Nationwide Insurance review 2020: car, home and renters

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Nationwide has been providing insurance since 1926, when the company, originally known as the Farm Bureau Mutual Automobile Insurance Company, wrote its first policy. Today, Nationwide serves more than farmers and cars, however. Nationwide also provides coverage for homes, farms, pets and recreational vehicles, and offers investment products such as pension plans, savings plans, annuities and mortgages.

This Nationwide insurance review will highlight the types of insurance provided by Nationwide, for the savvy consumer who may be considering buying a new policy or changing insurance carriers.

Nationwide car insurance

Nationwide auto insurance includes both liability and vehicle coverage options, providing coverage for the vehicle you’re 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.

Types of coverage

  • Bodily injury liability, which pays for the medical bills and lost income of other parties when you are at fault in an accident.
  • Property damage liability pays for damages to another driver’s vehicle, or damage to other types of property, when you are at fault in an accident.
  • Personal injury protection (PIP) helps pay the medical expenses of the policyholder and their passengers, regardless of who is at fault in an accident.
  • Uninsured motorist and underinsured motorist coverage is required by many states and pays for your property damage and medical expenses if an uninsured or underinsured driver causes an accident involving your vehicle.
  • Medical payments coverage provides more coverage than PIP does because it covers medical expenses you may incur while riding in another person’s vehicle. It will also cover the medical costs of injuries sustained by passengers in your car or injuries you cause to a pedestrian.
  • Collision coverage pays for repairs to your vehicle, even when you are at fault in an accident.
  • Comprehensive insurance pays for theft of your car or its contents, or damage to your car not caused by an accident. For instance, if a tree falls on your vehicle during a storm, your comprehensive policy can help pay for repairs.
  • Towing and labor coverage helps defray costs when you break down on the road. To purchase this coverage, you must have a comprehensive policy. This coverage does not pay for auto parts.
  • Rental car expense coverage can help pay rental car fees if your vehicle needs repairs following an accident.
  • Gap coverage is a good thing to have if you’ve financed or leased your vehicle and still owe money on it. This coverage will pay the difference between the settlement amount and the actual cash value if your car is stolen or totaled in an accident. For example, if you still owe $2,000 on a totaled car and the insurance company pays you $1,500, gap coverage can pay the additional $500.
  • Roadside assistance coverage 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

The cost of Nationwide car insurance will vary depending on a number of factors, including the type of vehicle you drive, your location, your age and your previous claim history, if any. However, this table illustrates the national average for what you might pay for premiums, if you are just purchasing the minimum required (liability only) or for full coverage:

Minimum Coverage Full Coverage
$531 $1,475

The best way to know what you will be expected to pay, however, is to get a quote from Nationwide.

Discounts

  • Multi-policy discounts: Save an average of $710 a year when you combine home and auto.
  • SmartRide: Earn a discount by joining Nationwide’s usage-based telematics program that also gives you feedback on your driving decisions.
  • SmartMiles: If you’re in your car less often, you can save money with a flexible monthly rate that’s based on how many miles you drive.
  • Safe driver discounts: If you’ve gone five years without a major accident or violation you can get cheaper premiums through Nationwide.
  • Accident-free discounts: You can also get a discount by maintaining an accident-free driving record while getting your insurance through Nationwide.
  • Good student discounts: If you’re aged 16-24 and maintain a B average or better, you can score a discount
  • Defensive driving course discounts: If you’re 55 or over and complete a state-approved driver safety course, you can save.
  • Anti-theft device discounts: If you have an anti-theft device in your car then you are eligible for a Nationwide discount.
  • Automatic payment discounts: This is only a one-time discount the month you sign up for Easy Pay, but it’s still worth pursuing.
  • 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

Whether you’ve recently purchased a new home or are looking for another company to insure your home, Nationwide has a policy for you. Nationwide home insurance policies provide coverage for many types of situations, because life happens. Hopefully, your home will never be damaged by a natural disaster or another unfortunate incident, but it’s good to know that if it does, Nationwide can be there for you with lots of options and discounts.

