Nationwide Insurance Review

Nationwide insurance provides a wide array of personal and business insurance offerings and is a trusted name in the insurance industry as one of the largest companies in the United States. Their slogan, “Nationwide is on your side,” demonstrates their customer-focused mindset and that they aim to build trusted relationships with their clients. 

Suppose you’re looking for a company that provides a good portfolio of insurance and financial products and offers discounts for bundling and other incentives. Nationwide might be a good choice for you to check out when comparing quotes. 

History of The Company 

Nationwide has a good history and track record to back it up. It has been in business for nearly 100 years and was founded in 1925 as an automobile insurance company known as Farm Bureau Mutual Automobile Insurance Company. It was funded and owned by the policyholders during this time. Over the years, Nationwide has grown substantially and continues expanding its product portfolio and customer base. 

Today, it’s a Fortune 100 company headquartered in Columbus, OH, with agents and brokers selling its products all over the country. You can also purchase policies online through their website or by phone and use them for your complete broad financial strategy. Nationwide has numerous affiliated companies focusing on property & casualty and life insurance, retirement, and investments. 

Size And Reputation

According to market share analysis, Nationwide is quite a large insurance company and is the 10th largest property and casualty insurance in the U.S. It currently employs approximately 25 391 employees. It has several regional headquarters around the United States. 

It’s long maintained a good reputation and is known as one of the top insurers for high-value homes and universal life policies. From a customer perspective, the company receives fewer than expected customer complaints compared to other similar companies in size and revenue. These things reinforce its good reputation in the industry and show why it is one of the strongest contenders for individuals looking for almost any type of insurance policy. 

Overview of Types of Insurance Offered 

Nationwide has almost every insurance policy that an individual or business would need to purchase, along with a vast array of financial product offerings. 

The individual insurance products make up the Home, Auto, and Life/Health categories. Here’s an overview of what you can choose from in each category. Remember that they also can bundle many of their products together and provide discounts when bundling more than one policy. 

Home Insurance 

Nationwide provides Homeowners Insurance, Renters Insurance, Condo Insurance, Private Client Insurance, and Flood Insurance. 

The Homeowners, Renters, and Condo Insurance policies are standard-type policies that cover the residence and its contents, with additional add-ons available. Nationwide tailors its Private Client Insurance toward customers looking for a comprehensive policy for high-end homes, art collections, excess liability, and luxury property items. Flood insurance is available for customers who live in flood zones and want peace of mind knowing they have enough protection in this type of catastrophe. 

Auto Insurance 

Under the Auto Insurance category, Nationwide offers policies for a vast array of vehicles. These policy options include standard auto, motorcycle, and Boat Insurance. They also provide more-specialized policies, including Snowmobile, Classic Car, ATV, R.V., Personal Watercraft, Scooter, and Golf Cart policies. If it’s something that you can ride, Nationwide has a policy that will meet your needs. 

Life/Health Insurance 

In addition to every type of life insurance policy (Term, Universal, Whole, and Variable), Nationwide offers other options under the “lifestyle” category to protect against unforeseen mishaps in all areas. 

You’ll find policy options for Pet Insurance, Dental Insurance, Umbrella Insurance, Identity Theft Insurance, Specialty Health Insurance, Travel Insurance, and Wedding Insurance. 

Business Insurance Products 

Nationwide also has products to protect your employees and assets if you’re a small or large business. They pride themselves on catering to many different industries and specializations. Here’s a quick overview of the types of products you can find for businesses. 

Small Business Insurance 

Small business owners will find that Nationwide offers policies to protect themselves, their employees, their customers, and their business assets. They offer Business Owners Policies (BOPs), Business Auto Policies, Workers’ Compensation, Business Property, and Excess and Surplus Insurance, along with several other ways to customize the right policy for your business. 

Large Business Types 

Large companies and businesses will find that Nationwide provides policies for many larger businesses and industries. These include breweries, churches, commercial real estate, construction, food processing, human services, manufacturing, and senior living. A Nationwide specialized agent can help determine which offerings and policies best meet your business’ size and individual needs.  

