Bankers vs. Nationwide: Which Company is the Best Fit for You?

Quick Facts

• In general, Nationwide offers slightly less expensive rates than Bankers
• Bankers offers more affordable premiums for policyholders who live in urban areas
• Nationwide offers cheaper average prices for policyholders who are looking to purchase insurance with a spouse

Bankers or Nationwide: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? You've probably seen commercials and billboards from companies offering large savings, but exactly how much money can you save by switching?

You might have narrowed it down to Bankers or Nationwide for your next policy, but which one will save you the most?

As you can see, Bankers is around $1 more a month than Nationwide when looking at the national average rates for car insurance.

Even so, that doesn't mean Nationwide will necessarily be more affordable than Bankers for every driver. Insurance carriers vary their premiums depending on things like how old you are, how clean your driving record is, how good your credit score is, where you live, and a variety of other factors. So, at the end of the day, rates from every company will differ quite a bit from person to person.

Luckily, we've broken down average premiums from both Bankers and Nationwide by several different rate factors, so read on to find out which carrier is the best for you.

Bankers vs. Nationwide: Average Car Insurance Rates by State

Bankers and Nationwide only compete against each other in one states, with Bankers offering less expensive rates to the average driver in all of them. District of Columbia has the most noticable difference, where Bankers prices are $104 more affordable than car insurance rates at Nationwide.

There's a lot more that goes into your auto insurance bill than just where you call home. Read on to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for insurance compared to older drivers. The reason is that teen drivers are statistically much more likely to get into accidents since they have less experience on the roads.

However, that doesn't mean that teen drivers have to just accept sky-high car insurance premiums. Just look at the table above -- where 18-year-old drivers who have Bankers for their auto insurance pay almost 10% less than those who use Nationwide.

That being said, both companies will offer you dramatically lower prices once you turn 25. Nationwide offers the steepest drop, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. Bankers's average rates lower nearly 55% during that same period.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll normally enjoy the cheapest insurance premiums you can find. You've been on the road for years, and all that experience pays off when it comes to your monthly prices for car insurance.

But who has the best rates for retired drivers between Bankers and Nationwide? Nationwide gets the slight edge here, with average prices coming in at about $125 monthly compared to Bankers's $132.

Which is the Best Company for Married Drivers?

Did you know that insurance premiums are usually more expensive for single drivers than they are for married drivers? This usually boils down to married policyholders having more than one vehicle on their policy -- something quite a few auto insurance carriers will reward with discounts.

When it comes to relationship status, Bankers is the winner for single policyholders, with prices around 3% per month cheaper than Nationwide, on average.

Bankers or Nationwide: Average Rates by Gender

Women typically to pay less for insurance than men. That's because men are more likely to get into accidents and get tickets, which increases the chances of filing a claim with insurance.

Men generally pay about $15 a month more than women with Bankers, and around $12 more with Nationwide.

When it comes to the most affordable rates for each gender, Bankers is the lowest company for women. Rates with Bankers are $1 cheaper for women, while with Nationwide, men can save about $1.

Bankers 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.

Car insurance isn't the easiest topic to understand. There are lots of different coverages that account for a range 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 provides bodily injury and property damage coverage for other drivers if you cause an accident) and full coverage (which includes two additional coverages -- collision and comprehensive -- in addition to liability).

When it comes to state minimum liability limits, Bankers has the edge, while Nationwide offers the most affordable average premiums for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $45 with Bankers Insurance, while full coverage comes out to be around $50 more affordable with Nationwide.

Is Bankers or Nationwide Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their auto insurance. But that's not to say you can't save money if you don't have the best driving record, either.

It's no secret secret that at-fault collisions and speeding tickets lead to higher rates, but which carrier -- Bankers or Nationwide -- has the cheapest prices for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Bankers for their car insurance can usually expect their monthly bill to go up about 14% after getting a speeding ticket. Nationwide policyholders can expect a bit more drastic of an increase of around 16%.

However, Bankers has cheaper premiums for drivers in both categories -- their rates are around 3% less expensive for drivers with clean records and 5% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

Both companies will raise rates pretty significantly if you get into an at-fault collision with Bankers increasing by about 35%. Nationwide has a less extreme climb, but you can still expect to pay nearly 30% more than you were prior to your first accident.

At the end of the day, the more affordable premiums come from Nationwide, with average prices coming in at $178 compared to Bankers Insurance's $186.

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 insurance bill -- typically a lot more than a collision or ticket. Bankers drivers usually see a 49% increase in their auto insurance rates after a DUI charge, while Nationwide will normally raise prices by around 46%.

How does Credit Score Impact Bankers and Nationwide Rates?

