- In general, Nationwide offers slightly more affordable premiums than GEICO
- GEICO may help you save more money -- they offer more discounts than Nationwide
- Nationwide offers cheaper average rates for policyholders who live in suburban areas
In This Article
- Which Company has the Cheapest Rates?
- Average Rates by State
- Which is the Best Company for Young Drivers?
- Which is the Best Company for Retired Drivers?
- Which is the Best Company for Married Drivers?
- Average Rates by Gender
- State Minimum vs. Full Coverage Rates
- Which is the Best Company for Drivers with Spotty Records?
- How Does Credit Score Impact Rates?
- How Does Annual Mileage Affect Rates?
- Compare Rates for Urban, Suburban, and Rural Drivers
- Which Company has the Most Discounts?
- Final Thoughts
GEICO or Nationwide: Which Company has the Cheapest Car Insurance?
Are you in the market for a new car insurance policy? After all, you've seen ads from all sorts of companies offering big savings. But exactly how much can you save by switching?
You've maybe even narrowed it down to GEICO or Nationwide as potential options, but which one has less expensive prices for auto insurance?
Looking at the national average rates for both carriers, GEICO is around $15 more a month than Nationwide.
That being said, that doesn't necessarily mean Nationwide will be the cheaper option for every driver. Car insurance companies vary their premiums depending on things like how clean your driving record is, where you live, how old you are, how good your credit score is, and a ton of other factors, so rates could differ drastically from person to person.
Wanting to know if GEICO or Nationwide is really the right company for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.
GEICO vs. Nationwide: Average Car Insurance Rates by State
GEICO and Nationwide compete against each other in 33 states, with Nationwide offering more affordable rates to the average driver in 16 of them. If you live in Alabama, Missouri, Mississippi, North Carolina, Pennsylvania, or a few others, Nationwide is the less expensive of the two carriers when looking at the overall average premiums, but GEICO is the cheaper option in most others.
That being said, there are plenty of other factors that go into your insurance cost than just the state you live in. Keep reading to find out more.
Which is the Best Company For Young Drivers
Teen drivers will almost always have the most expensive auto insurance rates of any group on the road. That's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.
But still, even with seemingly sky-high prices, teen drivers can still find ways to save money. As you can see above, teens who use GEICO save over 3% per month compared to those who use Nationwide.
Even so, both companies will offer you dramatically lower premiums by the time you turn 25. For example, average rates for GEICO policyholders reduce more than 55% and Nationwide's premiums drop over 60% over that time.
Which is the Best Company for Retired Drivers?
When it comes to car insurance, patience and experience pay off, with drivers around retirement age paying some of the most affordable prices out there.
So, which carrier offers the best rates to retired drivers? In this case, Nationwide has the slight edge, with premiums about $23 a month less than GEICO.
Which is the Best Company for Married Drivers?
Did you know that auto insurance premiums are usually cheaper for married drivers than they are for single policyholders? This usually boils down to married policyholders having multiple vehicles on their policy -- something many insurance carriers will reward with discounts.
For those who are single, the difference in average prices between these two companies is somewhat small, with Nationwide rates coming in at about 3% less than GEICO's. But for married couples, that advantage is much clearer - Nationwide offers the lowest average prices, with the difference being around $25 a month.
GEICO or Nationwide: Average Rates by Gender
You may not know, but men generally pay more for car insurance than women do. This is because men are statistically more likely than women to get tickets and get into collisions, which leads to increased risk for insurers and, therefore, higher premiums.
Typically, women see rates around 4% per month less with GEICO and closer to 10% less with Nationwide.
When it comes to the cheapest premiums for each gender, Nationwide comes out on top for both men and women, with average rates 7% less for men and 9% cheaper for women.
GEICO vs. Nationwide: Compare State Minimum vs. Full Coverage Rates
*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits
**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.
It's no secret that auto insurance can be pretty complicated. There are multiple different coverages that account for a bunch of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause a collision.
But the most common policies that drivers look at fall into two categories -- liability coverage (which covers the other party's property damage and injuries if you cause an accident) and full coverage (which typically refers to having collision and comprehensive coverages alongside liability coverage).