Cost and Discounts 

Nationwide’s costs for its insurance policies are generally comparable with other companies in the industry. However, they tend to rank slightly less in the price for Auto Insurance than some of the other more prominent names. This comparison holds even for customers who don’t have a perfect driving record or are teenagers. 

Since they also offer various discounts, many customers find that their rates for both Home and Auto Insurance policies fall below the national average or what other competitor insurance companies quoted them. 

Some available auto insurance discounts include bundling with other policies, a defensive driving discount, a SmartMiles program, and a SmartRide program. They also offer an accident-forgiveness program. 

Nationwide offers the defensive driving discount to drivers 55 and older who complete a state-approved safety course. The SmartMiles program targets low-mileage drivers and offers a flexible monthly rate based on the number of miles driven each month. The SmartRide program allows customers to earn discounts by tracking driving habits and receiving feedback to build a safer driving experience.  

For homeowners, Nationwide offers discounts for bundling, protective devices, claims-free, home renovation, home purchase, prior insurance, gated community, and smart home technology. 

In addition, they offer a free “OnYourSide®” review to their customers where a dedicated agent ensures that your current company policy still works for you and that you are taking advantage of any available discounts for which you qualify. 

Claims Processing And Customer Service 

As previously mentioned, Nationwide has fewer than expected customer complaints considering its large size and many offerings. They are constantly expanding and improving upon their customer experience to meet the expectations of their policyholders. 

For example, Nationwide has expanded its virtual claim handling tools, which help to speed up the claims process. This customer toolbox includes things like remote inspection tools and other ways to file and process a claim virtually quickly. 

They have also recently introduced a conversational texting feature that allows customers to contact claims representatives via text to follow up on claims or provide additional information and documents. Many customers have stated that they like this method because it aligns with their preferred method of communication.

Many customers also say they have a positive experience with the claims representatives and receive payment for claims quickly. Customers also like working with local agents, if desired, to find answers to questions, purchase policies, and other personalized needs. 

However, there are also many negative comments and reviews from customers about the service and overall experience. The latest J.D. Power and Associates Shopper Satisfaction review gave Nationwide a “Poor” rating in customer satisfaction, among the lowest marks. For claims satisfaction, they rank in the middle of the road with J.D. Power and Associates, meaning not excellent, but not poor. 

Website And Mobile App

Nationwide has many helpful online resources to manage claims and handle policies. From the website, new customers can quickly obtain a quote, find a local agent, or review in detail the various offerings. Existing customers can manage their accounts, make changes to the policy, pay their bills, and file and track claims.  

As one of the first to adopt a Mobile App technology, when they introduced their iPhone App in 2009, Nationwide’s Apple and Andriod App remains a robust tool that customers find easy to use and with helpful features. 

From the mobile app, you can add vehicles by scanning the VIN on the car, access I.D. cards, pay bills, quickly get roadside assistance, file claims, contact agents, receive quotes for various other policy types, and manage your account information. Apple users can even make their payments using Apple Pay. 

How to Get a Quote With Nationwide

Nationwide makes the quoting process relatively easy, and potential customers can quickly go through the steps to obtain a quote online. For those that prefer to talk directly to an individual, there is a 1-800 number you can call, or you can even enter your information and have someone call you back at a convenient time that you select. 

It’s also easy to locate and connect with a local agent if you prefer to do business in person. They have insurance agents all over the country that specialize in both personal and business insurance. Enter your home zip code and find the agents located near you. From there, you can connect directly with the agent of your choice by email or phone. 

Nationwide Pros And Cons 

As with any company, large or small, some various pros and cons come with doing business. Based on customer reviews and feedback, here are the main pros and cons for Nationwide. 

Regarding their other types of insurance offerings besides home and auto, Nationwide also remains competitive with others in the market and works with customers to provide the best individual quote based on their needs and circumstances.

Pros: 

  • Long-standing company with nearly 100 years in business. 
  • It offers a wide array of personal and business insurance offerings and can bundle multiple products together and customize policies. 
  • Ranks well for ease of interaction with the company, especially among younger customers who appreciate communicating via technology and conducting business online. 
  • Fewer than anticipated complaints to state insurance regulators. 
  • Strong financial backing and high financial strength ratings. 
  • Great options targeted at high-end homeowners and their luxury contents. 

