Compare Erie vs. Nationwide: Quotes, Discounts (2023)

Erie vs. Nationwide: A Summary

Drivers in the market for an auto insurance policy should compare car insurance from multiple providers, including companies like Erie and Nationwide. Even though Erie has a much lower average monthly rate, Nationwide ranks better in the overall Insurify Composite Score.

Let’s dive in and see how the two insurance providers compare against each other.

ICS Score Explanation:

The Insurify Composite Score (ICS) is a proprietary rating calculated by a team of data scientists at Insurify, weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Inputs to the score include financial strength ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

Erie

Erie Insurance has been one of the industry’s top insurance providers regarding customer satisfaction. Customers can bundle their auto policy for discounts with a long list of additional insurance products like business, life insurance, and home insurance.

Erie Insurance also offers unique add-ons, such as item loss and glass repair, that can be purchased along with a car insurance policy.

Nationwide

What Nationwide lacks in cheap rates, it more than makes up with stellar customer service, customer happiness, and claims satisfaction. It also offers a variety of customizable auto insurance policies that include additional features, such as gap insurance and accident forgiveness.

Erie vs. Nationwide — Financial Strength Ratings

Overall, Erie Insurance and Nationwide Insurance are well-recognized brands with strong financial ratings. However, between the two, Nationwide performed better than Erie in several of the categories.

The Best Car Insurance Companies in 2022

It’s important to consider more than just price when selecting an insurance provider. Many companies offer specific discounts and perks that make them the best choice for particular subgroups of drivers. This is true for both Nationwide and Erie Insurance. Nationwide is often the best for safe drivers, while Erie is great for drivers looking for excellent customer service.

Compare Erie vs. Nationwide: Which Is Cheaper?

Between the two insurance companies, Erie was by far the most affordable option. It consistently had lower premiums in each scenario and offered the lowest average rates for monthly policies. However, it’s important to note that Erie is only available in certain states.

The Cheapest Car Insurance Companies in 2022

Even though Nationwide scores higher in certain areas, it isn’t considered the most affordable option when it comes to coverage. However, Erie offers the cheapest rates for teenage drivers, with an average monthly premium of just $85—which is $20 less than the next closest competitor, USAA.

Compare Erie vs. Nationwide Car Insurance by Age

Regarding auto insurance rates, age is often one of the first things providers turn to during the insurance review process. Typically, the younger a motorist is, the higher their rates will be. This general increase in price correlates with the experience a driver has. As a person gets older and has more time behind the wheel, it’s less likely they will be in an accident.

For the most part, both Erie and Nationwide follow this pattern. Teenage drivers have the most expensive monthly rate, and drivers in their 50s have the lowest rates.

Compare Erie vs. Nationwide Car Insurance by Gender

One element that tends to play less of a factor in the overall cost of insurance coverage but is still considered by many insurance companies is gender. With gender, car insurance providers often rely on statistics and data to apply a pricing factor to each group. For example, most studies show that male drivers are more likely to drive in a risky manner.

This added risk factor is often enough for insurance providers to raise rates for male drivers to be slightly higher than for female drivers.

Which is cheapest for men?

For male policyholders looking to obtain the most affordable coverage, Erie offers the best rates compared to Nationwide. In fact, it’s also over $30 less than the national average for car insurance. Most male drivers expect to pay around $48 for coverage with Erie.

Which is cheapest for women?

Like male drivers, female drivers will often find that Nationwide has much higher car insurance rates than Erie insurance. On average, a female driver will save $50 each month by purchasing auto insurance through Erie compared to Nationwide Insurance.

Compare Erie vs. Nationwide Car Insurance by Mileage

In some scenarios, the number of miles you drive in a year may determine whether you qualify for a discounted rate. For instance, several insurance companies offer lower monthly premiums for low-mileage drivers. However, this isn’t the case for Erie Insurance or Nationwide.

Both car insurance companies’ rates fluctuate by a few dollars based on the mileage a motorist drives.

Which is cheapest for drivers with high mileage?

Motorists who frequently put between 15,000 and 20,000 miles on their vehicles each year are known as high-mileage drivers. For this category of drivers, Erie offers the most affordable rates, with an average $50 less than Nationwide and $30 less than the national average.

