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Tashka/Getty Images March 30, 2022 Elizabeth Rivelli is a contributing insurance writer for Bankrate and has years of experience writing for insurance domains such as The Simple Dollar, Coverage.com and NextAdvisor, among others Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate logo Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. is the largest auto insurance company in the country, with a , according to the Insurance Information Institute (Triple-I). Now after a century of operations, State Farm has written more than 83 million insurance policies in all 50 states and employs more than 19,000 independent agents. State Farm offers a large, local network of agents, but relies heavily on the digital experience too. It provides online and mobile app policy management options for greater convenience. Compare rates and save on auto insurance today! Get quotes Close X RatesRates keep going up in 2022. Compare rates and save on auto insurance today! Get quotes Close X This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More RATE INCREASE ALERT Rates increased up to 12% this year
Shop for a better rate before you renew your current policy. This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More is based in Columbus, Ohio, and was founded in 1925. The company is in the top 10 largest car insurance companies, with 2.3% of the total market share. Nationwide has written insurance policies in all 50 states as well, and has more than 11,000 independent agents. Like State Farm, Nationwide has a strong network of local offices and also offers numerous customer service channels, including online and through a highly-rated app. While there are many similarities between the two large insurance providers, there are enough differences worth considering for your personal auto insurance needs. State Farm vs Nationwide car insurance rates comparison
When comparing car insurance companies, potential policyholders may find it beneficial to evaluate options based on third-party ratings and average premiums, which are contributing factors in determining Bankrate Scores. Bankrate Scores use a five-point scale and consider factors like coverage options and digital experience, in addition to third-party ratings and rates, which offer a well-rounded view of an insurance provider . While both companies have strong ratings from A.M. Best and J.D. Power and nearly identical average annual premiums, State Farm’s Bankrate Score edges out Nationwide by a small margin. Car insurance company Bankrate Score AM Best Average annual premium for minimum coverage Average annual premium for full coverage State Farm 4.5 A++ 892/1,000 $539 $1,457 Nationwide 4.3 A+ 876/1,000 $501 $1,485 Rates by credit score
Your credit score is one of the factors that will impact your car insurance rate in most states. Insurance providers pull information about your credit profile from the three credit bureaus to further determine your risk, which is considered your . The only states that do not allow insurance companies to look at credit scores are Hawaii, California, Michigan, Massachusetts. Washington’s previous ban on credit use as a rating factor is currently paused due to court hearings. The following table highlights the difference between average annual rates for a full coverage policy from Nationwide vs. State Farm, based on how your credit score factors in determining premiums. Car insurance company Poor Average Good Excellent State Farm $3,309 $1,656 $1,457 $1,126 Nationwide $1,924 $1,577 $1,485 $1,269 Rates by age
Generally speaking, young drivers pay much higher insurance premiums than older drivers. This is due to the fact that new drivers are more likely to get into at-fault accidents. The following table showcases the average annual cost for full coverage based on age. While these reflect the average annual premiums for State Farm and Nationwide, not all states take age into account, . Your rates will vary from these averages based on individual circumstances. Car insurance company * State 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 *16 year old cost when added to parents’ policy, 18-year-old renter Rates by driving record
Another major factor that impacts car insurance rates is driving record. Drivers who have a history of speeding tickets, accidents or DUI convictions on their record will pay a higher rate than drivers with a clean record. Nationwide vs. State Farm auto insurance rates based on driving record are fairly aligned, with a greater difference seen for drivers with a DUI conviction on record. Car insurance company Clean driving record Speeding ticket At-fault accident DUI conviction State 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 that can help drivers save money on their policies. However, keep in mind that the discounts available are unique to each provider. Here are the auto insurance discounts you can get through State Farm compared to Nationwide: State Farm
Distant student discount — State Farm offers a discount to students under 25 who attend school away from home, and only use their vehicle during holiday breaks and short vacations. Drive Safe and Save discount — With the Drive Safe and Save discount program, drivers over 25 can save money on their policy for demonstrating safe on-road behaviors. — State Farm’s Steer Clear program rewards young drivers under 25 with a lower rate for being a safe driver. Bundling discount — If you own another policy with State Farm, such as a home, condo, renters or life insurance policy, then you can take advantage of bundling savings by adding on auto insurance. Nationwide
