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Nationwide vs GEICO

If you want to drive in the United States your vehicle must have insurance. This is a “must do” item. And unless you are looking for a pay for a new mileage based insurance plan, the cost of insuring your vehicle will depend on variables. There are different levels or tiers of coverage. All cars must have basic coverage but you can choose from menu of additional protections to best suit your needs.

For example, you can purchase what’s known as Gap coverage which will pay for the full replacement value of your car in the event of a serious accident regardless of how much may be left on your financing. You can opt for vandalism, theft and fire coverage. You may purchase a policy that can provide a temporary rental car should your primary vehicle be unavailable if it’s in the shop for repairs. In other words, you have are a lot of choices.

The industry as a whole is a really state by state proposition. Even the most familiar national brands need to conform and comply with regulations written in each state. Additionally, carriers must accommodate Federal rules. These laws protect the public by helping to guard against insurance companies who may not be strong enough to meet the financial promises they have made to their policy holders.

You also need to compile a driver’s profile containing such as your place of residence and specific details of your vehicle. Of primary interest to insurers is your past driving record. Good drivers are rewarded with good prices.

Let’s Look Into Nationwide

Car ownership in the United States greatly expanded in the early decades of the early 20th Century. And an insurance industry emerged to help protect new car owners. It soon became evident that farmers and ranchers were having fewer auto mishaps and commensurately making fewer claims than their city dwelling counterparts. However, rural drivers were paying the same premiums as the urban customers. The table was set for someone to take advantage of this pricing disparity. In 1926 Ohio Farm Bureau sought to rectify this. They obtained a state license to sell insurance and began selling auto coverage to Ohio farmers. They grew, they added new product lines to their portfolio and in 1955 changed their name to Nationwide to better reflect the scope of their business operations.

The Nationwide Mutual Insurance Company, is on Fortune magazine’s list of the top 100 and geographically, they haven’t strayed for from their roots. The are based in Columbus, Ohio. Nationwide recently reported total revenue of over $46 billion and net operating income of $1.3 billion and they employ approximately 34,000 people across the country.

The company marketing efforts frequently seek out associations with sporting events. Nationwide was instrumental in enticing a professional hockey team to move to Columbus by building an arena near their headquarters. They have also sponsored golf tournaments and NASCAR racing events. Many of their spots feature football legend Peyton Manning humming Nationwide melodic jingle which assures consumers that “Nationwide is on your side”.

Will you get better pricing from Nationwide?

Nationwide’s prices for your auto insurance business will be determined by the levels of coverage you opt for and the details of your personal driving profile. Their rates are determined by the probability or actuarial tables that every insurance underwriting firm uses. The best discounts won’t just fall in your lap, you’ll have to seek them out.

Take the time to get a free price quote from Nationwide. If you have more than one car you can probably get discounts for insuring them both with Nationwide. Let them know if you are a veteran or current member of the armed forces. You may get reduced prices.

Nationwide underwriting team will consider many factors in order to determine the prices for their quote. But be a smart consumer and do your research upfront. Make inquiries, get our free quote, then make your comparisons.

Now, What About GEICO?

The original 1936 business plan for the company that came to be known as GEICO involved targeted a specific market segment of the burgeoning auto insurance industry. Founders Leo and Lillian Goodwin considered federal workers to be a safer slice of the American motorist community. They had steady income in a time of economic uncertainty and were thus seen as a better risk than other market segments.

The Goodwins eventually moved their business to Washington DC, a fitting location for an enterprise formally known as the Government Employees Insurance Company. Over the years, GEICO grew into an insurance industry behemoth with around $24 billion in annual revenue. They are second in the industry with more than 24 million vehicles enjoying coverage across more than 15 million policy holders.

GEICO is a wholly owned subsidiary of the holding company conglomerate, Berkshire Hathaway. Berkshire, owned by investor legend Warren Buffet, acquired the insurance provider in 1996, having been on Buffet’s radar screen since he bought hos first GEICO shares in the early 1950’s.

How Can You Save Money with GEICO?

If you have more than one car, see if GEICO give discounts for insuring multiple vehicles with them. If you are either currently or formerly a member of the armed forces ask if they provide affiliation discounts for your service. Try to regularly monitor price the company’s prices to see if there are any seasonal discounts. By being a diligent shopper you can get the best bargains for yourself. Having a great driving record is the very best way to get the low rates.

Age GEICO avg. annual premium Nationwide avg. annual premium
Teens $3,508 $3,624
20s $1,438 $1,582
30s $1,218 $1,582
40s $1,189 $1,151
50s $1,160 $1,114
60s $1,065 $1,028

Farm Nationwide vs GEICO – Who’s Got the Best Rate?

These are two reputable and financial solid companies and they will both have a full range of coverage options to consider. But the way to determine with certainty which will be less expensive for you is to match them up side by side. Get apples to apples quotes, compare and save money.

Discount Type GEICO Nationwide
Daytime Running Lights Discount up to 3% --
Defensive Driver Discount Varies up to 10%
Good Student Discount up to 15% up to 15%
Anti-lock Brake Discount up to 5% --
Accident Free Discount Varies Varies
Organization Discount Varies up to 10%
Seat Belt Use Discount up to 15% --
Paperless documents discount -- Varies
Passive Restraint Discount up to 25% --
Affinity group discount -- Varies
Farm Bureau Discount -- up to 10%
Federal Employee Discount up to 25% --
Accident Forgiveness -- Varies
Emergency Deployment Discount up to 25% --
Anti-Theft Device Discount up to 25% up to 5%
Multiple Policy Discount Varies up to 25%
Good Driver Discount up to 26% up to 10%
Preferred payment discount -- Varies
Driving training discount Varies --
Military Discount up to 15% --
Multiple Vehicle Discount Varies up to 20%
Senior Adult Discount Varies --
Driving Habits Discount -- Varies
teenSMART Discount Varies --
Family Discount -- up to 25%

The Bottom Line for Car Insurance Savings

We at General.com will help you get economical outcomes in car insurance. Save money by using our easy web platform to funnel your driver profile and coverage needs to insurance providers and save money.

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