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

Quick Facts

• Based on national averages for auto insurance, Equity offers slightly cheaper premiums than Nationwide
• Equity tends to be a much less expensive option for single people who will be the only person on the insurance policy
• Nationwide has more affordable prices for policyholders whose driving record contains an at-fault collision

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

Are you in the market for a new insurance policy? After all, you've seen ads from all sorts of companies offering hefty savings. But exactly how much can you save by switching?

You might be considering Equity or Nationwide as potential options, but between the two, which company will offer you cheaper rates?

As you can see, Nationwide is around $5 more a month than Equity when looking at the national average rates for auto insurance.

That being said, that doesn't necessarily mean Equity will be the more affordable option for each driver. After all, car insurance carriers can offer drastically different rates to every driver depending on rating factors like your age, your credit score, where you call home, or even your driving record (among other things), so prices will change quite a bit from person to person.

So, if you want to find out which of Equity or Nationwide is really the best for you, keep reading to see average premiums for each carrier broken down by a range of different rate factors.

Equity vs. Nationwide: Average Car Insurance Rates by State

Equity and Nationwide only compete against each other in one states, with Nationwide offering less expensive prices to the average driver in all of them. Arkansas has the most noticable difference, where Nationwide premiums are $1 cheaper than auto insurance rates at Equity.

That being said, there's a lot more that goes into your insurance bill than just where you call home. Read on to learn more.

Which is the Best Company For Young Drivers?

Teen drivers will almost always have the most expensive car insurance premiums of any other group of drivers. It's normally because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

Even so, that doesn't mean teen drivers can't still save money on their insurance. For example, 18-year-old drivers pay an average of over 7% less per month by choosing Equity over Nationwide.

But both companies will decrease prices by the time drivers turn 25. For example, average rates for Equity policyholders drop almost 60% and Nationwide's prices reduce more than 60% over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll generally enjoy the most affordable auto 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 Equity and Nationwide? In this case, Nationwide has the slight edge, with rates about $3 a month less than Equity. However, the difference is only around 5%, so other variables (like your driving record or where you live) will likely come into play when determining which company has the cheapest premiums for you.

Which is the Best Company for Married Drivers?

You may not be aware, but insurance prices tend to be more expensive for those who are single than they are for married couples. This usually boils down to married policyholders having more than one vehicle on their policy -- something several car insurance carriers will reward with discounts.

If you're in the market for auto insurance, Equity tends to have the most affordable average rates regardless of relationship status, with prices about $4 less expensive for married drivers and around $7 more affordable for single drivers.

Equity or Nationwide: Average Rates by Gender

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

Normally, women see premiums about $20 per month less expensive with Equity, and over $10 with Nationwide.

When it comes to the lowest rates for each gender, Equity comes out as the cheapest option for both genders. On average, male drivers save about $1 a month and women save around $10 with Equity compared to the average Nationwide policyholder.

Equity 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 car insurance can be pretty complicated. There are so many different terms and limits that it can make it pretty confusing to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (that covers bodily injury and property damage for other drivers and their passengers if you cause an accident) and full coverage (which typically refers to having collision and comprehensive coverages alongside liability).

When it comes to state minimum liability limits, Equity 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 Equity Insurance Company, while full coverage comes out to be about $35 more affordable with Nationwide.

Is Equity 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.

At-fault collisions and speeding tickets will most likely raise your prices, but is Equity or Nationwide cheaper for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use Equity for their car insurance can normally expect their monthly bill to go up around 4% after getting a speeding ticket. Nationwide policyholders can expect a bit more drastic of an increase of about 16%.

But Nationwide is typically the more affordable option for both drivers who have clean records and those with a recent ticket, offering premiums that are 19% and 7% less expensive, respectively, compared to Equity Insurance Company.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their auto insurance through Equity can expect to see around an $25 -- or about 14% -- rise in their insurance prices. Drivers who use Nationwide for their auto insurance will see a monthly bill around $53 (or 30%) more expensive after reporting a collision to their insurance carrier.

At the end of the day, Nationwide offers the cheapest rates for drivers with an at-fault accident on their records, with average prices coming in at $178 compared to Equity Insurance Company's $179.

