What insurance is better than Nationwide?
The verdict: Nationwide
Although Nationwide and Progressive tied overall, we chose Nationwide as the winner because they have cheaper auto insurance rates and better claims service. Progressive may have more discounts and optional coverages, but Nationwide's more competitive rates are likely a better deal.
Geico and USAA are among the insurance companies that are cheaper than Nationwide. Nationwide car insurance has an average annual premium of $1,866 per year for minimum coverage, compared to $796 per year for Geico and $807 per year for USAA.
Geico, Amica and USAA are among the best car insurance companies in 2024, according to Bankrate's research.
State Farm is the largest auto insurance company in the U.S., with 17% of the market. Other big car insurance companies include Progressive, Geico and Allstate.
That said, Nationwide is cheaper on average for full coverage car insurance, while Progressive is cheaper on average for minimum coverage car insurance policies. Nationwide also scored slightly higher for customer satisfaction on the J.D. Power report. Compare rates and save on auto insurance today!
| State | Monthly | Annual |
|---|---|---|
| California | $537 per month | $6,444 per year |
| Texas | $325 per month | $3,896 per year |
| Florida | $414 per month | $4,974 per year |
| Pennsylvania | $209 per month | $2,507 per year |
Nationwide earned 4.5 stars out of 5 for overall performance. NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
State Farm is so expensive because car insurance is expensive in general, due to rising costs for insurers. But at $718 per year, the average State Farm car insurance policy is actually cheaper than coverage from most competitors. In fact, State Farm is one of the cheapest car insurance companies nationally.
| Company | Average Annual Rate | |
|---|---|---|
| #1 | USAA » 4.4 U.S. News Rating Add to Compare | $1,022 |
| #2 | American Family » 4.3 U.S. News Rating Add to Compare | $1,383 |
| #3 | State Farm » 4.2 U.S. News Rating Add to Compare | $1,279 |
| #4 (tie) | Geico » 4.1 U.S. News Rating Add to Compare | $1,250 |
Who is State Farm's biggest competitor?
State Farm main competitors are USAA, MetLife, and American Family Insurance. Competitor Summary. See how State Farm compares to its main competitors: MetLife has the most employees (49,000).
| Rank | Company | Total assets (US$ Billion) |
|---|---|---|
| 1 | Allianz | 1,261.9 |
| 2 | Axa | 950.6 |
| 3 | Prudential Financial | 940.7 |
| 4 | Ping An Insurance | 883.9 |
- #1 Berkshire Hathaway (BRK.B)
- #2 Ping An Insurance (Group) Co. ( PNGAY)
- #3 Allianz SE (ALIZY)
- #4 AXA SA (AXAHY)
- #5 MetLife Inc (MET)
- #6 Prudential PLC (PUK)
- #7 American International Group Inc. ( AIG)
- #8 Allstate Corp. ( ALL)
| Rank | Company | Class of business |
|---|---|---|
| 1 | UnitedHealth Group | Life and health |
| 2 | Ping An Insurance Group | Life and non-life |
| 3 | Allianz | Life and non-life |
| 4 | AXA Group | Life and non-life |
Five independent agencies—A.M. Best, Fitch, Kroll Bond Rating Agency (KBRA), Moody's and Standard & Poor's—rate the financial strength of insurance companies. Each has its own rating scale, its own rating standards, its own population of rated companies, and its own distribution of companies across its scale.
Is Geico or Progressive better with claims? Both scored very closely on the J.D. Power 2023 U.S. Auto Claims Satisfaction Study, with Geico scoring one point higher.
Cheapest Full-Coverage Car Insurance
Nationwide, Travelers, Geico, Auto-Owners and State Farm are all affordable for full-coverage insurance. According to our cost data, full-coverage car insurance rates rose by 16% from 2022 to 2023 on average.
McKayla Girardin, Car Insurance Writer
Progressive is so cheap because it offers a wide variety of discounts and gives consumers tools to acheive the best rates possible, such as Progressive's price comparison tool and their Name Your Price program.
- Private Mortgage Insurance. ...
- Extended Warranties. ...
- Automobile Collision Insurance. ...
- Rental Car Insurance. ...
- Car Rental Damage Insurance. ...
- Flight Insurance. ...
- Water Line Coverage. ...
- Life Insurance for Children.
Is $300 a lot for car insurance? In many cases, the average monthly cost for coverage in California is well below $300. But remember, the amount you pay depends on a number of different factors. A 17-year-old, for example, could very well pay more than $300 per month largely because of her lack of driving experience.
What is the best and cheapest insurance for car?
Top 10 cheapest car insurance companies
State Farm is the cheapest national car insurance company, at $50 per month for liability-only coverage. American Family and Geico also have affordable quotes, averaging $61 per month. USAA has the cheapest rates overall at $34 per month.
Nationwide is so expensive because of agent commissions and rising costs overall for insurance companies. At $890 per year, the average Nationwide car insurance policy is more expensive than the national average of $671 per year for a policy with minimum coverage.
Nationwide is rated 2.9/5 by WalletHub's editors, based on customer reviews, sample insurance quotes and ratings from organizations such as J.D. Power and the Better Business Bureau (BBB). Nationwide reviews from consumers tend to focus on good customer service and quick claims payments.
Nationwide is decent at paying claims compared to the average insurance company, according to J.D. Power's latest claims satisfaction survey. Nationwide scored 868 out of 1,000 for their claims process, compared to the industry average of 873 out of 1,000.
- State Farm: 16.0% market share.
- Geico: 14.4% market share.
- Progressive: 13.8% market share.
- Allstate: 10.4% market share.
- USAA: 6.0% market share.
- Liberty Mutual: 5.1% market share.
- Farmers: 4.8% market share.
- Nationwide: 2.1% market share.
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