Nationwide vs Progressive

Nationwide Insurance was founded in 1925 and was initially established to help farmers get more affordable car insurance. As of 2022, it is the 10th largest car insurance provider, with 2.4 percent of the total market share. Nationwide underwrites its own policies and sells a wide variety of insurance products, including auto, home, renters, life, pet and business insurance.

Progressive Insurance is another popular car insurance provider, with almost 6% of the total market share, making it the third largest company in the United States. Progressive was founded in 1937 and currently has $47.7 billion in direct premiums written. Like Nationwide, Progressive has extensive personal and business insurance product offerings.

• Bankrate Score methodology

  Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

  Tier scores are unweighted to show the company’s true score in each category out of a possible five points.

Nationwide vs. Progressive comparison

When comparing insurers, there are several important variables to consider side-by-side. We’ve started with each company’s pros and cons and progressed into a more detailed rate analysis.

Nationwide pros and cons

Progressive pros and cons

Is Nationwide cheaper than Progressive?

Both Nationwide and Progressive have similar rates, but each is cheaper than the other, on average, in one category. Below are the average annual rates for both companies for full and minimum coverage.

• Car insurance rates methodology

  Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $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 coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.These are sample rates and should only be used for comparative purposes.

Nationwide is generally cheaper for drivers with poor credit

Car insurance companies are prohibited from using your credit score to calculate your car insurance rate in California, Hawaii, Massachusetts and Michigan. In other states, credit scores may be used to determine your rates, since low credit scores have been linked to a higher likelihood to file claims.

However, not all providers weigh credit or weigh it equally. That’s why it may be useful to compare quotes from the providers you are considering to determine which might offer more competitive rates for your credit circumstances. The following averages could give you an idea of what Nationwide and Progressive charge among different credit tiers:

• Rates by credit score methodology

  Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit the use of credit-based insurance scores as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.

Nationwide is generally cheaper for young drivers

Age is another factor that could impact your car insurance rate. Younger drivers typically pay the highest rates because they lack experience and are more prone to accidents. Across the board, Nationwide will likely be a cheaper option for young drivers. You can see the average annual premiums from Nationwide vs. Progressive based on age in the table below:

*Based on drivers being on their parent’s policy. Drivers under 18 must be on their parent’s policy.

• Rates by age (young drivers) methodology

  The rates displayed reflect the total cost of a 16- through 20-year-old driver added to their parents’ policy.

Nationwide is generally cheaper for adult drivers

Drivers tend to become less risky to insure with age as they develop experience. Nationwide is cheaper on average for most age groups.

*based on drivers on their own policy.

• Rates by age (adult drivers) methodology

  Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.

Nationwide is generally cheaper for high-risk drivers

Drivers with no violations on their record pay the lowest car insurance rates. Nationwide is the cheaper option if you have a clean driving record, but if you have any violations on your record, the cheapest company varies. Although rates are included for DUIs, that does not guarantee that a given company will offer policies to drivers with a DUI on their record. Below is a Progressive vs Nationwide comparison table that shows average annual premiums based on driving record:

• Rates by driving record methodology

  Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.

Nationwide vs Progressive: discounts

Nationwide and Progressive both offer a list of impressive car insurance discounts. However, each provider has different savings opportunities. Here are some of the unique and notable car insurance discounts that may be available from each provider:

Nationwide unique discounts

• SmartRide: SmartRide is a usage-based insurance program from Nationwide that may let you earn an instant 10 percent discount when you sign up. The safer you drive, the higher the discounts you could get – which could be as high as 40%.
• Safe driver discount: You may be able to take advantage of the safe driver discount if you have no accidents or major violations on your record for at least five years.
• Multi-policy discount: When you bundle a home and auto policy with Nationwide, you may save up to 20 percent. Meanwhile, Progressive’s multi-policy discount comes with average savings of 4 percent, which could result in potentially lower savings for policyholders.

Progressive unique discounts

• Teen driver discount: Progressive’s teen driver discount may help keep your rate from increasing significantly after adding a newly licensed driver to your policy.
• Pay in full discount: You may be able to earn a discount from Progressive if you pay your annual premium upfront and in full, rather than in monthly installments.
• Deductible savings bank: With Progressive’s deductible savings bank, you may be able to lower your comprehensive or collision insurance deductible by $50 for each policy period where you have no claims.
• Sign online and online quote: Getting your Progressive quote and signing your documents online could make you eligible for a combined discount of up to 16 percent.

Usage-based insurance comparison: Nationwide vs Progressive

Car insurance companies are increasingly offering usage-based insurance programs. These programs use real data about how you drive to provide you with potential discounts and tips.

Nationwide vs Progressive: customer experience comparison

Overall, Nationwide and Progressive have highly-rated online and mobile experiences. Both companies have an online quote tool, helpful resources and articles and an easy-to-use interface with simple navigation. Both Companies scored below the average for customer experience on the 2022 J.D. Power Auto Insurance Claims Satisfaction report, with Nationwide scoring slightly higher than Progressive.

However, Progressive offers a number of unique online tools, like the Name Your Price Tool, which allows you to build a policy that fits your budget. Both companies also offer a mobile app that includes standard features. Here is a look at the Nationwide vs. Progressive mobile app customer experience ratings:

Frequently asked questions

• • Do Nationwide and Progressive offer homeowners insurance?

    Both Nationwide and Progressive offer homeowners insurance, although exact coverage options vary by state. Both companies also offer bundling discounts for buying more than one type of policy from them, like home and auto.

  • What is the best car insurance company?

    The best car insurance company is different for every driver. The best provider for customer service may not be the best provider for low rates or customizable coverage. To find the best provider for your needs, you may want to shop around, get a few quotes and compare providers using your personal criteria.

  • How much does car insurance cost?

    The average cost of car insurance in the United States is $2,014 per year for a full coverage policy in 2023. However, remember that car insurance rates are calculated based on your personal characteristics. You could pay more or less than the national average rate based on factors like your state, age, driving record and claims history.

  • Can I switch car insurance companies?

    Yes, you can switch car insurance carriers at any time. Switching car insurance companies could help you get a lower rate if you have recently had a claim, or if you want access to more discounts or coverage options.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

• $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 base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Credit-based insurance scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit the use of credit-based insurance scores as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts, and Michigan. Washington’s ban on factoring credit in premiums is currently on hold in the courts.

Age: Rates were calculated by evaluating our 2021 base profile with the ages 18-60 (base: 40 years) applied. 16-year-old rates were factored as the added cost to their parents’ policy; 18-year-old rates were calculated as drivers who rent their primary residence.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction and lapse in coverage.

Bankrate Score

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2020 Toyota Camry. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.