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Is Nationwide A Good Insurance Company?

Nationwide was founded in 1925, giving the carrier more than 90 years of experience in the insurance industry. Nationwide has grown from a small auto insurance company to one of the largest insurance and financial services companies globally. So Is Nationwide A Good Insurance Company?

Today Nationwide still answers to its members. They offer a full assortment of insurance and financial services across the US, including car, motorcycle, homeowners, pet, farm, life, and commercial insurance. They also offer annuities, mutual funds, retirement plans, and specialty health services.

Coverage is offered in 47 states across the country. The insurance company’s LinkedIn profile states that Nationwide has 10,001+ employees. As far as financial size, A.M. Best places the carrier in the $2 billion or greater category.

Because of its long history, wide reach, and financial strength, Nationwide has earned a reputation as a stable insurance company with a stable outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Nationwide an “A+” rating, indicating the carrier is a superior choice for insurance consumers. High ratings from A.M. Best assure customers that Nationwide can offer guaranteed, secure coverage from a financially sound carrier.

Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best indicate an insurance company’s financial strength and creditworthiness and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who are not as familiar with insurance companies’ reputations, A.M. Best’s rating system allows them to make an informed decision about who they can trust to meet their needs in the short term, and who will remain a strong, financially sound company in the long term.

Nationwide Insurance Company at a Glance

  • Founded in 1925
  • America’s premier personal and business vehicle insurer
  • Offers vehicle insurance, property insurance, life insurance, and specialty insurance
  • Coverage available in 47 states
  • “A+” (superior) rating by A.M. Best
  • “A+” (excellent) rating by the Better Business Bureau (BBB)
  • Also offers investing and retirement options
  • 24/7 phone, online, or mobile app claims reporting
  • Strong financial stability

Nationwide pros: Well-established carrier with 95 years of experience in the insurance industry. Highly rated by A.M. Best and the BBB. 24/7 claims reporting via phone, online, or mobile app. Strong financial stability. Coverage available in 47 states. BBB accredited since 1955.

Nationwide cons: Quite a few negative customer reviews.

What Types of Insurance Does Nationwide Offer?

Nationwide is a generalized insurance company, with a focus on personal and business insurance. They offer the following insurance products.

  • Vehicle insurance
    • Auto
    • Classic car
    • Boat
    • Snowmobile
    • ATV
    • Motorcycle
    • RV, motorhome, travel trailer, and camper
    • Personal watercraft
    • Scooter
    • Golf cart
  • Property insurance
    • Homeowners
    • Renters
    • Condo
    • Flood
  • Life insurance
    • Term
    • Universal
    • Whole
    • Variable
  • Specialty insurance
    • Personal umbrella
    • Travel
    • Pet
    • Wedding
    • Specialty liability
    • Identity theft
    • Accident medical
    • Dental
  • Personal banking
    • Business insurance
    • Employee benefits
    • Business retirement plans
    • Small business insurance
    • Business banking
    • Agribusiness insurance

Your independent insurance agent can help you find more information about the coverage offered by Nationwide, and help you decide if this insurance company is right for you.

Is Nationwide A Good Insurance Company?

Nationwide insurance has over 150 billion dollars in issued policies, making them one of the top three insurance companies in the United States. Founded in 1925 in Ohio, Nationwide became a public company in 1996, and includes a full suite of financial planning and insurance lines.

1: Financial Rating: As of march 2011, nationwide is rated as A+ (superior) with a long-term outlook of AA-. The long-term outlook for the company is negative, which means that although the current rating is superior, the probability of losses over time outweigh the potential for positive growth. Their rating indicates a potential for growth, but the negative outlook is a warning for investors to be wary.

2: Customer Satisfaction: Nationwide customer reviews leave a lot to be desired. The overall satisfaction rating in online surveys is less than 25%, with primary complaints revolving around claims that were ignored or handled in an inconsistent manner. Keep in mind, however, that nationwide is one of the largest insurers in the country, and could not have accomplished that without sound offerings and attentive service.

3: Company Availability: Nationwide insurance is available in 44 states, sold through the parent company and its subsidiaries. Nationwide insurance is sold through dedicated and independent agents alike, including several different insurance lines ranging from auto insurance to home and life insurance.

Conclusion:

Nationwide is a large conglomerate of insurance companies, but it is currently going through worrisome times. There is no reason to believe that Nationwide will default on your claims, but there are other companies with a stronger financial foundation to trust your property with. Nationwide is a good company, but it has a lot of room for improvement. It would not be fair to say that the company should be avoided, but it would be a good idea to do some current research rather than blindly choosing Nationwide as your long-term insurance carrier.

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