Nationwide is so expensive because car insurance is expensive in general, due to rising costs for insurers. But at $1,005 per year, the average Nationwide car insurance policy is actually less expensive than coverage from most competitors. In fact, Nationwide is one of the 10 cheapest insurers nationally, according to WalletHub’s analysis.
Even though Nationwide offers cheaper-than-average rates, its premiums can get expensive for drivers with certain characteristics. For example, teenagers pay an average of $4,883 for Nationwide insurance, compared to $1,064 for older drivers. Additionally, drivers who recently had an at-fault accident pay an average of $1,574 for Nationwide coverage, which is 57% more than drivers with a clean record.
Factors That Can Make Nationwide Insurance More Expensive
- Being a young or inexperienced driver
- Purchasing a full coverage policy versus minimum coverage
- Causing an accident or being convicted of a moving violation
- Living in a high-risk ZIP code
- Driving an expensive vehicle
- Having a poor credit-based insurance score
If you’re struggling to afford your Nationwide insurance, there are ways for you to lower your rate. For example, you can take advantage of Nationwide discounts or reduce your coverage.
In some cases, it might be better to switch insurers altogether. It’s usually a good idea to compare quotes from at least three different insurers to see if you can find a better deal elsewhere. Each insurer uses its own algorithm to calculate premiums, so even if Nationwide is charging you a high premium, you may be able to find a cheaper policy with another insurer.
To learn more, check out WalletHub’s Nationwide insurance review.
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