Helpful Information About Auto Insurance
Nationwide vs Farmers
Two of the most recognizable names in the insurance industry are Nationwide and Farmers. At the beginning of both of these companies, they were found in humble surroundings with only their specific visions at the forefront of their minds but they ended up being two of the largest insurance organizations in the country.
Both Nationwide and Farmers started out as insurance companies for farmers, so they offered the same types of products in the beginning but there are still very noticeable differences that set them apart from each other. Two of these differences are how big the staff is at each company, and the other is the difference in the financial services that each company offers.
First read about the differences between Nationwide and Farmers, and then type your zip code into the field to do a comparison search of your own for your auto insurance coverage.
The Products of Nationwide and Farmers
Both Nationwide and Farmers have earned the respect of the insurance industry with their beginnings providing insurance for automobile owners; later, they branched out into other areas of the financial industry to offer investments and wealth management services. The products that both Nationwide and Farmers offer as far as their insurance products are concerned are:
- Auto Insurance
- Homeowner’s Insurance
- Life Insurance
- Business Insurance
- Loss Prevention
- Safety and Educational Programs
Discounts for Nationwide and Farmers Insurance Policies
Several different groups of people have the opportunity to receive discounts on their insurance coverage from both Nationwide and Farmers. Some of the programs and discounts that these companies have are for the good student discount, a discount for purchasing multiple policies with one company and discounts for people with good driving records. If parents have a teenager who has taken courses in safe driving as well as driver’s education courses, they will be entitled to a discount from Farmers. Nationwide also has programs designed to help people save money including accident forgiveness programs and decreasing deductibles.
The History of Nationwide and Farmers
Both Nationwide and Farmers first opened their doors in the 1920s, right before the United States suffered great economic losses during the Great Depression. They both survived these difficult times by working with Farm Bureaus because it was discovered that people who own farms and ranches were less of a risk for insurance than those who did not have these income-producing entities. They were able to give these farmers and ranchers the lowest rates to insure their enterprises against losses.
What often surprises people is the fact that both of these insurance companies have fared so well over the years, even now during the current economic recession that the country is facing. These companies are doing so well financially that the credit ratings bureau, A.M. Best has given them both the highest rating possible, excellent; their customers also rate them very highly for customer satisfaction.
As proof of their ability to make their customers very happy, Nationwide remarks that 97 percent of their customers recommend their services to people who ask. Farmers also has something to crow about because they receive thousands of new clients everyday who are switching from other auto insurance companies.
What Makes Nationwide Different from Farmers
The size of the staff is the main difference between Nationwide and Farmers, and another difference is the financial services that are offered by each company. Because Nationwide has become part of the financial services sector offering banking services, financial planning and investment products along with insurance products, they have needed to expand their staff to accommodate all of these extra offerings.
Although Farmers also offers financial services with mutual funds, annuities and financial advice, their venture into these types of services is a bit more limited than Nationwide. Farmers has a much smaller staff than Nationwide with 20,000 employees, although they have independent Farmers agents who promote their products across the country.
The fact that Farmers operates in only 42 states with a much smaller staff makes the fact that they have 15 million customers a very impressive bit of information; Nationwide is currently operating in all 50 states. The most inspiring thing about these companies is their similarity, the fact that both companies have been in business for eight decades expanding and growing as time has gone by.
Will It Be Nationwide Car Insurance or Farmers Car Insurance?
From which company should you purchase an insurance policy, Nationwide or Farmers? Since every person has a different situation and different needs, the answer will be different for everyone. One way to make this tough choice is to compare auto insurance quotes from several car insurance companies with our free comparison tool right now!