When it comes to state minimum limits for liability insurance, GEICO has the edge, while Nationwide offers the most affordable average prices for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $10 with GEICO, while full coverage comes out to be about $40 less expensive with Nationwide.
Is GEICO or Nationwide Better for Drivers with Spotty Records?
It's no secret -- drivers with good records end up getting the best deals on their insurance. But that's not to say you can't save money if you don't have the best driving record, either.
Collisions and speeding tickets will most likely raise your rates, but is GEICO or Nationwide more affordable for drivers with spotty records?
Which Company is Best for Drivers with Speeding Tickets?
|1 Speeding Ticket||$150||$149|
Drivers who use GEICO for their auto insurance can normally expect their monthly bill to go up around 23% after getting a speeding ticket. Nationwide policyholders can expect a less drastic increase of about 16%.
If you have gotten a ticket, Nationwide tends to offer the best premiums at around 1% less expensive, while GEICO has the edge for drivers with a clean record.
Which Company is Best for Drivers After an Accident?
|1 At-Fault Accident||$200||$178|
After an accident, drivers who have their insurance through GEICO can expect to see about an $85 -- or around 43% -- rise in their car insurance prices. Drivers who use Nationwide for their insurance will see a monthly bill about $53 (or 30%) more expensive after reporting a collision to their auto insurance carrier.
At the end of the day, the more affordable rates come from Nationwide, with average prices coming in at $178 compared to GEICO's $200.
Which Company is Best for Drivers with a DUI?
If you get a DUI charge, you can expect some pretty significant increases in your monthly car insurance bill -- typically a lot more than an accident or speeding ticket. GEICO drivers usually see a 58% rise in their auto insurance premiums after a DUI charge, while Nationwide will normally increase prices by around 46%.
But if you end up with a DUI charge and are looking for more affordable premiums, Nationwide tends to be cheaper for the average driver, with monthly premiums coming in at about $230 to GEICO's $275.
How does Credit Score Impact GEICO and Nationwide Rates?
You may not have known, but your credit score can come into play when carriers determine your monthly bill. Certain states and companies do not allow for credit score to be used as an auto insurance factor, but it will come into play for quite a few policyholders.
Car insurance carriers argue that those with poor credit scores are less likely to pay their bills on time every month, which raises the risk involved on their end, while the opposite is true for those with good credit.
So, which company offers the lowest rates for drivers with poor, average, or good credit?
Which Company is Best for Drivers with Good Credit?
|Excellent Credit Score||$131||$133|
|Good Credit Score||$164||$153|
If you have solid credit, GEICO will usually reward you the most for an "excellent" credit score. For policyholders with "excellent" credit scores, GEICO comes in 2% less expensive. Drivers with "good" credit scores generally save around 7% with Nationwide compared to average prices from GEICO.
Which Company is Best for Drivers with Bad Credit?
|Fair Credit Score||$197||$179|
|Poor Credit Score||$253||$215|
Nationwide typically offers lower premiums than GEICO when it comes to drivers with a below average credit score. Drivers with "fair" credit pay about 9% a month less with Nationwide compared to GEICO, and those with "poor" scores typically save an average of around 15% monthly.
Is GEICO or Nationwide Better for Drivers who Work from Home or Have Short Commutes?
|6,000 Annual Miles||$181||$170|
|12,000 Annual Miles||$189||$171|
The amount of time you spend behind the wheel of your car plays a big role in your monthly insurance payment. Generally, those who drive less will end up with more affordable rates since there's less of a chance of causing a collision and filing an insurance claim.
Nationwide tends to be the cheaper option for both remote workers and those taking short commutes. Nationwide's average prices for drivers with 6,000 annual miles come in 6% less expensive than GEICO. Those who drive 12,000 miles yearly can expect to pay nearly 10% less with Nationwide over GEICO.
GEICO or Nationwide: Compare Rates for Urban, Suburban, and Rural Drivers
Where your home is can play a considerable role in how much you pay for car insurance. Normally, if you live in an urban area with more cars on the road, you'll pay a little more for auto insurance, while the opposite is true for people in rural areas.
Nationwide boasts the lowest average rates for drivers in all areas, regardless of if they're urban, suburban, or rural.
