Nationwide insurance review 2021

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Providing insurance since 1926, Nationwide was originally known as the Farm Bureau Mutual Automobile Insurance Company. With a simpler title, it now serves more than farmers and cars. It provides coverage for homes, farms, pets and recreational vehicles, investment products such as pension plans, savings plans, annuities and mortgages, and offers life insurance — both term and permanent.

Nationwide car insurance

Nationwide auto insurance includes both liability and vehicle coverage options, providing coverage for the vehicle you are driving, as well as stepping in to cover damages when you are at-fault in an accident. As a large national provider of car insurance, Nationwide is able to offer a broad range of programs, including innovative low mileage and safe driver coverage that uses telematics to monitor your driving skills in real-time, rewarding safe driving with substantial discounts — up to 40 percent off your premium costs.

Coverage

  • Bodily injury liability covers medical bills and lost income of other parties when you are at fault in an accident.
  • Property damage liability pay for damages to another person’s vehicle or property when you are at fault in an accident.
  • Personal injury protection (PIP) covers the medical expenses of the policyholder and their passengers, regardless of who is at fault in an accident.
  • Uninsured motorist and underinsured motorist coverage pays for your property damage and medical expenses if an uninsured or underinsured driver causes an accident involving your vehicle.
  • Medical payments coverage pays for the medical costs of injuries sustained by passengers in your car or injuries you sustain as a pedestrian. It also covers medical expenses you may incur while riding in another person’s vehicle.
  • Collision coverage pays for repairs to your vehicle when you are at fault in an accident.
  • Comprehensive coverage pays for theft of your car, or many damages to your car not caused by an accident.
  • Rental car expense coverage can help pay rental car fees if your vehicle needs repairs following an accident.
  • Gap insurance pays the difference between a remaining finance amount and the actual cash value if your car is stolen or totaled.
  • Roadside assistance offers 24-hour service and helps pay for emergency expenses such as jump starts, towing, tire changes, lockouts and gas delivery.

Cost of Nationwide car insurance

Drivers who use Nationwide pay less than the national average. Currently, the average cost for full coverage in the U.S. is $1,674 per year and for minimum, it is $565 per year. The average cost Nationwide customers pay is:

Average annual cost for minimum coverage Average annual cost for full coverage
$501 $1,485

The cost of a premium varies based on several factors including your age, driving history, and location. The best way to know what you will be expected to pay from Nationwide is to get a quote directly from its website.

Discounts

  • Multi-policy discounts: Save an average of $646 per year when you combine home and auto.
  • SmartRide: You could earn a discount by joining Nationwide’s usage-based telematics program that also gives you feedback on your driving decisions.
  • SmartMiles: If you are in your car less often, you could save money with a flexible monthly rate that is based on how many miles you drive.
  • Safe driver discounts: If you have gone five years without a major accident or violation, you may get cheaper premiums through Nationwide.
  • Accident-free discounts: You could get a discount by maintaining an accident-free driving record while getting your insurance through Nationwide.
  • Good student discounts: If you are aged 16-24 and maintain a B-average or better, you could score a discount.
  • Defensive driving course discounts: If you are 55 or over and complete a state-approved driver safety course, you could save.
  • Anti-theft device discounts: If you have an anti-theft device in your car, then you may be eligible for a Nationwide discount.
  • Automatic payment discounts: You may be eligible for a one-time discount offered for signing up for Easy Pay.
  • Organization discounts: Nationwide partners with hundreds of alumni associations, professional groups, sports groups and more to offer discounts to members.
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Nationwide home insurance

Nationwide home insurance protects your home against natural disasters and numerous perils and offers a lot of coverage options as well as discounts to help you save on your premium.

Types of coverage

  • Personal liability: This covers if an accident happens either inside your home that injures a visitor, or outside your home that causes damage to someone else’s property.
  • Medical payments to others: This pays for medical expenses of someone hurt on your property, regardless of fault.
  • Dwelling insurance: This covers your home’s structure from foundation to roof, including built-in appliances and wall-to-wall carpet.
  • Personal property coverage: This pays for damage to things you own, from furniture to the clothes in your closet. If you own items of particular value, such as expensive jewelry or electronics, you may need an additional rider, or add-on, to adequately cover them.
  • Ordinance insurance: This may help cover expenses if it costs more to rebuild or repair your home to current building codes.
  • Other structures: Your basic dwelling insurance covers damage to structures attached to your home, like a built-in garage. But if the garage is not attached, or you have a shed, gazebo, barn or other detached structure, this coverage would help pay for damages.
  • Loss of use: If you need to live elsewhere while your home is being repaired due to a covered loss, this will help cover the costs.
  • Credit card coverage: Pays up to your limit for unauthorized transactions on your credit and debit/ATM cards.
  • Identity theft: This optional coverage will help keep you safe if your identity is stolen.
  • Replacement cost plus: This is an optional coverage that adds up to an additional 20% of your property coverage limit if needed.
  • Water backup: This provides coverage for water back up through your sewer or if your sump pump overflows.
  • Earthquake: This is an optional coverage if you are in an area known for earth tremors.

Cost of Nationwide home insurance

For a $250,000 home, the average cost for home insurance with Nationwide is $1,366 a year.

Keep in mind that the cost of a policy varies on many factors. These include the age of a home, replacement cost and location, among other things. What you would pay for homeowners insurance could be less or more. To get a more accurate quote, call and speak with an agent about what you need.