Did you know many car insurance carriers take your credit score into account when determining premiums? 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 lots of policyholders.

Auto insurance carriers argue that those with poor credit scores are less likely to pay their bills on time each month, which raises the risk involved on their end, while the opposite is true for those with good credit.

Looking at Bankers and Nationwide specifically, which carrier has the best prices for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Bankers or Nationwide Better for Drivers who Work from Home or Have Short Commutes?

Did you know that the amount of time you spend in your car have a big impact on your monthly insurance cost? Usually, those who drive less will end up with less expensive rates since there's less of a chance of causing an accident and filing an insurance claim.

Looking specifically at Nationwide and Bankers, Nationwide is the cheaper option for people with short commutes, while Nationwide has better premiums for those who work from home. Bankers's average rates for drivers with 6,000 annual miles come in 0% more affordable than Nationwide. Those who drive 12,000 miles annually can expect to pay 1% less with Nationwide over Bankers.

Bankers or Nationwide: Compare Rates for Urban, Suburban, and Rural Drivers

Where you park your car can have a sizable impact on your monthly car insurance payment. Normally, if you live in an urban area with more cars on the road, you'll pay a little more for insurance, while the opposite is true for people in rural areas.

When comparing these two companies side-by-side, Bankers generally comes out as the less expensive option for drivers in rural and urban areas, while Nationwide wins in suburban areas.

For policyholders in urban ZIP codes, Bankers Insurance's average prices are about $27 less than Nationwide. People who live in suburban areas pay around $67 less with Nationwide compared to Bankers. Those in rural areas can expect to save about $37 with Bankers compared to Nationwide.

Bankers vs. Nationwide Discounts

You want to save as much money as you can, right? The best way to do that is by taking advantage of as many auto insurance discounts as possible.

The hard part is finding all of the discounts you qualify 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 Bankers and Nationwide so that you can see which one offers the most discounts and see which ones you might be able to take advantage of.

Nationwide blows Bankers away when it comes to the sheer amount of discounts available, offering six more discounts than Bankers.

A couple of those are overlapping for things like anti-theft discounts, distant student discounts, discounts for being a good driver, and multi-policy discounts. Nationwide also offers discounts for advance quote, agency transfer, EFT, and more.

On the other hand, Bankers has a few proprietary discounts of their own for things like ABS discounts, annual mileage discounts, continuous insurance discounts, and more.

Final Thoughts: Is Bankers or Nationwide Best for You?

You've seen the effect certain variables have on your insurance and the different discounts carriers offer. But, at the end of the day, which insurance carrier is the right company for you and your specific profile and needs?

Bankers might be best for you if....

• You have a clean driving record, free of accidents, tickets, or DUIs.
• You have less-than-stellar credit.
• You live in a rural area.

Nationwide might be best for you if...

• You're thinking about moving to another state -- undefined only offers policies to residents.
• You're looking for discounts -- Nationwide has the most.
• You're of retirement age and want to take advantage of lower premiums.

Hopefully, this guide has ben a valuable resource as you compare Bankers and Nationwide and that you can now make a more informed decision when it comes to your car insurance.

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on auto insurance -- comparing quotes from several companies, not just Bankers and Nationwide. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP code below and get free quotes from dozens of the top car insurance carriers in your area, all in just a few minutes.

Bankers vs. Nationwide FAQs

Is Bankers or Nationwide cheaper?

Nationwide is the cheaper of the two companies when looking at national average prices, with policies averaging $170 per month with Nationwide and $171 for Bankers. That being said, that doesn't mean Nationwide will be the lowest company for everyone, since there are many different factors (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Bankers or Nationwide?

Sadly, the answer truly is "it depends.". No single carrier is "better" for every policyholder -- it all comes down to what your unique insurance profile looks like. For example, Bankers is less expensive for drivers with excellent credit, while Nationwide offers more affordable rates for drivers with a recent DUI.

Why do Bankers and Nationwide offer me different rates?

Auto insurance carriers use a lot of different variables when calculating the premiums they charge. Factors such as age, gender, where you live, your driving record, and sometimes even things like your credit score can all be used. Both Bankers and Nationwide use different formulas, so it's likely they'll offer different prices. The best way to determine which company is the cheapest for you is by comparing personalized quotes from multiple different companies.

How do I know if Bankers or Nationwide is right for me?

The only way to find the insurance carrier that's right for you is by getting quotes from multiple carriers and finding the one best suited for your individual budget. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code and you'll get quotes from dozens of your local top car insurance companies for free. That way, you can guarantee you're getting the best premium. And maybe you'll find that the best company for you isn't Bankers or Nationwide at all, but another you hadn't even thought of!

Methodology

All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.