Nationwide's rates are generally considered competitive, especially for safe drivers and those with low credit scores.
Nationwide's insurance rates are influenced by various factors, including age, gender, credit score, ZIP code, the type of vehicle, and the coverage options selected. They also offer usage-based insurance programs like SmartRide and SmartMiles, which can provide discounts for safe driving habits and low mileage.
One of the pros of Nationwide's insurance rates is their competitiveness, especially for specific driver types such as safe drivers, individuals with low credit scores, and parents of teens seeking affordable insurance. Nationwide also offers unique perks, add-ons, and customizable policy options. Additionally, their rates tend to be lower than the national average in most instances. However, a con is that Nationwide's rates can be higher than some competitors, and there are complaints about frequent and significant rate increases. Some customers also find the claims process slow and frustrating.