Types of coverage

  • Personal liability: If an accident happens in your home that injures a visitor or damages their property, this will pay for covered damages.
  • Medical payments to others: This pays for medical or funeral expenses of someone hurt on your property
  • Dwelling insurance, or hazard insurance: Protects your home’s structure from foundation to roof, including built-in appliances and wall-to-wall carpet.
  • Personal property coverage: 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 or law insurance: Kicks in if it will cost more to rebuild or repair your home to current building codes.
  • Other structures: Your basic dwelling insurance covers damage to anything attached to your home, like a built-on garage. But if the garage is not attached, or you have a shed, gazebo, barn or other structure you’d like insured, you’ll need this coverage.
  • Loss of use: If you need to live elsewhere while your home is being repaired, this will 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: An optional coverage that adds an additional 20% of your property coverage limit if needed.
  • Water backup: Provides expanded coverage for water back up through your sewer or if your sump pump overflows.
  • Earthquake: Optional coverage if you’re in an area known for earth tremors.

Discounts

  • Multi-policy: Bundle home with car insurance and save.
  • Protective device: You 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’ll 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’ve bought your home in the last 12 months.
  • Prior insurance: 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.

Nationwide life insurance

Besides auto and home insurance, Nationwide also provides life insurance to give you a way of providing for your loved ones even after you pass away. Life insurance provides security for your family and is an important part of estate planning. Nationwide provides the following types of life insurance policies.

Types of coverage

  • Term: For a specific amount of time (10, 20 or 30 years, for example), this policy can be used to replace lost income and can provide a safety net for your family. This option might be more appealing if you’re wanting coverage primarily when your children are small or you’re making mortgage payments.
  • Whole: Helps preserve the wealth you intend to pass along to your beneficiaries and can 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: Offers not only death benefits but cash value and flexible payment options. Universal coverage is for your entire life and allows you to make policy changes as necessary, for instance, to adjust your premiums or death benefit value.
  • Variable: Similar to whole life protection in that it provides a tax-free benefit to your beneficiaries, but is also comparable to a mutual fund with an investing component.

Discounts

Unlike home and auto insurance, life insurance policies do not have discounts associated with them. However, this online guide can help you determine the policy that is right for your particular needs, and you can determine what type of policy best suits your budget.

Reasons why Nationwide is a great option

The average cost of a Nationwide auto insurance policy with full coverage is $1,533. The national average rate of car insurance is $1,475, putting Nationwide slightly lower meaning you can save some money with Nationwide

Nationwide’s homeowners may also be a good option, especially if you already have your car insurance with the company. Nationwide offers excellent comprehensive coverage with enough riders and add-ons for you to be able to customize your policy to best fit your own unique circumstances. When discounts are applied, Nationwide’s rates are some of the lowest in the industry, and the company’s financial stability means it will be there for you even in the event of a large regional disaster.

Nationwide is considered a good option for customers seeking a policy from a well-known, established company with a proven reputation and a variety of offerings. If you have a car and home, along with other possessions you wish to insure, Nationwide has a policy for you and you can save money by bundling your policies.

Nationwide reviews, ratings, customer satisfaction and complaints

J.D. Power and Associates (2020) U.S. Property Claims Satisfaction Study (2020) AM Best Better Business Bureau
876 on a 1,000-point scale 886 out of 1,000 points (fifth place) A+ (Superior) A+

In its 2020 U.S. Auto Claims Satisfaction Study by J.D. Power and Associates, 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). J.D. Power rated Nationwide in the categories of overall customer satisfaction, product offerings, pricing, billing and processing, customer interaction and claims handling.

In the 2020 U.S. Property Claims Satisfaction Study, however, Nationwide 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) and estimates the company has $2 billion or more in assets, which provides enough backing to meet its contract obligations.

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 payment of settlements.

Additional policies offered by Nationwide

If you are like most consumers, you need more coverage than just car 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’re trying to insure. It’s 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 a 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 their Nationwide agent or online at the Nationwide website. After filing a claim, you can track its progress on Nationwide’s website.