GEICO vs. Nationwide Auto Insurance Comparability 2022 – Kelley Blue Ebook

Choosing between GEICO and Nationwide for your auto insurance can be challenging. Both insurers have a good reputation and offer low rates for drivers in the United States. Read on for our comparison of these well-known companies.

For more information on these carriers, see our GEICO auto insurance review and nationwide vehicle insurance review.

GEICO and nationwide auto insurance coverage

GEICO and Nationwide offer standard auto insurance coverage such as:

Read our article on common types of auto insurance to learn more about basic coverage.

Additional coverage

Additional coverage from GEICO and Nationwide may be available as add-ons to improve basic coverage in some states, such as:

  • Forgiveness of accidents
  • Roadside assistance / towing
  • Reimbursement of the rental car
  • Medical payments
  • Replacement car insurance

One difference in insurance options is that GEICO offers ridesharing insurance in some states. This coverage provides additional protection for drivers using their vehicles for commercial operations through services such as Uber and Lyft.

Average insurance tariffs from GEICO and nationwide

GEICO and Nationwide often have lower rates than other major insurers. According to The Zebra, the average monthly cost of a nationwide policy is $ 90. GEICO coverage also falls into the lower range in the cost spectrum of motor vehicle insurance. The average monthly cost is $ 94.

An insurance company uses many considerations to determine its tariffs. Driver age, geographic location, gender, marital status, vehicle type, and credit history are some of the factors that affect the overall cost of insurance.

The following table compares the average annual awards between GEICO and Nationwide by age group.

Age group GEICO Nationwide
Teenagers $ 3,508 $ 3,624
20s $ 1,438 $ 1,582
30s $ 1,218 $ 1,582
40s $ 1,189 $ 1,151
50s $ 1,160 $ 1,114
1960s $ 1,065 $ 1,028

Source: the zebra

Premium discounts from GEICO and nationwide

Insurance companies often offer generous discounts for combining car insurance with a home, tenant, boat, motorcycle or other policy. Most insurers encourage their customers to take advantage of bundling their coverage, but you should inquire through GEICO and Nationwide about bundling options for multiple policies and multiple vehicles.

You may be eligible for some other savings from a number of discounts such as:

  • New car discounts
  • Discounts for anti-lock brakes
  • Anti-theft equipment discounts
  • Good student discounts
  • Paperless discounts
  • Early renewal discounts

Additional discounts may be available for some drivers. For example, GEICO offers military personnel a discount. Both companies offer telematics programs in selected states that monitor driving behavior to determine the award.

Customer satisfaction with GEICO and Nationwide

The cost of a policy is the most important consideration for most people who buy auto insurance. Still, many motorists emphasize the level of customer support that companies provide. Higher ratings often correspond to the likelihood that the insurer will process claims quickly and efficiently.

The 2021 US auto insurance study by J.D. Power has responses from nearly 39,000 auto insurance consumers. It provides insights into customer satisfaction in key areas:

  • Customer interactions
  • Allegations
  • Car insurance costs
  • Policy offers
  • Billing process and policy information

Insurance companies often receive mixed ratings for their service. The poll results from J.D. Power show that customers 'opinions and experiences with Nationwide are not as favorable as other companies' reviews. In terms of claims satisfaction, it ranks in the middle. The company achieved almost the lowest marks in the customer satisfaction study. GEICO is rated as "average" by other insurers in terms of customer satisfaction.

Which one has a better financial position, GEICO or Nationwide?

The ability of an insurance company to meet its financial obligations is vital. Your insurer must be able to pay for any insured claims that you make following an accident, theft, or weather-related damage.

GEICO and Nationwide have "superior" financial strength ratings from A.M. Preferably. The rating shows that these insurers can meet their claims obligations.

GEICO or nationwide: Which is better for you?

Car insurance policies vary as each driver has a unique need, coverage requirement, and financial situation. GEICO and Nationwide usually offer competitive premiums that are cheaper than most major insurers. Customer satisfaction is one area where these companies are segregated, with national ratings falling below GEICO's median ratings.

Get a quote from GEICO, Nationwide and other insurers to find the best policy for you. Talk to company representatives and ask questions about coverage. It is important that you understand your options before purchasing a new insurance policy. Browsing around can help you find the best price, but remember that cost is just one factor to consider, especially when buying a new vehicle.

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