Nationwide Insurance Review 2021: Affordable Pricing and Solid Customer Ratings

A photo to accompany a review of Nationwide Insurance Illustration/NextAdvisor
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Established in 1926, Nationwide has become one of the largest insurance companies on the market, offering coverage in all 50 states. 

The company is well known for its auto insurance policies — NextAdvisor named it one of the best car insurance companies because of its customizable policy, discount potential, college-aged driver pricing, and positive customer ratings. It also offers a variety of home and life insurance products. 

Nationwide’s broad range of protection in home, auto, and life may allow you to consolidate your coverage with the same brand while getting multi-policy discounts, says Shane Page, president of Piedmont Insurance Associates in North Carolina. 

Nationwide Auto Insurance 

Nationwide is the eighth largest auto insurance provider in the country, with 2.5% of the total market share. The company stands out for its affordable coverage and generous discount potential, specifically for policy bundling. Nationwide doesn’t have as long of a discount list as Progressive and Travelers. Yet, its vanishing deductible program lets you reduce your deductible with safe driving. 

Types of Coverage 

  • Personal liability insurance
  • Personal injury protection (PIP) 
  • Uninsured motorist/underinsured motorist coverage
  • Medical payments coverage
  • Collision coverage 
  • Comprehensive coverage 
  • Rental car expense coverage 
  • Gap insurance
  • Roadside assistance
  • Towing and labor coverage
  • Accident forgiveness
  • Total loss deductive waiver

Cost of Nationwide Auto Insurance 

The average annual premium for a full coverage car insurance policy from Nationwide is $1,485, according to Bankrate data. The average annual premium for a minimum coverage policy is $501. Compared to the national average cost of car insurance, Nationwide’s premiums are below average. The average American driver pays $1,674 for full coverage insurance and $565 for minimum coverage insurance, according to recent data from Bankrate. 

Nationwide Auto Insurance Discounts 

  • Multi-policy: Drivers who bundle their auto and home insurance policy with Nationwide can save an average of $646 per year.
  • SmartRide program: By joining Nationwide’s SmartRide safe driver program, you could get a discount on your policy for proving that you’re a careful driver.
  • SmartMiles program: Infrequent drivers can save money by purchasing a SmartMiles policy from Nationwide.
  • Accident-free discount: Drivers who have no prior accidents on their record can qualify for a discount.
  • Good student discount: High school and college students between the ages of 16-24 who maintain a ‘B’ average or better can get a lower rate.
  • Defensive driving course discount: If you are 55 or older and complete a state-approved driver safety course, you can save money on your policy.
  • Anti-theft device discount: If your vehicle is equipped with an anti-theft device, you can get a discount from Nationwide.
  • AutoPay discount: Drivers who enroll in automatic payments for their monthly premium can save money.
  • Paperless billing discount: If you sign up for paperless billing statements, you can get a lower car insurance premium. 
  • Vanishing deductible program: You can get up to $100 off your deductible for each year that you remain claims-free, up to $500.

Nationwide Home Insurance 

Nationwide offers comprehensive homeowners insurance coverage, with a variety of add-on policies available for more protection. Policyholders can also qualify for discounts to get a cheaper rate.

Types of Coverage 

  • Personal liability insurance
  • Medical payments insurance
  • Dwelling insurance
  • Personal property insurance
  • Other structures insurance
  • Loss of use insurance
  • Ordinance insurance
  • Credit card coverage
  • Identity theft insurance
  • Replacement cost plus insurance
  • Valuables plus coverage
  • Water backup coverage
  • Earthquake insurance
  • Flood insurance
  • Brand New Belongings coverage
  • Better Roof Replacement coverage

Cost of Nationwide Home Insurance 

The average Nationwide home insurance premium for a policy with $250,000 in coverage is $1,366 per year, according to Bankrate. For comparison, the average American homeowner pays $1,477 per year for the same amount of coverage. However, home insurance premiums are personalized. Several factors influence your rate, such as state, ZIP code, age, credit score, and claims history. 

Nationwide Home Insurance Discounts 

  • Multi-policy discount: You can get a lower rate by bundling your home, auto, and life  insurance policy.
  • Protective device discount: If your home is equipped with smoke detectors, fire alarms, or a security system, you can qualify for a discount.
  • Claims-free discount: If you have no insurance claims on your record within the last several years, you may be able to get a discount on your premium.
  • Home renovation discount: If you have recently renovated your home’s plumbing, heating, cooling, or electrical systems, you can get a lower rate.
  • Roof rating discount: Nationwide policyholders can save money on their insurance policy based on their home’s roof age and surface type.
  • New home discount: If you insure a home purchased in the last year, you might be able to qualify for a discount.
  • Prior insurance discount: If you switch to Nationwide from a different insurance provider, you can qualify for a discount based on how long you were insured by the other carrier.
  • Gated community discount: Homeowners who live in a gated community protected by security guards, residence cards, or key-lock devices can get a lower rate on their home insurance.

