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

Quick Facts

• Looking at the national averages for car insurance, Depositors offers cheaper prices than Nationwide
• Depositors offers less expensive average premiums for residents of rural areas
• Nationwide offers more discounts than Depositors Insurance Company

Depositors vs. Nationwide: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? After all, you've seen ads from all sorts of companies offering big discounts. But exactly how much can you save by switching?

You might have narrowed it down to Depositors or Nationwide as potential options, but between the two, which carrier has more affordable rates for insurance?

Looking at nationwide averages, Depositors is about $22 per month cheaper than Nationwide.

However, Depositors may not be the lowest or best option for every driver out there. Car insurance companies vary their premiums depending on things like how good your credit score is, how clean your driving record is, how old you are, where you live, and a variety of other factors, so prices could change drastically from person to person.

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

Depositors or Nationwide: Average Car Insurance Rates by State

Depositors and Nationwide only compete against each other in one states, with Nationwide offering less expensive rates to the average driver in all of them. Idaho has the most noticable difference, where Nationwide prices are over 15% cheaper than auto insurance premiums at Depositors.

But there's more to insurance than just where you call home. As we mentioned above, there's a lot of things that go into how car insurance carriers calculate your prices. Read on to find out more.

Which is the Best Company For Young Drivers?

You might already know that teen drivers typically pay a lot more for insurance than any other group of drivers. It's generally because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But that doesn't mean teen drivers can't still save money on their auto insurance. For example, 18-year-old drivers pay an average of nearly $70 less a month by choosing Depositors over Nationwide.

That being said, with both companies, you'll see your rates reduce significantly once you turn 25. For example, average premiums for Depositors policyholders lower almost 60% and Nationwide's rates drop more than 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 cheapest prices you'll ever find.

When looking at Depositors and Nationwide specifically, which company is best for retired drivers? Depositors gets the edge here, with average premiums coming in at around $111 per month compared to Nationwide's $125.

Which is the Best Company for Married Drivers?

Married couples tend to get slightly more affordable insurance prices than those who are single. This usually boils down to married drivers having more than one car on their policy -- something quite a few auto insurance carriers will reward with discounts.

When it comes to relationship status, Depositors is the clear winner for single drivers, with rates about $30 per month less expensive than Nationwide, on average. The advantage for married policyholders with Depositors is also obvious, where drivers save nearly $15 a month.

Depositors vs. Nationwide: Average Rates by Gender

Men are statistically more likely than women to cause a collision and get into accidents, which means they'll usually end up paying more for car insurance than women.

With Depositors, women normally pay around 6% per month less than men, and about 7% less with Nationwide.

When it comes to the most affordable premiums for each gender, Depositors offers the lowest average rates for both men and women. On average, male drivers save about $24 a month and women save around $21 with Depositors compared to the average Nationwide policyholder.

Depositors or 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.

For most people, auto insurance isn't the easiest topic to understand. There are so many different terms and limits that it can make it pretty confusing to find the right policy.

Even so, most policies that many drivers look at fall into two categories -- liability only (which provides bodily injury and property damage coverage for other drivers and passengers if you cause an accident) and full coverage (which includes comprehensive and collision coverages that protect your own vehicle, in addition to what you get with liability).

If you're looking for state minimum liability insurance, Depositors generally offers cheaper prices of $84 compared to Nationwide's $112. When it comes to full coverage policies with similar limits, Depositors again has the edge, with policies about $20 per month less expensive than Nationwide, on average.

Is Depositors or Nationwide Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from insurance companies offering great premiums for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

You'll probably end up paying more with tickets and at-fault accidents on your record, but which of these two carriers offers the most affordable rates to drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Depositors policyholders can expect their prices to go up an average of $24 a month if they get a ticket, while Nationwide typically raises rates around $24 per month, on average.

However, Depositors tends to offer the best prices for both drivers who have clean records and those with a recent speeding ticket -- their rates are around 15% more affordable for drivers with clean records and 13% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their auto insurance through Depositors can expect to see about an $51 -- or around 32% -- increase in their car insurance premiums. 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.

