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

Quick Facts

• Based on national averages for car insurance, Nationwide offers significantly less expensive premiums than Hanover
• Nationwide tends to be a much more affordable option for policyholders who live in the suburbs
• Nationwide has cheaper rates for policyholders who have a short commute

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

So, you're considering switching your auto insurance. With so many ads from all sorts of companies offering huge discounts, you're probably wondering exactly how much you might be able to save.

You might have narrowed your search down to Hanover or Nationwide as your top options, but between the two, which company has less expensive prices for insurance?

Looking at the national average rates for both companies, Hanover is quite a bit more expensive than Nationwide, with premiums averaging $853 per month compared to just $170 with Nationwide.

But that doesn't mean Nationwide will necessarily be more affordable than Hanover for every driver. After all, auto insurance carriers can offer drastically different rates to each driver depending on rating factors like your credit score, your driving record, where you call home, or even your age (among other things), so rates will differ quite a bit from person to person.

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

Hanover or Nationwide: Average Car Insurance Rates by State

Hanover and Nationwide compete against each other in four states, with Nationwide offering cheaper premiums to the average driver in all of them. Illinois has the most noticable difference, where Nationwide rates are over 70% less expensive than car insurance prices at Hanover.

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

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- normally pay a lot for auto insurance compared to older drivers. That's because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

Even so, that doesn't mean that teen drivers have to just accept sky-high car insurance rates. As you can see above, teens who use Nationwide save more than $500 a month compared to those who use Hanover.

That being said, both companies will offer you dramatically lower premiums by the time drivers turn 25. For example, average prices for Hanover policyholders decrease over $500 and Nationwide's premiums reduce nearly $250 over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll generally enjoy the most affordable insurance rates out there. 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 Hanover and Nationwide? Nationwide gets the edge here, with average premiums coming in at about $125 monthly compared to Hanover's $613.

Which is the Best Company for Married Drivers?

Did you know that auto insurance rates are typically cheaper for married policyholders than they are for single policyholders? This usually boils down to married drivers having multiple cars on their policy -- something many insurance carriers will reward with discounts.

When it comes to relationship status, Nationwide is the clear winner for those who are single, with premiums around $799 per month more affordable than Hanover, on average. The advantage for married couples with Nationwide is also obvious, where drivers save about $500 a month.

Hanover vs. Nationwide: Average Rates by Gender

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

With Hanover, women typically pay around $60 per month less than men, and about $12 less with Nationwide.

Looking at overall affordability, Nationwide comes out as the lowest option for both genders, with average prices $707 less for men and $659 cheaper for women.

Hanover 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.

It's no secret that car insurance can be a complicated subject for most people. Everyone needs insurance, but there are so many different terms and coverages that it can be hard to find the right policy.

However, most policies end up falling into two different types of coverage -- liability only (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to liability).

If you're looking for state minimum limits for liability insurance, Nationwide usually offers significantly less expensive rates of $112 compared to Hanover's $509. When it comes to full coverage policies with similar limits, Nationwide again has the edge, with policies around $500 a month more affordable than Hanover, on average.

Is Hanover or Nationwide Better for Drivers with Spotty Records?

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

Tickets and at-fault accidents will most likely raise your prices, but is Hanover or Nationwide cheaper for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Hanover policyholders can expect their premiums to go up an average of $221 per month if they get a ticket, while Nationwide normally raises prices about $24 a month, on average.

Even so, Nationwide has less expensive rates for drivers in both categories, offering premiums that are 80% and 82% cheaper, respectively, compared to Hanover Insurance.

Which Company is Best for Drivers After an Accident?

After an accident, drivers who have their auto insurance through Hanover can expect to see around an $326 -- or about 35% -- increase in their car insurance prices. Drivers who use Nationwide for their auto insurance will see a monthly bill around $53 (or 30%) more expensive after reporting an accident to their insurance company.

Overall, the more affordable rates come from Nationwide, with monthly premiums averaging $178 compared to Hanover Insurance's $943.

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 -- generally a lot more than a collision or speeding ticket. On average, Hanover will climb your rates about 39% after a DUI, while Nationwide's average prices climb by over 45%.

