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After comparing State Farm vs. Nationwide for overall price, coverage and customer experience, State Farm comes out on top with our Editors’ Choice award
State Farm Homeowners Insurance Cost
Written by: Daniel Robinson, Written by: Daniel Robinson Writer Daniel is a team guide writer and has written for a number of automotive news and marketing firms across the US, UK and Australia, specializing in auto finance and car care topics. Daniel is the authority on the Guide Team for auto insurance, loans, warranty options, auto repair and more.
State Farm Asks Ca For Rate Hike As Home Coverage Halts
Edited by: Rashawn Mitchner, Edited by: Rashawn Mitchner Editor-in-Chief Rashawn Mitchner is a guide team editor with over 10 years of experience covering personal finance and insurance topics.
State Farm and Nationwide are two of the most well-known auto insurance companies on the market today. Although both are reputable insurers, we ranked State Farm first in our 2022 study of the best car insurance companies.
We at the guide team have thoroughly researched the reputation, availability, coverage options, affordability and customer satisfaction of each auto insurance provider to see how they stack up. In this article, we’ll break down State Farm and Nationwide car insurance to help you decide which is right for you.
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State Farm Home Insurance Reviews
The guide team is dedicated to providing you with reliable information to help you make the best possible decision about insuring your vehicle. Because consumers rely on us to provide objective and accurate information, we’ve created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to rate companies based on a wide range of ranking factors. After 800 hours of research, the end result was an overall score for each provider, with insurers with the most points at the top of the list.
Which car insurance company is your best choice — State Farm or Nationwide? Through our research-backed, industry-wide insurance review process, we rated State Farm significantly higher than Nationwide in terms of reputation, coverage and customer experience. However, both companies score well when it comes to availability and price. Overall, we gave State Farm a score of 9.3 and Nationwide a score of 8.7 out of 10.0.
The table below shows how State Farm and Nationwide scored in our top auto insurance categories.
Both State Farm and Nationwide are reputable auto insurance companies that have been in business for decades and have positive ratings from several well-known organizations. Each company has an A+ rating from the Better Business Bureau (BBB), which takes into account factors such as responsiveness to consumer complaints, transparency and truthful advertising.
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The table below provides reputation-based awards and industry ratings for State Farm and Nationwide. As you can see, State Farm and Nationwide have AM Best financial strength ratings of A++ and A+, respectively. These ratings are awarded to insurers who demonstrate a superior ability to meet their ongoing insurance obligations. We’ll discuss other results below in our User Experience section.
According to the National Association of Insurance Commissioners (NAIC), State Farm is the largest provider of auto insurance in the US, accounting for 15.9% of all auto insurance premiums sold. In 2022, State Farm celebrated 100 years of business. Although the provider offers auto insurance coverage in all 50 states, it no longer sells new policies in Massachusetts or Rhode Island.
Formerly known as Farm Bureau Mutual Automobile Insurance, Nationwide sold its first insurance policy in 1926. With nearly 100 years of experience in the insurance industry, Nationwide has expanded its offerings to 47 states and offers life and home insurance with its auto policies. According to the NAIC, Nationwide earned over $5.5 billion in premiums in 2021 and holds 2.1% of the total market share.
Both State Farm and Nationwide offer standard types of auto insurance coverage, including bodily injury and property damage coverage, collision coverage, comprehensive coverage, and personal injury coverage.
State Farm No Longer Accepts Homeowner Insurance Applications In California
One difference between these two auto insurers lies in their choice of additional coverage. State Farm offers ride-sharing insurance to those who work for companies like Uber or Lyft, as well as coverage for travel expenses for food and other expenses incurred if your vehicle breaks down far from home.
While Nationwide doesn’t offer any of these specific coverages, it does offer a disappearing deductible, which can reduce your comprehensive deductible or collision deductible by $100 for each year of safe driving. In addition, the insurer offers loss insurance, which pays the difference between the value of your car and what you owe in the event of a total loss after an accident.
Both State Farm and Nationwide offer usage-based insurance programs that feature savings for safe driving habits tracked through a mobile app. State Farm’s Drive Safe & Save™ program offers customers savings for registration as well as up to 30% off for practicing safe driving habits. Your driving is rated based on acceleration, braking, swerving, speed and phone use while driving.
The Drive Safe & Save program is not available to drivers in California, Massachusetts or Rhode Island, and may not be available to certain drivers in North Carolina.
Homeowners Insurance Coverage
Nationwide’s usage-based program is called SmartRide®. You get 10% off your registration and can save up to 40% on your insurance premiums based on your safe driving habits. SmartRide takes into account mileage, hard braking, acceleration and night driving when calculating savings.
For the average 35-year-old driver with good credit and a clean driving record, Nationwide tends to offer the cheapest car insurance at $1,281 per year. Compared to competitors, State Farm’s annual average premium is also very affordable at $1,481 per year.
However, it’s important to note that car insurance rates vary widely based on personalized factors such as age and driving history. State Farm typically charges lower rates on average for a wider range of driver profiles, such as young drivers and those with a recent accident or driving under the influence (DUI) on their record. On the other hand, you may want to consider Nationwide if you’ve recently received a speeding ticket, as the company generally offers some of the best rates for this driver profile.
Both State Farm and Nationwide are below the national average rate of $1,730 for an annual full coverage auto insurance premium. Here’s how both providers compare to other national insurers on average price.
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See below for an overview of full coverage insurance costs for different types of policyholders for State Farm and Nationwide.
Both State Farm and Nationwide offer impressive discounts on car insurance. While there are many savings options available with each auto insurance provider, there are some differences to consider.
The state farm stands out for the possibility of discounts for students and especially young drivers. It offers discounts for good pupils and students at school, as well as savings through its Steer Clear® training program for drivers under 25. Nationwide offers a handful of discounts that State Farm doesn’t, such as going paperless or setting up an automatic payment system.
State Farm and Nationwide offer additional discounts for bundling your auto insurance with other types of insurance products.
Times To Review Your Insurance
Nationwide offers its bundle discount to those who combine their auto insurance with life, renters, boat or home insurance policies.
State Farm consistently ranks high in all auto insurance studies. In J.D. In the Power 2022 US Auto Claims Satisfaction Study, the provider scored 882 out of 1000 points, above the industry average for overall customer satisfaction. In J.D. Power Insurance Shopping Study, State Farm ranked first among large insurers with 885 out of 1000 points.
Nationwide scored below the industry average of 873 in the Auto Claims Settlement Study, ranking 14th out of 22 auto insurance providers with a score of 868. Nationwide was ranked fifth in the large insurers section of the Insurance Buying Study, with a score of 858.
As shown in the table above, both State Farm and Nationwide are rated A+ by the BBB. However, customer ratings for both companies are significantly low. It’s good to keep in mind that customers often report negative experiences rather than positive ones, and low BBB customer ratings are standard in the insurance industry.
State Farm Raises Rates By 5 Percent Across Alabama, No Change On The Coast
When it comes to comparing State Farm vs. Nationwide, both providers have solid reputations, a wide variety of coverage choices, and similar pooling options for their auto insurance policies. However, while both are reputable coverage options, we rate State Farm auto insurance as the top choice overall and in each of our rating categories.
It’s always a good idea to explore your options by comparing auto insurance quotes from several providers. Our team recommends checking out both Geico and USAA to find the right auto insurance policy.
Affordability is an important factor when choosing the right auto insurance
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