Discounts

  • Multi-policy: Bundle your home insurance with your car insurance and you could save.
  • Protective device: You could get a discount if you have smoke detectors, fire alarms or burglar alarms in your home.
  • Claims-free: If you go without making any claims, you may qualify for an extra discount on your premium.
  • Home renovation credit: You may receive a discount if you renovate and update your plumbing, heating, cooling or electrical systems.
  • Roof rating: Upgrading your roof may save you money.
  • Home purchase: If you have bought your home in the last 12 months, you may qualify for a discount.
  • Prior insurance: This discount may be available for new customers, based on how long they were insured by their previous carrier.
  • Gated community: If your neighborhood is protected by security guards, residence cards or key-lock devices, you might be eligible for savings.

Nationwide life insurance

Besides auto and home insurance, Nationwide also provides life insurance in the following types of policies.

Types of coverage

  • Term: For a specific amount of time (10, 15, 20 or 30 years), this policy may be used to replace lost income and can provide a safety net for your family. This option might be appealing if you need coverage while your children are young or while making mortgage payments.
  • Whole: This policy helps preserve the wealth you intend to pass along to your beneficiaries and could serve as an estate-planning tool. This is the most common type of permanent life insurance policy, with fixed premium payments and a guaranteed cash value.
  • Universal: This offers death benefits as well as cash value and flexible payment options. Universal coverage is for your entire life and allows you to make policy changes as necessary to adjust your premiums or death benefit value.
  • Variable: Similar to whole life protection, variable life provides a tax-free benefit to your beneficiaries, but also has the added benefit of having an investing component.

Discounts

Unlike home and auto insurance, life insurance policies do not typically have discounts associated with them. However, Nationwide offers an online guide to help you determine the policy that is right for your particular needs and budget.

Top reasons to consider Nationwide

The average cost of a Nationwide auto insurance policy with full coverage is $1,485 per year, whereas the national average is $1,674 per year. That is an average savings of $189 annually, but you could possibly save more with discounts. One way to possibly save with Nationwide is through its customer loyalty discounts — meaning using Nationwide for two or more of your insurance needs. Most customers who do this bundle their car with their home (condo, apartment, or homeowners), or use Nationwide to insure multiple cars.

Coverage-wise, Nationwide offers excellent coverage options with a variety of riders and add-ons for you to be able to build your policy to fit your unique needs. All in all, Nationwide may be a good option for customers seeking a policy from a well-known, established company with a proven reputation.

Nationwide reviews, ratings, customer satisfaction and complaints

J.D. Power Auto Claims Study (2020) J.D. Power Property Claims Satisfaction Study (2020) AM Best
876 out of 1,000 point (eighth place) 886 out of 1,000 points (fifth place) A+ (Superior)

In its 2020 J.D. Power Auto Claims Satisfaction Study, Nationwide tied with Allstate for eighth place out of 24 insurance companies. Nationwide received a score of 876 on a 1,000-point scale (the industry average is 872) based on claims handling.

In the 2020 J.D. Power Property Claims Satisfaction Study, Nationwide’s insurance rating was well above the industry average, with a fifth-place rating (886 points out of 1,000). This indicates a general satisfaction with the quality of the company’s customer and claims servicing for homeowners.

AM Best ranks Nationwide’s financial strength A+ (Superior), which reflects its ability to make out claims satisfactorily. Additionally, the Better Business Bureau gives Nationwide an A+ rating. The BBB bases its ratings on several factors, including the number of complaints it receives about a company, how a business responds to a complaint, how promptly a company responds to a complaint and how successfully a business resolves a complaint.

According to Nationwide insurance reviews, customers and claimants have filed a variety of complaints with the BBB against Nationwide similar to grievances lodged against other insurance companies. Some customers complained of slow service by claims adjusters or miscommunication regarding claims. Others disputed the amount of their settlements or slow payouts.

Additional policies offered by Nationwide

In addition to car and homeowners insurance, Nationwide offers a wide range of financial products, including:

  • Renters, condo and flood insurance
  • Motorcycle, snowmobile, classic car, ATV, RV, scooter, golf cart and boat insurance
  • Dental, life, umbrella, accident medical and pet insurance
  • Wedding, travel and specialty liability insurance
  • Mutual funds, annuities, retirement plans and life insurance
  • Money market, checking and savings accounts

Frequently asked questions

What is the best auto insurance company?

The best auto insurance company depends on what you’re looking for, what your budget is, what type of driver you are and the type of car you are trying to insure. It is important to shop around to get multiple quotes and to research the financial standings, customer satisfaction and discount options of each company.

What is the best home insurance company?

Just like with the auto policies, we studied home insurance offerings from various companies and created this helpful article that may assist you in choosing the best insurance carrier for your home.

What is the best life insurance company?

We know that life insurance is a serious investment for your future and beyond, and should not be taken lightly. We compiled information about various companies offering life insurance for your convenience and review.

What do I need to get an auto quote from Nationwide?

A Nationwide agent will need to know the make and model of your vehicle, your location, your age, the number of miles you drive each year and the number of people in your household who drive the vehicle. In some locations, a Nationwide agent may also request your Social Security number to run a credit check.

How do I file a claim with Nationwide?

You can file a claim by calling your Nationwide agent or online at the Nationwide website. After filing a claim, you can track its progress on Nationwide’s website.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto:

  • Bodily injury liability per person: $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Homeowners:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Written by
Virlanda Miller
Insurance Contributor
Virlanda Miller started writing for Bankrate in the past year but has written insurance-related content for other content companies for the past three years. She has worked for an insurance company for the past 16 years, specializing in coverage investigations for auto claims. Virlanda graduated from the University of North Carolina at Charlotte, with a B.A. in English and minors in journalism and theatre. She has been a freelance writer and editor for over 20 years.