How does Credit Score Impact Hanover and Nationwide Rates?

Did you know that many insurance companies take into account your credit score when calculating premiums? This isn't always the case (Hawaii, for example, has banned the use of credit score as a rating factor) but it will come into play for several drivers.

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

So, which carrier offers the cheapest prices for policyholders with poor, average, or good credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Hanover 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. Usually, those who drive less will end up with cheaper premiums since there's less of a chance of getting into an accident and causing an insurance claim.

For both drivers who put 6,000 miles on their vehicles yearly, as well as those who average twice that figure, Nationwide offers more affordable prices than Hanover. Nationwide's average premiums for drivers with 6,000 annual miles come in around $682 less expensive than Hanover. Those who drive 12,000 miles annually can expect to pay about $682 less with Nationwide over Hanover.

Hanover 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 big impact as well. Generally, drivers who live in heavily-populated urban areas will pay quite a bit more than rural policyholders due to the number of vehicles that are on the roads in those areas.

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

For drivers in urban ZIP codes, Nationwide offers prices around $199 a month compared to Hanover's $966. People who live in suburban ZIP codes can expect to pay about $159 per month for Nationwide and $842 for Hanover. Lastly, those in rural areas tend to get the lowest premiums from both companies, with average monthly rates coming in at $151 and $750 for Nationwide and Hanover respectively.

Hanover vs. Nationwide Discounts

Regardless of why you might be in the market for a new car insurance policy, you're always going to want to save as much money as possible, and the best way to do that is by utilizing as many auto insurance discounts as you can.

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

In the section below, we've compared all of the different discounts offered by Hanover 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 a slight advantage when it comes to total number of discounts. Hanover offers a grand total of 21 discounts, while Nationwide has 22.

There are a couple discounts both carriers offer, but Nationwide also offers agency transfer discounts, employee discounts, intra-agency transfer discounts, and more that Hanover does not.

On the flip side, Hanover has a couple unique discounts of its own -- ABS discounts, annual mileage discounts, DRL discounts, and more.

Final Thoughts: Is Hanover or Nationwide Best for You?

So, you've seen how different factors can affect your insurance prices. We've broken down the different discounts each carrier offers, too. That's all well and good, but at the end of the day, which insurance company is the best fit for you?

Nationwide might be best for you if....

• You want to save money on your car insurance after a collision.
• You're looking for more protection with "full coverage" auto insurance.
• You drive fewer than 12,000 miles each year.

Hanover might be best for you if...

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

We hope this guide helps you get a better idea of the difference between Hanover and Nationwide and that it aids in making a more informed decision about 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 insurance -- comparing quotes from several companies, not just Hanover and Nationwide. Luckily, sites like Compare.com make it easy for you to do just that. Simply enter your ZIP codes below and get multiple free quotes from some of the best auto insurance carriers in your area, all in just a few minutes.

Hanover vs. Nationwide FAQs

Is Hanover or Nationwide cheaper?

Looking just at the national average premiums, Nationwide is the cheaper of the two companies, offering average rates of $170 a month compared to $853 for Hanover. That being said, Nationwide won't necessarily be the cheapest carrier for everyone, since there are a bunch of different variables (things like age, gender, driving record, etc.) that play a role in how much you pay.

Who is better, Hanover or Nationwide?

Unfortunately, the real answer is "it depends.". Neither company is necessarily "better" for every driver -- it all depends on what your unique insurance profile looks like.

Why do Hanover and Nationwide offer me different rates?

Car insurance carriers take a look at lots of different factors when determining the rates they charge policyholders. Variables such as gender, age, where your home is, your driving record, and sometimes even things like your credit score can all be used. Both Hanover and Nationwide calculate prices using different factors, so each one will most likely offer different rates. The only real way to see which carrier is the most affordable for you is by comparing personalized quotes from several different companies.

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

The only way to find the auto insurance company that's right for you is by getting quotes from a handful of carriers and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your information once and you'll get free quotes from dozens of the best insurance companies in your area. With those, you can guarantee you're getting the best rate. And who knows, the best carrier for you might not be Hanover 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.