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

Quick Facts

• Based on national averages for insurance, Nationwide offers less expensive premiums than Cincinatti Financial
• Cincinatti Financial has more affordable prices for policyholders who don't have any speeding tickets, DUIs, or at-fault collisions on their record
• Nationwide offers cheaper average rates for policyholders who live in rural neighborhoods

Cincinatti Financial or Nationwide: Which Company has the Cheapest Car Insurance?

So, you're thinking about switching to a new insurance policy. You've probably seen commercials and billboards from companies offering hefty savings, but exactly how much money can you save by switching?

You might have narrowed your search down to Cincinatti Financial or Nationwide, but which company will save you the most?

Looking at the national average rates for both carriers, Cincinatti Financial is around $30 more a month than Nationwide.

That being said, that doesn't necessarily mean Nationwide will be the less expensive option for every driver. Auto insurance companies vary their prices 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 premiums could change drastically from person to person.

Wanting to know if Cincinatti Financial or Nationwide is really the right company for you? Keep on reading to see how average rates can change based on all of the factors we've mentioned above.

Cincinatti Financial vs. Nationwide: Average Car Insurance Rates by State

Cincinatti Financial and Nationwide compete against each other in four states, with Cincinatti Financial offering more affordable prices to the average driver in all of them. If you live in Alabama or Kentucky, Cincinatti Financial is the cheaper of the two carriers when looking at the overall average premiums. Nationwide is the more affordable option in Tennessee and Virginia.

But there's more to calculating car insurance rates than just the state you live in. Keep reading to learn more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- typically pay a lot for auto insurance compared to older drivers. Usually, that's because teen drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

However, that doesn't mean that teen drivers have to just accept sky-high insurance prices. Just look at the table above -- where 18-year-old drivers who have Nationwide for their car insurance pay over 25% less than those who use Cincinatti Financial.

But with both companies, you'll see your premiums decrease significantly once you turn 25. For example, average rates for Cincinatti Financial policyholders lower about $300 and Nationwide's premiums reduce around $250 over that time.

Which is the Best Company for Retired Drivers?

When it comes to insurance, patience and experience pay off, with drivers around retirement age paying some of the cheapest prices you'll ever see.

So, which carrier offers the best premiums to retired drivers? In this case, Cincinatti Financial has the slight edge, with prices about $3 per month less than Nationwide. Even so, the difference is only around 5%, so other variables will likely come into play when determining which company has the most affordable rates for you.

Which is the Best Company for Married Drivers?

Single drivers tend to get offered slightly more expensive auto insurance prices than married drivers. This usually boils down to married policyholders having several vehicles on their policy -- something many car insurance carriers will reward with discounts.

For single policyholders, the difference in average premiums between these two companies is significant, with Nationwide rates coming in at about 15% less than Cincinatti Financial's. But for married couples, that advantage is much less clear - Nationwide offers the lowest average prices.

Cincinatti Financial or Nationwide: Average Rates by Gender

Men are statistically more likely than women to get pulled over for speeding or get into a collision. That means when it comes to insurance men will generally end up paying a little more.

With Cincinatti Financial, men normally pay almost $15 a month more than women, and more than $10 with Nationwide.

When it comes to the cheapest rates for each gender, Nationwide offers the most affordable average premiums for both men and women, with average prices 15% less for men and 15% cheaper for women.

Cincinatti Financial 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 a complicated subject for most people. Everyone needs car insurance, but there are so many different coverages and terms that it can be hard to find the right policy for you.

But the most common policies that drivers look at fall into two categories -- liability coverage (that covers property damage and bodily injury for other drivers and their passengers if you cause an accident) and full coverage (which includes collision and comprehensive coverages that protect your own car, in addition to liability).

When it comes to state minimum liability limits, Cincinatti Financial has the edge, while Nationwide offers the lowest average premiums for full coverage policies with similar coverage limits. Policyholders looking for basic state minimum coverage can save around $6 with Cincinatti Financial, while full coverage comes out to be around $65 less expensive with Nationwide.

Is Cincinatti Financial 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.

You'll probably end up paying more with speeding tickets and at-fault accidents on your record, but which of these two carriers offers the cheapest rates to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Cincinatti Financial for their auto insurance can generally expect their monthly bill to go up about 15% after getting a speeding ticket. Nationwide policyholders can expect a bit more drastic of an increase of around 16%.

Even so, Cincinatti Financial is typically the more affordable option for drivers both with a ticket and with a clean record, offering premiums that are $3 and $6 less expensive, respectively, compared to Nationwide.

Which Company is Best for Drivers After an Accident?

Cincinatti Financial policyholders who get in a collision can expect to see their prices climb by just under 45%, while those who have insurance through Nationwide will see about a 30% increase.

At the end of the day, the cheaper rates come from Nationwide, with average prices coming in at $178 compared to Cincinatti Financial's $214.

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 -- usually a lot more than an accident or speeding ticket. Cincinatti Financial drivers usually see a 62% raise in their auto insurance rates after a DUI charge, while Nationwide will normally climb premiums by around 46%.

But if you end up with a DUI charge and are looking for more affordable rates, Nationwide tends to be less expensive for the average driver, with monthly premiums coming in at about $230 to Cincinatti Financial's $320.