Nationwide Life Insurance 

Nationwide offers four types of life insurance. You can use its online comparison tool to compare policies for you and your family.

Types of Coverage

  • Term life insurance: A life insurance policy with a set period of time, such as 10, 20, or 30 years. 
  • Whole life insurance: A policy that lasts throughout one’s life. 
  • Universal life insurance: Permanent life insurance with a savings and payout component based on a predetermined interest rate
  • Variable universal life insurance: Similar to universal life insurance with an investment option  

Cost of Nationwide Life Insurance 

Life insurance pricing is based on factors like age, gender, overall health, the type of policy, and the amount of coverage. NextAdvisor pulled a sample quote for a 35-year-old female living in California who is in excellent health and does not smoke. For a term life insurance policy with $250,000 in coverage over a 30-year term, Nationwide quoted $20.34 per month or about $244 per year. To compare, Bankrate data shows that the average price for the same criteria is $29.63 per month or $355.56 per year. 

Nationwide Life Insurance Discounts 

If you bundle your home and auto with a Nationwide insurance policy, you can qualify for a multi-policy discount. 

Nationwide Insurance Ratings, Customer Satisfaction, and Complaints

While not the highest-scoring provider, Nationwide scores above average across three third-party customer satisfaction rankings.J.D. Power scored Nationwide with an above-average rating for overall claims satisfaction, while the National Association of Insurance Commissioners (NAIC) reports Nationwide having below average customer complaints for all three categories: auto, home, and life. A.M. Best gave it an A+ rating indicating the company can repay its policyholders after a covered claim and is unlikely to go out of business.

“Customer service is top-notch, and Nationwide reps have always been friendly and helpful,” says Michael Potorti, a life insurance agent and founder of Aurelius Resources, a financial advisor firm in New York City. 

Here are the most recent third-party ratings for Nationwide auto, home, and life insurance:

Nationwide Auto Insurance 

J.D. Power: 876/1,000 Industry Average: 872/1,000

NAIC: 0.88/1.00 (below average complaints)

A.M. Best: A+ (Superior)

Nationwide Home Insurance 

J.D. Power: 886/1,000 Industry Average: 881/1,000

NAIC: 0.53/1.00 (below average complaints)

A.M. Best: A+ (Superior)

Nationwide Life Insurance 

J.D. Power: 803/1,000 Industry Average: 763/1,000

NAIC: N/A

A.M. Best: A+ (Superior)

Nationwide Pros and Cons

Pros

  • Has convenient online claims submission process

  • Good financial strength with an A+ financial strength rating from AM Best

  • Variety of policies available

  • Above-average customer satisfaction rating for J.D. Power in auto, home, and life categories

  • Below average complaints with home and auto according to the NAIC complaint index data

  • Bundle and save with a multi-policy discount

  • Affordable rates

  • Online claims process without contacting an agent first

  • Affordable college-aged driver rates

Cons

  • No option to cancel your policy online

  • Not as many auto discounts as its competitors

Other Policies Offered by Nationwide

  • Renters insurance
  • Condo insurance
  • Private client insurance
  • Flood insurance
  • Motorcycle insurance
  • Snowmobile Insurance
  • ATV Insurance
  • Classic car insurance
  • RV insurance
  • Boat insurance
  • Personal watercraft insurance
  • Scooter insurance
  • Golf cart insurance
  • Pet insurance
  • Dental insurance
  • Umbrella insurance
  • Identity theft insurance
  • Accidental medical insurance
  • Specialty liability
  • Wedding insurance
  • Travel insurance
  • Business insurance

Bottom Line

Overall, Nationwide’s advantages are its competitive pricing, above-average ratings, and its wide range of products.

“Their footprint covers the entire country, and they have a large network of resources to handle claims promptly, no matter where the clam occurs,” says Page. 

Frequently Asked Questions 

Is Nationwide insurance expensive?

Nationwide does not have a reputation for being an expensive insurance company. However, insurance premiums are personalized, and some policies are more expensive than others by nature. Nationwide’s average pricing ranks below the national average. You can get an instant online quote for many of its policies, so you can see how much you can expect to pay before you apply for coverage.

Does Nationwide offer health insurance?

No, Nationwide does not offer individual health insurance, but you can buy individual dental insurance from Nationwide. Nationwide sells medical stop-loss coverage and MedPair supplemental health coverage, but those policies are only sold as group policies for companies who provide employee benefits through Nationwide.

Does Nationwide have an app?

Yes, Nationwide does have a mobile app for iOS and Android devices. Through the Nationwide app, you can make payments, view your digital ID cards, get roadside assistance, file claims, and more.