GEICO vs. Nationwide: Which Company is Best for You?

Quick Facts

• In general, Nationwide offers slightly cheaper rates than GEICO
• GEICO may help you save more money -- they offer more discounts than Nationwide
• Nationwide has more affordable prices for single people who will be the only person on the auto insurance policy

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

So, you're thinking about switching to a new insurance policy. With so many ads from all sorts of companies offering huge savings, you're probably wondering exactly how much you might be able to save.

You might have narrowed your search down to GEICO or Nationwide as potential options, but between the two, which one will save you the most?

Looking at the national average rates for both carriers, GEICO is around $15 more a month than Nationwide.

That being said, Nationwide may not be the most affordable or best option for every single driver out there. Car insurance companies vary their rates depending on things like how old you are, how good your credit score is, how clean your driving record is, where you live, and tons of other factors, so premiums could vary drastically from person to person.

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

GEICO vs. Nationwide: Average Car Insurance Rates by State

GEICO and Nationwide compete against each other in 33 states, with Nationwide offering less expensive rates to the average driver in 16 of them. If you live in Alabama, Missouri, Mississippi, North Carolina, Pennsylvania, or a few others, Nationwide is the more affordable of the two carriers when looking at the overall average premiums, but GEICO is the cheaper option in most of the others.

That being said, there's a lot more that goes into your insurance cost than just your home state. Read on to learn more.

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Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for car insurance compared to older drivers. That's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

However, that doesn't mean that teen drivers have to just accept sky-high auto insurance prices. As you can see above, teens who use GEICO save over 3% per month compared to those who use Nationwide.

But both companies will offer you dramatically lower premiums once you turn 25. For example, average rates for GEICO policyholders decrease about $200 and Nationwide's prices reduce around $250 over that time.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll normally enjoy the cheapest insurance premiums you'll ever find. 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 GEICO and Nationwide? Nationwide gets the edge, with rates for drivers 65 and older more than 15% cheaper than the national average for GEICO.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance premiums tend to be more expensive for single policyholders than they are for married policyholders. That's because policies for married drivers typically cover several vehicles, which many carriers will give you a discount for.

For single drivers, the difference in average prices between these two companies is not very significant, with Nationwide rates coming in at about 3% less than GEICO's. But for married couples, the advantage is clear - Nationwide has the edge when it comes to average premiums.

GEICO or Nationwide: Average Rates by Gender

Men are statistically more likely than women to get into collisions and file an insurance claim. That means when it comes to insurance men will usually end up paying a little more.

With GEICO, men typically pay almost $10 a month more than women, and over $10 with Nationwide.

When it comes to the lowest rates for each gender, Nationwide comes out on top for both men and women, with average prices 7% less for men and 9% cheaper for women.

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GEICO 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.

For most people, auto insurance isn't the easiest topic to understand. Everyone needs car insurance, but there are so many different limits and terms that it can be hard to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (that covers property damage and bodily injury for other drivers if you cause a collision) and full coverage (which includes collision and comprehensive coverages that protect your own car, alongside liability coverage).

When it comes to state minimum limits for liability insurance, GEICO 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 $10 with GEICO, while full coverage comes out to be around $40 less expensive with Nationwide.

Is GEICO 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.

At-fault accidents and speeding tickets will most likely raise your rates, but is GEICO or Nationwide more affordable for drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Drivers who use GEICO for their auto insurance can usually expect their monthly bill to go up about 23% after getting a speeding ticket. Nationwide policyholders can expect a less drastic increase of around 16%.

If you have gotten a ticket, Nationwide tends to offer the best premiums at about 1% cheaper, while GEICO has the edge for drivers with a clean record.

Which Company is Best for Drivers After an Accident?

GEICO policyholders who get in an accident can expect to see their prices climb by $85, while those who have insurance through Nationwide will see around a $55 increase.

At the end of the day, Nationwide offers the lowest premiums for drivers with an at-fault collision on their records, with average prices coming in at $178 compared to GEICO's $200.

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 speeding ticket when it comes to your car insurance bill. GEICO drivers usually see a 58% climb in their insurance rates after a DUI charge, while Nationwide will generally increase prices by about 46%.

But if you end up with a DUI charge and are looking for more affordable premiums, Nationwide tends to be less expensive for the average driver, with monthly premiums coming in at around $230 to GEICO's $275.

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How does Credit Score Impact GEICO and Nationwide Rates?

Often times, your credit score can come into play when carriers determine your monthly bill. This isn't true for everyone (California, for example, has banned the use of credit score as an auto insurance factor) but it will come into play for quite a few drivers.

