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

Quick Facts

• Based on national averages for car insurance, Nationwide offers significantly more affordable premiums than Electric
• Nationwide has less expensive rates for policyholders who drive fewer than 12,000 miles yearly
• Nationwide offers more affordable premiums for drivers who have an at-fault accident on their record

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

Are you considering a new insurance policy? With so many ads from all sorts of companies offering large discounts, you're probably wondering exactly how much you might be able to save.

You might be considering Electric or Nationwide, but between the two, which carrier has cheaper prices for auto insurance?

Looking at the national average rates for both companies, Electric has average rates that are about 35% per month more expensive than those from Nationwide.

Even so, that doesn't necessarily mean Nationwide will be the less expensive option for every driver. Insurance carriers use tons of complex algorithms to calculate rates, so depending on how old you are or how clean your driving record is (among a multitude of other factors), you could see wildly different prices from the ones above.

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

Electric or Nationwide: Average Car Insurance Rates by State

Electric and Nationwide compete against each other in five states, with Electric offering more affordable rates to the average driver in all of them. Virginia has the most noticable difference, where Nationwide prices are over 70% cheaper than car insurance rates at Electric.

But there's more to calculating insurance premiums than just where you call home. Read on to find out more.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- usually pay a lot for auto insurance compared to older drivers. Generally, that's because young, inexperienced drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

That being said, that doesn't mean teen drivers can't still save money on their car insurance. For example, 18-year-old drivers pay an average of more than $200 less a month by choosing Nationwide over Electric.

But both companies will drop prices by the time you turn 25. Nationwide offers the steepest reduction, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. Electric's average rates reduce nearly 55% during that same period.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll typically enjoy the most affordable insurance premiums out there. You've been on the road for years, and all that experience pays off when it comes to your monthly rates for car insurance.

But who has the best prices for retired drivers between Electric and Nationwide? Nationwide gets the edge here, with average premiums coming in at around $125 monthly compared to Electric's $178.

Which is the Best Company for Married Drivers?

Did you know that auto insurance prices are normally more expensive for single policyholders than they are for married drivers? That's because policies for married policyholders generally cover multiple cars, which lots of carriers will offer you a discount for.

When it comes to relationship status, Nationwide is the clear winner for those who are single, with premiums about $112 per month less expensive than Electric, on average. For married couples, the advantage is clear again - Nationwide has the edge when it comes to average rates.

Electric vs. Nationwide: Average Rates by Gender

Because men are more likely to get speeding tickets and get into collisions, they have a higher chance of filing a claim with insurance. Therefore, insurance companies will tend to offer men more expensive prices.

On average, men see rates almost $20 a month higher with Electric, and over $10 with Nationwide.

Looking at overall affordability, Nationwide comes out on top for both men and women. On average, women save about $93 per month and men save around $100 with Nationwide compared to the average Electric policyholder.

Electric 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, insurance isn't the easiest topic to understand. Everyone needs car insurance, but there are so many different coverages and terms that it can be hard to find the right policy.

The two most common policies that many drivers look at fall into two categories -- liability only (which provides bodily injury and property damage coverage for other drivers and their passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to what you get with a liability policy).

If you're looking for state minimum limits for liability insurance, Nationwide typically offers significantly cheaper premiums of $112 compared to Electric's $150. When it comes to full coverage policies with similar limits, Nationwide again has the edge, with policies about $150 a month more affordable than Electric, on average.

Is Electric or Nationwide Better for Drivers with Spotty Records?

It's no big secret that drivers who are accident-free get better deals on their auto insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

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

Which Company is Best for Drivers with Speeding Tickets?

Electric policyholders can expect their premiums to go up an average of $29 per month if they get a ticket, while Nationwide usually raises prices around $24 a month, on average.

However, Nationwide has less expensive premiums for drivers in both categories, offering rates that are $83 and $88 cheaper, respectively, compared to Electric Insurance Company.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their car insurance through Electric can expect to see about an $28 -- or around 12% -- increase in their insurance premiums. Drivers who use Nationwide for their auto insurance will see a monthly bill about $53 (or 30%) more expensive after reporting a collision to their insurance carrier.