Those in rural areas can expect to save about $8 with Nationwide compared to GEICO. People who live in suburban areas pay around $26 less with Nationwide compared to GEICO. For drivers in urban ZIP codes, Nationwide's average prices are about $12 less than GEICO.
GEICO vs. Nationwide Discounts
No matter why you might be in the market for a new insurance policy, you're always going to want to save as much money as you can, and the best way to do that is by taking advantage of as many car insurance discounts as possible.
The difficult part is finding all of the discounts you're eligible for, since it can feel sometimes like every company has different discounts and each one is advertised differently.
Luckily, we did the hard work for you and broke down all of the different discounts offered by both GEICO and Nationwide so that you can see which carrier can save you the most money each month.
|Advance Quote Discount||✔|
|Agency Transfer Discount||✔|
|Commercial Drivers License Discount||✔|
|Covid-19 Relief Discount||✔|
|Defensive Driver Discount||✔||✔|
|Deployed Driver Discount||✔|
|Distant Student Discount||✔||✔|
|Driver Training Discount||✔||✔|
|Full Coverage Discount||✔|
|Good Driving Discount||✔||✔|
|Good Student Discount||✔||✔|
|Intra-Agency Transfer Discount||✔|
|Life Policy Discount||✔|
GEICO blows Nationwide away when it comes to the sheer amount of discounts available, offering six more discounts than Nationwide.
There are a couple discounts both companies offer, but GEICO also offers discounts for ABS, commercial drivers license, COVID-19 relief, and more.
On the other hand, Nationwide has a few proprietary discounts of their own for things like advance quote discounts, agency transfer discounts, homeowner discounts, and more.
Final Thoughts: Is GEICO or Nationwide Best for You?
So, we've broken down the average premiums for many of the factors insurance carriers look at, and we've shown you all the discounts each carrier offers. That's all well and good, but when it comes down to it, which insurance company is the right company for you and your specific profile and needs?
Nationwide is best for you if....
Nationwide is best for you if....
- You want the most robust protection via a "full coverage" policy.
- Your home is located in the suburbs.
- You have an at-fault collision on your record.
GEICO is best for you if...
GEICO is best for you if...
- You want to save money while purchasing auto insurance for a teenager.
- You have a clean driving record, free of accidents, tickets, or DUIs.
- You want to save extra money with discounts.
Hopefully, this guide helps you get a good idea of the differences between GEICO and Nationwide. We also hope we've given you the information you need to make the best decision about your insurance.
At the end of the day, the best way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from several companies, not just GEICO and Nationwide. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get multiple free quotes from some of the best car insurance carriers in your area, all in just a few minutes.
GEICO vs. Nationwide FAQs
Is GEICO or Nationwide cheaper?
Nationwide is the cheaper of the two companies when looking at national average rates, with policies averaging $170 per month with Nationwide and $185 for GEICO.
Who is better, GEICO or Nationwide?
Unfortunately, the answer truly is "it depends." No single carrier is necessarily "better" for each policyholder -- it all comes down to what your unique insurance profile looks like. For example, GEICO is more affordable for drivers with excellent credit, while Nationwide offers cheaper premiums for drivers with a recent DUI.
Why do GEICO and Nationwide offer me different rates?
Auto insurance carriers use several different variables when determining the prices they charge. Things such as age, gender, your driving record, where you park your car, and sometimes even things like your credit score can all come into play. Both GEICO and Nationwide calculate rates using different formulas, so it's likely they'll offer different premiums. The best way to determine which company is the most affordable for you is by comparing personalized quotes from lots of different companies.
How do I know if GEICO or Nationwide is right for me?
The only way to find the car insurance carrier that's right for you is by getting quotes from a handful of carriers and finding the one best suited for your individual budget. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code and you'll get quotes from dozens of your local top insurance companies for free. With those, you can guarantee you're getting the cheapest rate. And maybe you'll find that the best company for you isn't GEICO or Nationwide at all, but another you hadn't even thought of!
All data in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of data to determine all of the average rates referenced above. All data is reported by each carrier to statewide insurance bureaus and is up-to-date as of July 1, 2021.