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

Looking at GEICO and Nationwide specifically, which company has the cheapest rates for drivers at different credit levels?

Which Company is Best for Drivers with Good Credit?

If you have great credit, GEICO will normally reward you the most for an "excellent" credit score. For policyholders with "excellent" credit scores, GEICO comes in 2% cheaper. Drivers with "good" credit scores generally save about 7% with Nationwide compared to average prices from GEICO.

Which Company is Best for Drivers with Bad Credit?

Nationwide typically offers lower rates than GEICO when it comes to drivers with less-than-stellar credit. Drivers with "fair" credit pay around 9% per month less with Nationwide compared to GEICO, and those with "poor" scores usually save an average of about 15% monthly.

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Is GEICO 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? Typically, the more milage you put on your vehicle, the more you can expect to pay for auto insurance.

For both remote workers and those taking short commutes, Nationwide offers more affordable prices than GEICO. Nationwide's average rates for drivers with 6,000 annual miles come in 6% less expensive than GEICO. Those who drive 12,000 miles yearly can expect to pay nearly 10% less with Nationwide over GEICO.

GEICO 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 insurance, but the type of area you live in can have a substantial 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 most affordable premiums for drivers in all areas, regardless of if they're urban, suburban, or rural.

In urban areas, Nationwide's average prices are around $199 while GEICO offers premiums about $211. Drivers in suburban ZIP codes pay a monthly price of around $159 with Nationwide compared to $185 with GEICO. Those in rural areas can expect to pay about $151 a month with Nationwide and $159 with GEICO.

GEICO 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 auto insurance discounts as possible.

The challenging part is finding all of the discounts you're eligible for, 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 broke down all of the different discounts offered by both GEICO and Nationwide so that you can see which one offers the most discounts and see which ones you might be able to take advantage of.

GEICO blows Nationwide away when it comes to the sheer amount of discounts available, offering six more discounts than Nationwide.

A couple of those are overlapping for things like discounts for being a defensive driver, discounts for getting driver training, EFT discounts, and discounts for being a good student. GEICO also offers discounts for ABS, commercial drivers license, COVID-19 relief, and more.

On the other hand, Nationwide has a few proprietary discounts of their own for things like advance quote discounts, agency transfer discounts, homeowner discounts, and more.

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Final Thoughts: Is GEICO or Nationwide Best for You?

So, you've seen how different variables can affect your car insurance rates. We've broken down the different discounts each company offers, too. 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?

Nationwide might be best for you if....

• Your driving record includes a DUI charge.
• You're worried about the impact your credit score will have on your prices.
• You drive fewer than 12,000 miles annually.

GEICO might be best for you if...

• You want to save extra money with discounts.
• You're looking for the best premiums on liability only coverage.
• You want to save money while purchasing insurance for a teenager.

Hopefully, this guide has ben a valuable resource as you compare GEICO and Nationwide and that it aids in making a more informed decision about 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 a handful of carriers, not just GEICO and Nationwide. Luckily, Compare.com makes it easy for you to do just that. Simply enter your ZIP codes below and get multiple quotes from some of the best auto insurance companies in your area, all for free.

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GEICO vs. Nationwide FAQs

Is GEICO or Nationwide cheaper?

Nationwide is the cheaper of the two carriers when looking at national average rates, with policies averaging $170 a month with Nationwide and $185 for GEICO. Even so, that doesn't mean Nationwide will be the lowest company for every driver, since there are a bunch of different factors that are considered when it comes to your insurance payment.

Who is better, GEICO or Nationwide?

Unfortunately, the only answer we can give you is "it depends.". No one carrier is necessarily "better" for everyone -- it all comes down to what your unique auto insurance profile looks like. For example, GEICO is more affordable for drivers with excellent credit, while Nationwide offers cheaper prices for drivers with a recent DUI.

Why do GEICO and Nationwide offer me different rates?

Insurance companies use lots of different variables when determining the rates they charge. Factors such as age, gender, where you park your car, your driving record, and sometimes even things like your credit score can all be used. Both GEICO and Nationwide use different formulas, so it's likely they'll offer different premiums. The best way to determine which company is the cheapest for you is by comparing personalized quotes from a range of different carriers.

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

The only way to find the car insurance carrier 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 insurance carriers for free. With those, you can guarantee you're getting the best premium. And maybe you'll find that the best company for you isn't GEICO or Nationwide at all, but another you hadn't even thought of!

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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.