How does Credit Score Impact Cincinatti Financial and Nationwide Rates?

You may not have known, but your credit score can be used as one of the factors to determine your monthly insurance prices. This isn't true for everyone (for example, are two states that ban the practice entirely), but it does affect a lot of drivers out there.

The reasoning auto insurance companies use is that policyholders with bad credit will be less likely to pay their bills on time; so typically, they'll be asked to pay more, while those with good credit will be rewarded with more affordable premiums.

So, which carrier offers the most affordable rates for drivers with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

If you have solid credit, Nationwide will normally reward you the most. For policyholders with "excellent" credit scores, Nationwide comes in nearly NaN cheaper. Drivers with "good" credit scores usually save around 11% with Nationwide compared to average premiums from Cincinatti Financial.

Which Company is Best for Drivers with Bad Credit?

Nationwide typically offers lower prices than Cincinatti Financial when it comes to drivers with less-than-perfect credit. Drivers with "fair" credit pay about 10% per month less with Nationwide compared to Cincinatti Financial, and those with "poor" scores generally save an average of around 23% per month.

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

How much you drive can have a sizable impact on your monthly rates. Typically, the more milage you drive, the more you can expect to pay for insurance.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Cincinatti Financial charges. However, there's a small difference in monthly prices for Nationwide, with drivers who put 6,000 miles on their vehicle yearly paying about $1 less every month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Nationwide is the less expensive company.

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

We've already mentioned how your home state can play a role in how much you pay for car insurance, but the type of area you live in can have a substantial impact as well. Normally, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders due to the small number of cars that are on the roads where they live.

When comparing these two carriers side-by-side, Nationwide usually comes out as the lowest option for drivers in every type of area, no matter if it's urban, suburban, or rural.

For drivers in urban ZIP codes, Nationwide's average premiums are around $199 while Cincinatti Financial offers rates about $220. People in suburban areas pay a monthly rate of around $159 with Nationwide compared to $197 with Cincinatti Financial. Those in rural areas can expect to pay about $151 a month with Nationwide and $182 with Cincinatti Financial.

Cincinatti Financial vs. Nationwide Discounts

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

The hard part is finding all of the discounts you can take advantage of, since it can feel sometimes like every carrier has different discounts and each one is advertised differently.

Luckily, we did the hard work for you and looked at all of the different discounts Cincinatti Financial and Nationwide offer their customers so that you can find the carrier that has the most discounts and, therefore, the largest savings.

Nationwide knocks Cincinatti Financial out of the park when it comes to the sheer number of discounts available, offering 22 different discounts to Cincinatti Financial's 22.

Both companies offer lots of the same discounts -- like anti-theft discounts, discounts for being a good student, and group discounts -- but Nationwide also offers discounts for agency transfer, distant student, driver training, and more.

On the other hand, Cincinatti Financial has a few proprietary discounts of their own for things like COVID-19 relief discount, paid in full discounts, and special large ded discounts.

Final Thoughts: Is Cincinatti Financial or Nationwide Best for You?

So, you've seen how different variables can affect your auto insurance prices. We've shown you all the discounts each company offers, too. But, when it comes down to it, which insurance carrier is the best company for you and your specific needs?

Nationwide might be best for you if....

• You will be the only person on the car insurance policy.
• You live in an suburban area.
• You want to save money while purchasing insurance for a teenager.

Cincinatti Financial might be best for you if...

• You like the personalized touch of a small, regional company.
• You're looking for the best premiums on liability only coverage.
• You're of retirement age and want to take advantage of lower rates.

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

At the end of the day, the sure-fire way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from several carriers, not just Cincinatti Financial and Nationwide. Luckily, sites like Compare.com do all the hard work for you. Simply enter your ZIP codes below and get multiple free quotes from some of the best insurance companies in your area, all in just a few minutes.

Cincinatti Financial vs. Nationwide FAQs

Is Cincinatti Financial or Nationwide cheaper?

Nationwide is the cheaper of the two carriers when looking at national average prices, with policies averaging $170 a month with Nationwide and $200 for Cincinatti Financial. However, that doesn't mean Nationwide will be the cheapest carrier for everyone, since there are a range of different factors that come into play when it comes to your auto insurance cost.

Who is better, Cincinatti Financial or Nationwide?

Unfortunately, the answer truly is "it depends.". No one company is necessarily "better" for everyone -- it all depends on the makeup of your unique car insurance profile. For example, Cincinatti Financial is more affordable for drivers who have already retired, while Nationwide offers less expensive premiums for single drivers.

Why do Cincinatti Financial and Nationwide offer me different rates?

Auto insurance companies use quite a few different variables when determining the rates they charge. Things such as age, where your home is, gender, your driving record, and sometimes even things like your credit score can all come into play. Both Cincinatti Financial and Nationwide use different formulas, so it's likely they'll offer different premiums. The best way to determine which carrier is the lowest for you is by comparing personalized quotes from lots of different carriers.

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

The only way to find the insurance company that's right for you is by getting quotes from multiple companies and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your area information and you'll get quotes from dozens of your local top car insurance carriers for free. With those, you can guarantee you're getting the most affordable price. And maybe you'll find that the best carrier for you isn't Cincinatti Financial 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.