State Farm vs. Nationwide | Bank rate

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State Farm is the largest auto insurance company in the country with a market share of just over 16%. State Farm has more than 83 million insurance policies in all 50 states and employs more than 19,000 independent agents.

Nationwide is based in Columbus, Ohio and was founded in 1925. With 2.32% of the total market, the company is one of the top 10 largest auto insurance companies. Nationwide also has insurance policies in all 50 states and has more than 11,000 independent agents.

State Farm vs. Nationwide: Comparing Car Insurance Rates

When comparing auto insurance companies, prospective policyholders may find it beneficial to rate options based on third party ratings and average premiums that help determine the Bankrate Score. While both companies have strong ratings from AM Best and JD Power, in addition to nearly identical average annual bonuses, State Farm’s Bankrate Score is a small margin over Nationwide.

Car insurance Bankrate Score Preferably JD Power Average annual premium for minimum coverage Average annual premium for fully comprehensive insurance
District farm 4.4 A 881/1000 $ 539 $ 1,457
Nationwide 4.3 A + 876 / 1,000 $ 501 $ 1,485

Prices according to creditworthiness

Creditworthiness is one of the factors that will affect your auto insurance rate in most states. The only states that don’t allow insurance companies to check credit scores are Hawaii, California, Michigan, Washington, and Massachusetts. The table below shows the difference between the average annual rates for Nationwide vs. State Farm fully comprehensive insurance based on how your creditworthiness is considered in determining premiums.

Car insurance poor average Good Excellent
District farm $ 3,309 $ 1,656 $ 1,457 $ 1,126
Nationwide $ 1,924 $ 1,577 $ 1,485 $ 1,269

Prices according to age

In general, young drivers pay much higher insurance premiums than older drivers. This is because new drivers are more likely to be involved in accidents. Here are the average annual premiums for State Farm vs. National Auto Insurance based on age. While these reflect the average annual premiums for State Farm and Nationwide, not all states consider age;

Car insurance Age 16 * Age 18 Age 25 Age 30 Age 40 Age 60
District farm $ 2,077 $ 4,137 $ 1,694 $ 1,494 $ 1,457 $ 1,327
Nationwide $ 1,241 $ 4,449 $ 1,668 $ 1,479 $ 1,485 $ 1,243

* Cost for 16 year olds when added to parents’ policy, 18 year old renter

Prices according to the ticket

Another important factor that affects car insurance rates is the driving record. Drivers with a history of speeding, accidents, or DUI convictions pay a higher rate than drivers with a clean record. Nationwide auto insurance rates compared to State Farm auto insurance based on driving history are pretty much the same, with a greater difference being seen for drivers with a DUI conviction.

Car insurance Clean driving report Traffic ticket accident DUI conviction
District farm $ 1,457 $ 1,590 $ 1,657 $ 2,201
Nationwide $ 1,485 $ 1,734 $ 1,745 $ 2,665

State Farm vs. Nationwide: Discounts

State Farm and Nationwide both offer a variety of auto insurance discounts that can help drivers save money on their policy. Note, however, that the discounts available are unique to each provider. Here are the auto insurance discounts you can get through State Farm versus Nationwide:

District farm

  • Distance student discount – State Farm offers a discount to students under the age of 25 who attend school away from home and only use their vehicle during holidays and short breaks.
  • Drive safely and save discount – With the Drive Safe and Save discount program, drivers over 25 can save money on their policy in order to demonstrate safe behavior on the road.
  • Steer clear discount – State Farm’s Steer Clear program rewards young drivers under 25 with a lower rate for safe drivers.

Nationwide

  • Paperless discount Nationwide is offering a discount to drivers who sign up to receive paperless invoices and policy statements.
  • Low mileage discount – Drivers who do not use their car frequently can sign up for the SmartMiles program, which has a monthly rate based on the number of miles driven.
  • SmartRide® discount Nationwide’s SmartRide program provides drivers with feedback on their driving habits through a telematics device and rewards safe drivers with a lower fare.

