Alyssa Lane
Nationwide Insurance offers a range of insurance products, including homeowners insurance and car insurance, and serves customers across the United States. The company provides various discounts and rebates to its customers, such as safe driving discounts, accident forgiveness, and bundling options for home and auto insurance. With a focus on affordability and flexibility, Nationwide Insurance aims to provide accessible insurance plans to its customers. This raises the question of whether the rebates offered by Nationwide Insurance should be accounted for and how they might impact customers' overall insurance costs and coverage.
| Characteristics | Values |
|---|---|
| Discounts on car insurance | Instant 10% discount on enrollment, $1,032 savings on bundling home and auto policies, lower premium for less mileage, discount for safe driving, discount for paperless documents |
| Discounts on home insurance | $1,032 savings on bundling property and auto insurance, discount for smoke detectors, fire alarms, burglar alarms, lower premium for claims-free history, discount for renovating plumbing, heating, cooling or electrical systems |
| Availability | Car insurance offered in 46 states and Washington, D.C. Home insurance offered in 43 states and Washington, D.C. |
| Customer reviews | 4.0 out of 5.0 Bankrate score for car insurance, 4.3 out of 5.0 Bankrate score for home insurance, 1.5 out of 5 stars on Trustpilot |
| Annual premium | $1,924 per year for full coverage, $688 per year for minimum coverage |
| Average cost of a $300,000 dwelling policy | $2,223 annually |
| Industry ratings | Strong scores from J.D. Power, AM Best, and the NAIC |
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What You'll Learn
Nationwide's insurance rebates for safe driving
Safe driving is one of the best ways to lower your car insurance rates. Nationwide offers a range of discounts and incentives to encourage and reward safe driving. Firstly, drivers with at least 5 years of safe driving history are eligible for more affordable car insurance rates. Maintaining a clean driving record, free of speeding tickets, reckless driving, and other violations, is essential to qualify for this discount.
Nationwide also offers an instant 10% discount when enrolling in their usage-based insurance program, which provides personalized feedback to help make safer driving decisions. This program, called SmartRide, measures driving behavior and rewards safe driving with discounts of up to 40%. The more miles driven, the higher the chances of an accident, so safe driving is incentivized. The SmartRide program is optional, free to participate in, and typically lasts 4 to 6 months.
Additionally, Nationwide offers discounts for maintaining an accident-free driving record, regardless of the number of years. Drivers aged 16 to 24 who maintain a B average or better are also eligible for a discount. Completing a state-approved safety course can result in a discount, and vehicles equipped with certain anti-theft devices may also qualify for reduced rates.
Nationwide also encourages safe driving through paperless discounts, where signing up for paperless documents can lead to recurring discounts. These rebates are part of Nationwide's commitment to providing affordable insurance options, ensuring that safe drivers are rewarded with lower rates and various incentives.
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Discounts for bundling home and auto insurance
For example, Progressive offers multi-policy discounts for bundling home and auto insurance, as well as other types of insurance such as RV, boat, and motorcycle insurance. They also offer the convenience of managing all your policies in one place. Similarly, Nationwide offers a discount for bundling home and auto insurance, which can save customers an average of $1,032.
It is important to note that the availability of discounts and the amount of savings may vary by state and insurer. When considering bundling insurance, it is recommended to compare rates and discounts from different insurers, both online and with an agent, to find the best option. Additionally, it is advisable to choose an insurer with strong customer service, a wide range of perks and coverage options, and other discounts beyond just bundling.
While bundling can offer significant savings, it is important to compare non-bundled rates as well. In some cases, breaking the bundle and choosing a cheaper option for one of the policies might result in greater overall savings.
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Accident forgiveness and vanishing deductible
Vanishing deductible and accident forgiveness are optional auto policy packages offered by some car insurance companies. They are designed to help drivers save money on their premiums and deductibles.
Vanishing Deductible
Nationwide's vanishing deductible program decreases a customer's deductible by $100 for every year they are accident-free, up to a maximum of $500. This reduction can be applied to both comprehensive and collision deductibles. If a customer does get into an accident, their deductible will reset to $100, still offering some savings. The cost of the program is $60 per year and $10 for every additional car.
Accident Forgiveness
Accident forgiveness can prevent insurance rates from increasing after a customer's first at-fault accident. Accident forgiveness is offered by most insurance companies, including Nationwide.
Comparison
While accident forgiveness is widely available, only a handful of companies offer vanishing deductible programs. Vanishing deductible programs often come with extra fees, so they may not be worth the savings. Accident forgiveness, on the other hand, can provide significant savings if a customer gets into an accident, as it prevents insurance rates from increasing.
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The availability of rebates across US states
Insurance rebates, or the practice of insurance rebating, are illegal in all US states except California and Florida. In these two states, the practice is regulated by the state's department of insurance. Most states have anti-rebating laws in place to maintain a level playing field among insurers and ensure fair market practices. However, some states have loosened their restrictions, allowing certain types of value-added services and minor gestures such as inexpensive promotional items.
Insurance rebating laws vary from state to state, with each state controlling the specifics of its own legislation and any exceptions. For example, in Massachusetts, insurance rebating laws are particularly stringent, requiring insurers to be extremely diligent in their understanding of the laws. Other states have also been changing their laws to allow for higher-value gifts and promotional items, and the National Association of Insurance Commissioners (NAIC) Innovation and Technology (EX) Task Force has been discussing further loosening restrictions.
While not all states allow insurance rebates, many insurance companies offer discounts on insurance premiums. For example, Nationwide offers various discounts on car insurance, including an instant 10% discount for enrolling in their usage-based insurance program and a discount for bundling home and auto policies. They also offer discounts for safe driving records, with lower rates for customers who have been accident-free for at least 5 years.
It is important to note that insurance requirements and availability of discounts may vary by state, and insurance agents should exercise caution to ensure they are compliant with the laws in their state.
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Rebates for smart home technology
Smart home technology can be expensive, but there are rebates and discounts available that can make these devices worth the money. Insurance companies want to reduce claims, and smart home technology can help avoid costly damages.
Some insurance companies offer rebates and discounts on smart home devices and home insurance policies. For example, Nationwide offers a discount on home and renters insurance when you bundle your property and auto insurance. They also offer a discount if your home has smoke detectors, fire alarms, burglar alarms, or other qualifying devices. Similarly, AllState, Farmers, Liberty Mutual, and Travelers provide discounts for installing protective devices, including home security systems and safety devices. Travelers and Amazon launched a partnership, offering eligible new customers a free Amazon Echo Dot and insurance discounts when purchasing and installing.
Utility companies also offer rebates on smart home devices. Consolidated Edison, for instance, offers $4 instant rebates for select Philips Hue and Sengled smart bulbs.
Local law enforcement agencies may also offer rebates on home security. The District of Columbia's Metropolitan Police Department has partnered with Ring to offer a $500 rebate per residence on outdoor Ring Video Doorbells and Stick Up Cams.
It is important to do your research and check with your provider to see what rebates and discounts are available to you. These rebates can help make smart home technology more affordable and provide incentives for a safer, more energy-efficient home.
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