GEICO vs Nationwide 2022 auto insurance comparison

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

Check out our GEICO Auto Insurance Review and our Nationwide Auto Insurance Review for more information on these carriers.

GEICO and national 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:

  • Accident forgiveness
  • Roadside assistance / towing
  • Rental car refund
  • Medical payments
  • Car replacement cover

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

Average GEICO and Nationwide Insurance Rates

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

An insurance company uses many considerations in determining its rates. The age, location, gender, marital status, type of vehicle and credit history of the driver are among the factors that influence the overall cost of insurance.

See the table below comparing the average annual premiums between GEICO and Nationwide by age group.

age range GEICO At national scale
Teens $ 3,508 $ 3,624
20s $ 1,438 $ 1,582
30s $ 1,218 $ 1,582
40s $ 1,189 $ 1,151
the 50’s $ 1,160 $ 1,114
60s $ 1,065 $ 1,028

Source: The Zebra

Premium discounts from GEICO and Nationwide

Insurance companies often give generous discounts for bundling auto coverage with a home, tenant, boat, motorcycle, or other policy. Most insurers encourage clients to take advantage of bundling their coverage, but you should inquire about multiple policy and vehicle bundling options through GEICO and Nationwide.

You may be eligible for other savings opportunities from a range of discounts, such as:

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

Additional discounts may be available for some drivers. For example, GEICO offers a discount to the military. Both companies offer telematics programs in some states, which monitor driving habits to determine the premium.

Customer satisfaction with GEICO and Nationwide

The cost of a policy is the primary consideration for most people purchasing auto insurance. Yet there are many factors that underscore the level of customer service provided by businesses. Higher ratings often correspond to the likelihood that the insurer will process claims quickly and efficiently.

The JD Power US Auto Insurance Study 2021 includes responses from nearly 39,000 auto insurance consumers. It provides information on customer satisfaction in key areas:

  • Interactions with clients
  • Complaints
  • Cost of auto insurance
  • Policy Offers
  • Billing process and policy information

Insurance companies often receive mixed reviews for their service. The results of the JD Power survey indicate that customer opinions and experiences with Nationwide are not as favorable as the reviews of other companies. It ranked near the middle in terms of claims satisfaction. The company obtained the lowest score in the customer satisfaction survey. GEICO is rated “average” for customer satisfaction among other insurers.

Which one has better financial standing, GEICO or nationwide?

The ability of an insurance company to meet its financial obligations is essential. Your insurer should be able to pay any covered claim you make as a result of loss resulting from accident, theft, or weather damage.

GEICO and Nationwide have “superior” financial strength ratings from AM Best. The rating indicates that these insurers can pay their claims obligations.

GEICO or Nationwide: which is right for you?

Auto insurance policies vary because each driver has a unique need, specific coverage requirement, and financial situation. GEICO and Nationwide generally offer competitive premiums which are cheaper than most major insurers. Customer satisfaction is one area in which these companies are separated, with Nationwide ratings falling below GEICO’s mid-ratings.

Request quotes from GEICO, Nationwide and other insurers to find the best policy for you. Talk to company representatives and ask about coverage levels. It is essential that you understand your options before signing a new insurance policy. Shopping around will help you find the best price, but remember that cost is just one factor you need to consider, especially when purchasing a new vehicle.

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Justin D. O'Neill