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. Nationwide drivers usually see a 46% raise in their car insurance premiums after a DUI charge, while Equity will generally climb rates by about 7%.

How does Credit Score Impact Equity and Nationwide Rates?

Did you know many insurance companies take into account your credit score when determining premiums? This isn't true for everyone (Massachusetts, for example, has banned the use of credit score as an insurance factor) but it does affect a lot of policyholders out there.

Auto insurance carriers argue that someone with bad credit is less likely to pay their bills on time, which makes them riskier to insure. Because of that, drivers with bad credit will often be forced to pay more.

Looking at Equity and Nationwide specifically, which carrier has the lowest prices 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 Equity or Nationwide Better for Drivers who Work from Home or Have Short Commutes?

The amount of time you spend behind the wheel of your car plays a big role in your monthly rates. Usually, the more milage you put on your car, 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 Equity charges. However, there's a small difference in monthly premiums for Nationwide, with policyholders who drive the least paying around $1 less each month compared to those who drive 12,000 miles yearly. Still, for drivers in both categories, Equity is the cheaper company.

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

Where you live can have a considerable impact on your monthly car insurance cost. Typically, those who live in urban areas will pay more than drivers in rural areas since there are a lot more vehicles on the road where they live, which increases the chances of an accident.

Equity tends to offer the cheapest prices for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Those in rural areas can expect to save about 5% with Equity compared to Nationwide. People who live in suburban areas pay around 1% less with Equity compared to Nationwide. For policyholders in urban ZIP codes, Equity Insurance Company's average rates are about 4% less than Nationwide.

Equity vs. Nationwide Discounts

No matter why you might be in the market for a new auto 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 utilizing as many insurance discounts as possible.

The challenging 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 looked at all of the different discounts Equity and Nationwide offer their customers so that you can see which one can save you the most money each month.

Nationwide blows Equity away when it comes to the sheer amount of discounts available, offering 22 different discounts to Equity's 10.

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

On the other hand, Equity has a few proprietary discounts of their own for things like education discounts, multi-car discounts, paid in full discounts, and more.

Final Thoughts: Is Equity or Nationwide Best for You?

You've seen the role certain factors have on your car insurance and the different discounts companies offer. That's all well and good, but at the end of the day, which carrier is the right carrier for you, your vehicle, and your wallet?

Equity might be best for you if....

• You will be the only person on the auto insurance policy.
• Your neighborhood is in the suburbs.
• You've started working from home and don't have much of a commute.

Nationwide might be best for you if...

• You value the experience that comes with a large national car insurance company.
• You're looking for the carrier with the most discounts.
• You're of retirement age and want to take advantage of lower prices.

Hopefully, this guide has ben a valuable resource as you compare Equity and Nationwide. We also hope we've given you the information you need to make the best decision when it comes to your 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 car insurance -- comparing quotes from multiple carriers, not just Equity and Nationwide. Luckily, Compare.com does all the hard work for you. Just enter your ZIP code below and get free quotes from dozens of top insurance companies in your area, all in just a few minutes.

Equity vs. Nationwide FAQs

Is Equity or Nationwide cheaper?

Equity is the less expensive of the two carriers when looking at national average premiums, with policies averaging $165 per month with Equity and $170 for Nationwide. However, that doesn't mean Equity will be the lowest company for every driver, since there are many different variables (things like gender, age, driving record, etc.) that play a role in how much you pay.

Who is better, Equity or Nationwide?

Unfortunately, the answer truly is "it depends.". Neither carrier is "better" for everyone -- it all depends on what your unique auto insurance profile looks like. For example, Nationwide is more affordable for drivers who have already retired, while Equity offers cheaper rates for single drivers.

Why do Equity and Nationwide offer me different rates?

Car insurance companies use lots of different factors when calculating the premiums they charge. Things such as where you call home, age, gender, where your home is, and sometimes even things like your credit score can all be used. Both Equity and Nationwide calculate prices differently, so it's likely they'll offer different rates. The best way to determine which company is the cheapest for you is by comparing personalized quotes from multiple different carriers.

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

The only way to find the auto insurance carrier that's right for you is by getting quotes from several 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 quotes from dozens of your local top insurance carriers for free. That way, you can guarantee you're getting the lowest price. And maybe you'll find that the best company for you isn't Equity 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.