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Nationwide Insurance review 2022

Updated Nov 25, 2022
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At a glance

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Rating: 4.3 stars out of 5
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Rating: 4.4 stars out of 5

4.4

Home

Rating: 4.1 stars out of 5

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Bottom Line

Policyholders who value bundling insurance coverage, robust coverage options or have unique coverage needs might consider Nationwide as their company of choice.

Pros

  • Unique coverage options on homeowners policy targeted for high-value homes
  • Superior financial strength ratings

Cons

  • Ranks below average in J.D. Power’s 2021 Homeowners and Auto Insurance customer satisfaction studies
  • Some policy limitations in Alaska, Florida, Louisiana, Massachusetts, New Jersey and New Mexico
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As the 10th largest property and casualty insurer in the U.S. based on market share, according to the Insurance Information Institute (Triple-I), Nationwide Mutual Group offers a wide range of auto, property and life insurance products — as well as banking and financial planning services — for consumers who may be thinking broadly about their financial strategy. In fact, during Bankrate’s assessment of insurance companies for our annual Bankrate Awards, Columbus, Ohio-based Nationwide was awarded as the top insurer for high-value homes and universal life policies. If you’re interested in building an insurance plan to protect your assets and your future, Nationwide offers a comprehensive array of products to do just that.
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Bankrate Awards
  • Best for high-value homes
  • Best universal life insurer

Nationwide car insurance

After review and comparison with other auto insurers, Nationwide’s car insurance coverage could be a good fit for drivers who prioritize choice. Among the standard options such as bodily injury liability, property damage liability, collision and comprehensive coverage, Nationwide offers other coverage options that may not be found at other insurance carriers. These include accident forgiveness and a vanishing deductible, although the availability of these features will depend on your location and state regulations.

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Save $610 on average this year by shopping for new car insurance
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In addition to insuring personal vehicles—including cars, SUVs, pickup trucks and motorcycles—Nationwide also offers car insurance for classic cars through its partnership with Hagerty. The usual vehicles like antique, classic and and muscle cars are included, but Hagerty also extends coverage to collector motorcycles and scooters, classic military vehicles and even retired commerical vehicles. 
 

Nationwide car insurance cost

According to Bankrate’s study on average premiums based on data from Quadrant Information Services, Nationwide’s annual premium is $1,485 per year for full coverage and $501 per year for minimum coverage. Both insurance premiums are less than the national average cost of car insurance, which is $1,674 per year for full coverage and $565 per year for minimum coverage. In fact, based on rate comparison for different scenarios, Nationwide’s average rate comes in below the national average even for drivers with blemished motor vehicle records or adding a teen driver to a family auto policy.

Nationwide average annual full coverage premium National average full coverage premium
Clean driving history $1,485 $1,674
Speeding ticket $1,734 $2,062
Adding a 16-year-old driver* $1,231 $2,531
DUI conviction $2,665 $3,139
*16-year-old rates reflect the added cost to their parents’ full coverage car insurance policy.

Nationwide car insurance discounts

Finding the cheapest car insurance can take time. Nationwide offers many discount opportunities to help drivers save even more on their car insurance policy:

Learn more:Nationwide SmartRide

Nationwide’s vehicle products

Although Nationwide started with standard auto insurance, it has since expanded its offerings to a wide variety of other vehicle types. If you own a motorcycle, recreational vehicle, motorhome, travel trailer, camper, scooter, golf cart or personal watercraft, Nationwide’s menu of vehicle coverages makes it easy to insure them all in one place.

For drivers considering a new vehicle, Nationwide has partnered with BonusDrive. Car buyers who purchase or lease a qualifying vehicle can earn a cash bonus of up to $500. Even family members in the same household can participate in BonusDrive. However, it is important to note that customers have 60 days after their transaction to submit the application, and the check can take up to 8-10 weeks to arrive.

Nationwide home insurance

Based on Bankrate’s assessment of Nationwide’s homeowners insurance, it could be worth considering for homeowners with high-value homes. On top of the standard homeowners insurance coverage options, Nationwide offers even more ways to help protect your home and financial well-being. Homeowners can add Better Roof Replacement, which would allow for the use of stronger and safer roofing materials to be used to repair your roof if it was damaged due to a covered loss, and Valuables Plus, which provides additional coverage for high-value items.

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Although Nationwide’s homeowners insurance policy offerings helped increase its overall Bankrate Score, certain factors did not. Nationwide scored below average in J.D. Power’s 2021 Homeowners Insurance Study for customer satisfaction, and had above-average complaints from policyholders, according to the National Association of Insurance Commissioners’ (NAIC) Complaint Index Report.