Overall, drivers who use Depositors end up with the cheaper prices after an accident, with monthly prices averaging $157 compared to Nationwide's $178.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or ticket when it comes to your insurance bill. For example, Nationwide increases average rates by over $100 a month -- that's over a 45% increase.

How does Credit Score Impact Depositors and Nationwide Rates?

Did you know that many car insurance companies take your credit score into account when calculating prices? This isn't always the case (for example, Michigan and Hawaii are two states that ban the practice entirely), but it does affect several drivers out there.

The reasoning auto insurance carriers use is that policyholders with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper premiums, while those with poor credit will usually be forced to pay more.

Looking specifically at Nationwide and Depositors, which one has the best rates 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 Depositors or Nationwide Better for Drivers who Work from Home or Have Short Commutes?

How much you drive can have a big impact on your monthly car insurance payment. Normally, the more miles you drive, the more you can expect to pay for coverage.

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

Depositors vs. Nationwide: Compare Rates for Urban, Suburban, and Rural Drivers

Where you live can have a sizable impact on your monthly insurance bill. Usually, policyholders who live in heavily-populated urban areas will pay quite a bit more than rural drivers due to the number of cars that are on the roads in those areas.

Depositors boasts the lowest average rates for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Policyholders in rural ZIP codes see the cheapest premiums from both companies, but Depositors comes out on top with average prices about $130 monthly. Depositors also has more affordable average premiums for drivers in urban and suburban ZIP codes -- a 13% and 13% per month respective difference when compared to Nationwide policyholders in similar areas.

Depositors vs. Nationwide Discounts

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

But where do you even start? With what seems like a million different discounts out there, it may be hard to find all the ones you're eligible for.

In the table below, we've broken down all of the different discounts offered by both Depositors and Nationwide so that you can see which company offers the most discounts and see which ones you might be able to take advantage of.

Overall, Nationwide has the advantage when it comes to total number of discounts. Depositors offers a grand total of 17 discounts, while Nationwide has 22.

There are a couple discounts both carriers offer, but Nationwide also offers agency transfer discounts, anti-theft discounts, driver training discounts, and more that Depositors does not.

On the flip side, Depositors has a couple unique discounts of its own -- COVID-19 relief discount and discounts for insuring multiple cars with the same company.

Final Thoughts: Is Depositors or Nationwide Best for You?

So, we've broken down the average rates for many of the factors insurance companies look at, and walked through the different discounts each carrier offers, too. That's all well and good, but when it comes down to it, is Depositors or Nationwide the best carrier for you and your specific needs?

Depositors might be best for you if....

• Your credit is below-average.
• You live in an suburban area.
• You are purchasing your car insurance with a spouse.

Nationwide might be best for you if...

• You already have plans to move to another state -- undefined is only available in.
• You want to save extra money with discounts.

We hope this guide helps you get a good idea of the differences between Depositors and Nationwide. We also hope we've given you the information you need to make the best decision when it comes to your auto insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your car insurance policy is to compare quotes from multiple carriers, not just Depositors and Nationwide. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP codes below and get multiple quotes from some of the best insurance companies in your area, all for free.

Depositors vs. Nationwide FAQs

Is Depositors or Nationwide cheaper?

Looking just at the national average prices, Depositors is the cheaper of the two carriers, offering average rates of $148 a month compared to $170 for Nationwide. Even so, Depositors won't necessarily be the most affordable company for each driver, since there are lots of different variables (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Depositors or Nationwide?

Sadly, the only answer we can give you is "it depends.". Neither carrier is "better" for everyone -- it all depends on what your unique auto insurance profile looks like.

Why do Depositors and Nationwide offer me different rates?

Car insurance companies take a look at lots of different factors when determining the premiums they charge drivers. Variables like where your home is, age, where you call home, gender, and sometimes even things like your credit score can all be taken into consideration. Both Depositors and Nationwide calculate prices using different formulas, so each one will most likely offer different rates. The only real way to see which company is the lowest for you is by comparing personalized quotes from a range of different carriers.

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

The only way to find the insurance carrier that's right for you is by getting quotes from a handful of companies 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 information once and you'll get free quotes from dozens of the best car insurance carriers in your area. With those, you can guarantee you're getting the most affordable premium. And who knows, the best company for you might not be Depositors or Nationwide at all!

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.