State Farm vs. Nationwide: Online and Mobile Experience Comparison

In terms of online experience, State Farm and Nationwide are two of the best auto insurance companies out there. Both providers have excellent websites that are easy to navigate and there are tools and resources online to help you decide which type of coverage is right for you. In addition, State Farm and Nationwide offer instant online quotes for auto insurance and online damage. Here’s a closer look at the State Farm vs. Nationwide mobile apps:

District farm

  • App Store (4.8 stars) – Use the State Farm iOS app to make a claim, get roadside assistance, pay your premium, download IDs, and contact a customer service representative. The app also supports Apple Pay if you need to make a payment.
  • Google Play (4.8 stars) – The State Farm Android app gives you access to the same features as the iPhone app. Most of the reviews are positive, but some users have reported issues with the login screen and payment system.

Nationwide

  • App Store (4.4 stars) – Nationwide’s iOS app includes many of the same features as the State Farm iOS app. Insured persons can download their ID cards, report a new claim, request breakdown assistance, find auto repair shops in their area and call customer service.
  • Google Play (4.2 stars) – Nationwide’s Android app has the same functionality as the iOS app. However, based on the Google Play Store reviews, the Android app has some issues with errors and is generally slow to load.

frequently asked Questions

What is the best car insurance?

The best auto insurance company varies from person to person, but both State Farm and Nationwide are among the top companies rated by Bankrate. It all depends on where you live, what type of insurance you need, what discounts you can get, and what budget you have. You should shop around and compare providers based on your own criteria to find the best company for you.

How Much Auto Insurance Should I Get?

In every state that requires car insurance, drivers must have a minimum amount of insurance. However, you can increase your coverage limits for more financial protection or upgrade to a full coverage policy if you want protection for your vehicle. Beyond the minimum requirement, the amount of car insurance is yours (or your lender if your vehicle is financed).

How much does car insurance cost?

The average cost of auto insurance in the United States is $ 1,674 per year for full insurance. However, the exact price you pay will depend on personal factors, which usually include your state and zip code, credit history, claim history, and driving records.

methodology

Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and airlines in all 50 states and Washington, DC Coverage Limits:

  • $ 100,000 liability per person
  • $ 300,000 liability per accident
  • $ 50,000 property damage liability per accident
  • $ 100,000 personal injury from an uninsured motorist per person
  • $ 300,000 personal injury to an uninsured driver per accident
  • $ 500 deductible in case of collision
  • $ 500 deductible

To set the minimum coverage limits, Bankrate used minimum coverage that meets the requirements of each state. Our Basic Profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles a year.

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

credit: The rates have been calculated based on the following insurance levels assigned to our drivers: “bad, average, good (base) and excellent.” Insurance credit levels are included in your official credit scores, but are not dependent on these variables alone. The following states do not allow creditworthiness to be taken into account when determining auto insurance rates: California, Hawaii, Massachusetts, Michigan, Washington.

age: The prices were calculated by evaluating our basic profile with the age groups 18-60 used (basis: 40 years). 16-year tariffs were taken into account as an additional cost to their parents’ policy; The tariffs for 18 year olds were calculated as drivers renting their primary residence.

incident: The rates were calculated by evaluating our base profile using the following incidents: clean recording (base), accident in the event of fault, single speed ticket, single DUI conviction (BAC of> = .08) and expiry of cover.

Bankrate Score

Bankrate Scores primarily reflect a weighted ranking of industry ratings for financial strength and customer experience, in addition to an analysis of reported annual awards from Quadrant Information Services, which spans all 50 states and Washington, DC. We know it is important for drivers to have confidence in their financial protection, which covers the most likely risks, is competitively priced, and is provided by a financially sound company with years of positive customer support.

To determine how well the best auto insurance companies are meeting these priorities, the third-party ratings from JD Power, AM Best, S&P, NAIC, and Moodys had the greatest impact on the companies’ Bankrate scores. Since price is a common consideration for motorists, we have analyzed the stated premiums based on 40-year-old drivers with a 2019 Toyota Camry. This profile, which was rated against more than 35,000 postcodes in the United States, provided a basis for drivers to compare each provider.

While coverage options, insurer availability, affordability and customer experience are often top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims processing. Insurance companies evolve quickly to keep up with our digital world, so these aspects also played a role in determining bankrate scores.


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