Nationwide home insurance cost

Similar to its auto insurance average premium, Nationwide’s average rates for homeowners insurance also fall below the national average cost of homeowners insurance. This is true even across a broad range dwelling coverage limits, as based on Bankrate’s proprietary research method.

Dwelling coverage limit Nationwide average annual premium National average annual premium
$150,000 $703 $898
$250,000 $1,042 $1,312
$350,000 $1,393 $1,723
$450,000 $1,737 $2,148

Nationwide home insurance discounts

Nationwide’s average homeowners insurance rates are already lower than the national average, but those looking for the cheapest homeowners insurance policy can benefit from numerous discounts. Some of Nationwide’s unique discounts include:

Nationwide home services

Through its partnership with Axos Bank, Nationwide offers services that include home buying, obtaining a new mortgage and refinancing your existing mortgage. Axos Bank can walk both first-time and experienced home buyers through the full process of purchasing a home, as well as the mortgage application and approval process. Interested customers can call 844-296-7466 to speak with an Axos Bank mortgage specialist or start their application online.

 

Nationwide life insurance

Having all of your insurance coverage with the same carrier can make it convenient to manage your policies and provide you with opportunities for bundling discounts. In addition to auto and home insurance, Nationwide also offers life insurance for those consumers interested in providing financial security to their loved ones. The company has four different types of life insurance products: term, whole, universal and variable.

Nationwide life insurance endorsements

Nationwide offers two add-on coverages for customers to include on their life insurance policy based on long-term care. Long-term Care Rider II is for customers who want to have some coverage for the costs of long-term care. On the other hand, Nationwide CareMatters is for those policyholders who want long-term care protection but allows for the full death benefit to go to their beneficiaries if the long-term care is not used.

Nationwide life services

Life insurance products can be an essential part of your financial plan, but knowing what coverage is right for you can also be a complicated process. To get started, Nationwide has life insurance specialists available at 866-207-9160 to help you learn more about their products and what could work for you. You can also speak to a local Nationwide agent about your life insurance needs.

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Other Nationwide perks worth considering

The most common insurance needs are auto, homeowners and life insurance, but Nationwide offers many more products and services including:

  • Banking: Nationwide’s partner Axos Bank offers customers an array of personal banking and lending services. These include checking, savings, money market and CDs, mortgages, refinancing for home and auto loans, and personal loans.
  • Renters insurance: If you are a renter, this policy insures your belongings and provides liability protection and additional living expenses. You may even qualify for a bundling discount on your auto insurance and renters insurance.
  • Umbrella insurance: This policy provides an additional layer of liability protection above the standard liability limits on your auto and property insurance policies.
  • Personal watercraft insurance: Nationwide offers liability, collision and comprehensive coverage for personal watercraft. This policy also covers fuel spill protection.
  • Pet insurance: With Nationwide’s pet health insurance, eligible veterinary costs can be reimbursed and existing Nationwide customers can even earn a 5% discount off their pet health insurance policy premium.

Nationwide’s corporate sustainability

Established in 1959, the Nationwide Foundation has contributed more than $550 million to nonprofit organizations in the U.S. over the past 63 years. Its focus has been specifically in four areas: food security, crisis assistance, social and economic issues, as well as children’s welfare. Nationwide has also partnered with many impactful charities including the American Red Cross, Feeding America, Nationwide Children’s Hospital and United Way.

Nationwide also encourages its associates to contribute to their community by rewarding their volunteerism with paid time off, company donations and being recognized as Volunteer of the Year. Employee volunteers can participate in Nationwide’s community outreach programs, such as the Blood Donation Program, Hunger Relief Campaign, Community Giving Campaign and Associates Helping Associates.

Not sure if Nationwide is the carrier for your needs? Consider these alternatives

  • State Farm: The largest U.S. property and casualty insurer by market share, according to the Triple-I, State Farm offers a wide variety of auto, property, life and health insurance products and has more than 19,000 local agents across the country.
  • Geico: The second-largest insurer, Geico offers numerous products, including auto, property, business and pet insurance.
  • ProgressiveThe third-largest property and casualty insurer, Progressive is able to offer a full suite of products across the U.S., including home insurance underwritten through its American Strategic Insurance subsidiary.

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

  • $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 sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the age 16 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Hawaii rates indicate age is not a contributing factor.

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

Homeowners

  • Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000
  • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000
  • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000
  • 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.