Cons: 

  • J.D. Power and Associate’s ratings for claims satisfaction were “poor” for both home and auto insurance which is the lowest rating that an insurance company could receive.  
  • Policy limitations exist in some states, and some products are unavailable in specific states. 

What Types Of Customers Should Consider Nationwide?

Nationwide has something targeted towards almost every type of customer, so there is not really a specific niche for which they cater their offerings. It does make a good option for high-value homeowners due to its “Private Client” insurance program and offerings that cater to high-end collectibles and personal possessions.  

Additionally, customers who like to purchase multiple types of policies from the same company or who also like to have investment products in their portfolio would benefit from doing business with a company like Nationwide because they can manage everything in one place. 

Significant Insurance Industry Ratings For Nationwide 

One of the ways in which potential customers can judge the credibility and reputation of an insurance company is to review the feedback and scores from several rating companies, which focus on the company’s financial strength and customer satisfaction. The table below shows the significant industry ratings for Nationwide Insurance.  

CompanyRating
Moody’sA1
BBBA+, BBB accredited
AM BestA+
S&PA+

Final Thoughts

Anyone looking for an insurance policy with a larger, well-known company would likely want to check out Nationwide Insurance and its offerings. The sheer amount of product offerings alone means that no matter what you’re looking for, you will likely find a product that meets your needs. Additionally, the company has been in business for many years and has the solid financial strength, reinforcing its reputation and ability to pay out claims. 

Although there seems to be some room for improvement in claims processing and overall customer satisfaction, many satisfied clients enjoy their overall experience doing business with Nationwide over the years. It’s a strong contender for those shopping for personal or business insurance policies. 

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1 thought on “Nationwide Insurance Review”

  1. I use Nationwide for car insurance coverage because of the number of aspects that it covers. My particular policy covers bodily injury liability, collision coverage, property damage liability, medical payments, comprehensive car insurance, personal injury protection, and even uninsured or underinsured motorist protection. Most of these have come in handy at some point, so it’sit’s been worth the price.

    Alongside those aspects of coverage, the policy also offers two levels of roadside assistance where most only have one type. Options include jump-starts, towing, and dealing with lockouts, which have also been useful.

    Another policy add-on I’veI’ve found beneficial is the rental car reimbursement. When my car was in the shop for one of their approved repairs, Nationwide helped pay for the rental car to use while my car was being fixed. When you set up the premium, you pick the number of days that you can count on them to help contribute to the price.

    Gap insurance coverage is helpful since it makes up for the difference between the car’scar’s value and how much you owe on a loan once you have dealt with a total loss claim. Accident forgiveness insurance factors into that as well, which helps because the rate doesn’tdoesn’t go up after the first accident you cause. The safe driving benefits are also a nice incentive; it’sit’s helpful that they cut down the deductible by $100 for every year that you drive safely. Also, there’sthere’s no deductible for total loss claims, which is reassuring.

    Their customer service is really good, and they are always available to answer questions about policies or walk you through the process of filing a claim. Claims handling itself is also an easy process, so that takes out any unnecessary stress from an already stressful time. Alongside that, they encourage you to talk to them once a year to make sure you understand the benefits of your policy and have the best coverage based on any recent life changes. It seems like they don’tdon’t want to charge you more for their services than what you need to pay. I think they offer one of the most fairly priced auto insurance policies for this reason.

    The only thing that’sthat’s a downside for me is that while they trust older drivers to drive safely and even incentivize them monetarily for it, the same can’tcan’t be said for young drivers. Young drivers or those just starting on the road have higher rates to deal with, which could discourage them from actually driving.

    Other than that, I am satisfied overall with their approach to insurance and all of the many benefits that come with using their services. Even though I gave it 4/5 stars because of the high rates for new drivers, Nationwide is an insurance provider that I would recommend to anyone looking for all-around coverage at a price that is quite competitive compared to other insurance providers out there today.

    Pennsylvania 4/5 Rate: $1,284

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