Paperless discount — Nationwide offers a discount to drivers who sign up to receive paperless billing and policy statements. Low mileage discount — Drivers who do not use their car frequently can enroll in the SmartMiles program, which has a monthly rate based on the number of miles driven. — Nationwide’s SmartRide program gives drivers feedback on their driving habits through a telematics device, and rewards safe drivers with a lower rate. Multi-policy — Nationwide offers a multi-policy discount program where you could earn added savings on auto insurance if you have renters, home, life, boat or another auto insurance policy with Nationwide. State Farm vs Nationwide online and mobile experience comparison
In terms of online experience, State Farm and Nationwide are two of the best among the long on the market. Both providers have an excellent website that is easy to navigate, and there are online tools and resources designed to help you decide what type of coverage is right for you. Additionally, State Farm and Nationwide both have instant online quotes for car insurance and online claims. Here is a closer look at the mobile apps from State Farm vs. Nationwide: State Farm
— State Farm’s iOS app allows you to file claims, get roadside assistance, pay your premium, download ID cards and contact a customer service agent. The app also supports Apple Pay if you need to make a payment. — With State Farm’s Android app, you can get access to all the same features as the iPhone app. Most reviews are positive, but some users have cited issues with the login screen and payment system. Nationwide
— Nationwide’s iOS app includes many of the same features as State Farm’s iOS app. Policyholders can download their ID cards, file a new claim, request roadside assistance, find vehicle repair shops in their area and call customer service. — The Android app from Nationwide is equipped with the same features as the iOS app. However, based on the Google Play Store reviews, the Android app has some issues with bugs and is generally slow to load. Frequently asked questions
What is the best car insurance company
The varies by individual, but both State Farm and Nationwide are included among the top companies reviewed by Bankrate. It depends on where you live, what type of coverage you need, what discounts you can qualify for and your budget. You should shop around and compare providers using your own criteria to find the best company for you.
How much car insurance should I have
In every state where car insurance is required, drivers must carry a minimum amount of coverage. However, you can choose to raise 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 you carry is up to you (or your lender, if your vehicle is financed).
How much does car insurance cost
The in the U.S. is $1,674 per year for a full coverage policy. However, the exact rate you will pay will vary based on personal factors, which commonly include your state, claim history and driving record.
Which company has the cheapest rates State Farm or Nationwide
Both State Farm and Nationwide offer competitive rates for a large number of drivers in the U.S. However, finding the cheapest rates for State Farm or Nationwide depends on your personal factors, such as location, driving history, vehicle make and model and the miles driven per year. Comparing both carriers with the same coverage selections and limits is the best way to find out which offers the cheapest rates while meeting your coverage needs. Methodology
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits: $100,000 bodily injury liability per person $300,000 bodily injury liability per accident $50,000 property damage liability per accident $100,000 uninsured motorist bodily injury per person $300,000 uninsured motorist bodily injury per accident $500 collision deductible $500 comprehensive deductible To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually. These are sample rates and should only be used for comparative purposes. Credit-based insurance scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit the use of credit-based insurance scores as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts, and Michigan. Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. 16-year-old rates were factored as the added cost to their parents’ policy; 18-year-old rates were calculated as drivers who rent their primary residence. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations. Incident: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket conviction, single DUI conviction (BAC of >= .08) and lapse in coverage. Bankrate Score
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support. To determine how well the best car insurance companies satisfy these priorities, third-party agency ratings from , , , NAIC, and Moodys had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers may compare each provider. While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores. SHARE: Elizabeth Rivelli is a contributing insurance writer for Bankrate and has years of experience writing for insurance domains such as The Simple Dollar, Coverage.com and NextAdvisor, among others Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Related Articles