Overall, drivers who use Nationwide end up with the cheaper prices after an accident, with monthly prices averaging $178 compared to Electric Insurance Company's $236.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple speeding ticket or even an accident. On average, Electric will increase your rates around 46% after a DUI, while Nationwide's average prices rise by over 45%.

How does Credit Score Impact Electric and Nationwide Rates?

Often times, your credit score can be used as one of the factors to determine your monthly auto insurance premiums. Certain states and carriers do not allow for credit score to be used as a rating factor, but it will come into play for several drivers.

Car insurance companies argue that those with good credit scores are more likely to pay their bills on time each month, which reduces the risk involved on their end, while the opposite is true for those with bad credit.

Looking at Electric and Nationwide specifically, which one has the best rates for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Electric 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 considerable impact on your monthly premiums? That's because the fewer miles you drive, the less likely you are to get into a collision and cause an insurance claim.

For both drivers who put 6,000 miles on their vehicles every year, as well as those who average twice that figure, Nationwide offers more affordable prices than Electric. Nationwide's average rates for drivers with 6,000 annual miles come in about 32% cheaper than Electric. Those who drive 12,000 miles annually can expect to pay around 40% less with Nationwide over Electric.

Electric vs. 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 insurance, but the type of area you live in can have a sizable impact as well. Normally, if you live in an urban area with more cars on the road, you'll pay a little more for car insurance, while the opposite is true for people in rural areas.

Nationwide tends to offer the cheapest rates for drivers in all areas, regardless of if they're urban, suburban, or rural.

In urban areas, Nationwide's average prices are about 35% less than Electric Insurance Company. Drivers in suburban ZIP codes pay around 32% less with Nationwide compared to Electric. If you live in a rural area, you can expect to save about 42% with Nationwide compared to Electric.

Electric vs. Nationwide Discounts

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

But where do you even start? With so many discounts out there, it may seem hard to find all the of the ones you're eligible for.

In the table below, we've broken down all of the different discounts offered by both Electric and Nationwide so that you can easily 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. Electric offers a grand total of 17 discounts, while Nationwide has 22.

A couple of those are overlapping for things like anti-theft discounts, discounts for getting driver training, discounts for being a good driver, and multi-policy discounts. Nationwide also offers agency transfer discounts, distant student discounts, EFT discounts, and more that Electric does not.

On the flip side, Electric has a couple unique discounts of its own -- ABS discounts, COVID-19 relief discount, electric vehicle discounts, and more.

Final Thoughts: Is Electric or Nationwide Best for You?

You've seen the effect certain variables have on your car insurance and the different discounts carriers offer. But, at the end of the day, is Electric or Nationwide the best company for you, your vehicle, and your wallet?

Nationwide might be best for you if....

• You want to save money on your insurance after an accident.
• You have below-average credit.
• Your neighborhood is in a rural area.

Electric might be best for you if...

• You have a more unique driver profile than those we mentioned above.

We hope this guide has ben a valuable resource as you compare Electric and Nationwide and that you can now make a more informed decision when it comes to your auto 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 insurance -- comparing quotes from a handful of companies, not just Electric and Nationwide. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code below and get free quotes from dozens of top auto insurance carriers in your area, all in just a few minutes.

Electric vs. Nationwide FAQs

Is Electric or Nationwide cheaper?

Looking just at the national average rates, Nationwide is the less expensive of the two companies, offering average rates of $170 per month compared to $266 for Electric. Even so, Nationwide won't necessarily be the most affordable carrier for each policyholder, since there are multiple different factors that are considered when it comes to your car insurance cost.

Who is better, Electric or Nationwide?

Unfortunately, the answer truly is "it depends.". One company is not "better" for every driver -- it all comes down to what your unique auto insurance profile looks like.

Why do Electric and Nationwide offer me different rates?

Insurance carriers take a look at many different variables when calculating the premiums they charge drivers. Factors such as gender, your driving record, age, where you park your vehicle, and sometimes even things like your credit score can all be used. Both Electric and Nationwide use different formulas, so each one will most likely offer different prices. The only real way to see which carrier is the lowest for you is by comparing personalized quotes from lots of different companies.

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

The only way to find the car insurance company that's right for you is by getting quotes from multiple 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 area information and you'll get free quotes from dozens of the best insurance companies in your area. That way, you can guarantee you're getting the most affordable price. And who knows, the best carrier for you might not be Electric 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.