Which is cheapest for drivers with low mileage?

Low-mileage drivers or motorists who drive under 10,000 miles a year will also discover that Erie is still the most affordable option between the two insurance companies. Erie customers will only pay $49 monthly to maintain their coverage, whereas a Nationwide customer spends more than double that amount.

Compare Erie vs. Nationwide Car Insurance by Credit Score

Credit score is often the second most significant factor in determining your overall auto insurance rates. Drivers who maintain a higher credit score are generally seen as less of a risk to insure and, as such, receive the best rates. However, some insurance companies cover high-risk drivers or drivers with low credit scores.

Erie and Nationwide both reward drivers who have high credit scores. While the difference between an excellent and a good score isn’t that significant, the difference between excellent and poor is $60 for Erie and $40 for Nationwide.

Which is cheapest for good credit?

Drivers who maintain an excellent or good credit score are often categorized as less risky by insurance companies. While both auto insurance providers offer lower rates to this group, Erie Insurance has the most affordable coverage. An Erie policyholder with excellent or good credit will pay $34 or $42 per month, respectively.

Which is cheapest for bad credit?

Having average or poor credit doesn’t disqualify you from obtaining insurance coverage; however, it could mean you pay higher monthly premiums. The good news is that Erie still offers very affordable coverage with rates lower than Nationwide and the industry average.

Compare Erie vs. Nationwide Car Insurance by Driving Record

The single most important element affecting car insurance rates is driving record. Looking back through a driver’s history behind the wheel often provides an insurance company with the insight it needs to predict how risky a motorist will be in the future.

For instance, if a driver has never been involved in an accident or received a ticket, they’re less likely to participate in risky driving behavior. This categorizes them as low-risk and often means they will receive the best rates.

Likewise, if a driver has a history of at-fault accidents or receives multiple speeding tickets, they would be classified as high-risk.

Which is cheapest for good drivers?

A clean driving record is the equivalence of a gold star when it comes to insurance rates. Generally, if you have no history of incidents on your record, you’ll receive lower insurance quotes. And Erie still offers the most affordable coverage, with an average rate of $48 per month compared to Nationwide’s average rate of $102 per month.

Which is cheapest after a speeding ticket?

Speeding tickets are one of the most common incidents to appear on a driver’s record. While one ticket won’t impact your rate, multiple tickets within a short period could result in higher rates. Generally, Erie Insurance offers lower monthly premiums, with an average rate of $55.

Which is cheapest after an accident?

Depending on the severity of an accident and whether you were at fault, it could impact your rates significantly. Some auto insurance companies will offer a one-time accident forgiveness clause, but others may not. When looking at Erie and Nationwide, drivers with an accident paid less for coverage with Erie Insurance.

Which is cheapest after a DUI?

DUIs have the largest impact on overall insurance rates. However, Erie Insurance has a more lenient stance on DUIs and still offers one of the most affordable rates, at $86 per month, much lower than Nationwide and the national average.

Erie vs. Nationwide Car Insurance: What discounts does each offer?

Erie Discounts

• College student

• Multi-policy (bundling car insurance with other types of coverage like homeowners insurance, renters insurance, or life insurance)

• Payment perks (pay in full)

• Safety savings (airbags, antilock brakes, anti-theft device, and other safety features)

• Vehicle storage

• Youthful driver

Nationwide Discounts

• Multi-policy

• SmartRide (telematics)

• SmartMiles (telematics)

• Accident-free

• Good student

• Safe driver

• Defensive driver

• Paperless

• Autopay

• Anti-theft

Our Methodology and How We Compared Erie and Nationwide

The car insurance quotes provided in Insurify’s insurance company comparison guides are based on the analysis of over 50 thousand insurance quotes from 500 ZIP codes nationwide. Insurify’s data science team performs a comprehensive analysis of factors car insurance providers weigh to calculate rates, including driver demographics, driving record, credit score, desired coverage level, and more to give representative samples.

Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating calculated by weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

With the above insights and ranking methods, Insurify is able to offer car insurance shoppers a window into how insurance providers compare to one another in terms of both cost and quality.