Insurance Question, follow up on Nationwide

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mjk

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Hello,

I solicited some opinions a few weeks ago. My Credit Union has a relationship with Nationwide, and I received a very nice quote from them.

Simply wondering if anyone has had Nationwide, and their feelings. Will be leaving Liberty Mutual, as my rates have escalated the last 2 years.

Thanks.
 
Never had them, but I worked in the insurance industry and I wouldn't be against them if they quoted me some savings over what I have now.
 
Originally Posted By: mjk
Hello,

I solicited some opinions a few weeks ago. My Credit Union has a relationship with Nationwide, and I received a very nice quote from them.

Simply wondering if anyone has had Nationwide, and their feelings. Will be leaving Liberty Mutual, as my rates have escalated the last 2 years.

Thanks.

I left them many years ago when their rates were out of control. Its hard for me to believe that State Farm won't smoke their rates.
 
Consumer Reports had an article on auto insurance a few issues back. They were saying some companies are setting your rate via credit report rather than driving record. It pays to shop around. But make sure you watch if a company will do a hard pull against your credit report.
 
Just keep in mind one accident and they will drop you like a hot rock even if you have been with them for 10 years (happened to 3 people I know)
 
I think all insurers can include credit scores in their risk calculations now if the laws regulating insurance in your state allow it.

Tort claims (Attorneys filing against insurers on behalf of injured parties, etc) and fraud are big factors behind high rates these days, but so are sky rocketing medical and vehicle repair costs.

Fed/local task force of law enforcement officers where I live just took down a ring of over 30 suspects who were staging auto accidents going back 7 years to present, and had collected over half a million in fraudulent claim settlements from a myriad of insurers. The ring leader had done time back in the late 1990's for the same thing.

Insurance fraud is *massive* in this country and largely seen as an "okay" crime by it's perpetrators since in their eyes it's "sticking it to the man" and not hurting anyone in particular, just siphoning off $$ from a "rich corporation."

FBI says: "The total cost of insurance fraud (non-health insurance) is estimated to be more than $40 billion per year. That means Insurance Fraud costs the average U.S. family between $400 and $700 per year in the form of increased premiums."

source: https://www.fbi.gov/stats-services/publications/insurance-fraud
 
Nationwide no way ever again!

They will pay scam artists small claims, and then tell you we paid the accident you were in. I am like what the heck are you talking about because I have never been in an accident. If I have been in an accident, where is the police report? They don't have one of course. They just have pictures of my car's dent that happened 7 years prior, and pictures of another car that is dented. All these pictures were sent in by a scam artist, but there was actually no accident.

Anyway, Nationwide would never show me the pictures they had of this magical accident, and they would not return my calls either after they said they were going to pay the claim. I guess paying small claims is cheaper than litigation, but it's not my fault because they got scammed.

One thing I never figured out was how the scammer got my insurance information. I could have left my door unlocked, but I am not sure. They did send an adjuster out, and he said the dent was old on my car, and a lot of this scamming was going on in the area. He said the scammers look for a car with a dent on it, and then take pictures of your car, tag, and you, and then takes pictures of their car, and then send in a $1400 claim for example.
 
Originally Posted By: BigD1
Nationwide no way ever again!

They will pay scam artists small claims, and then tell you we paid the accident you were in. I am like what the heck are you talking about because I have never been in an accident. If I have been in an accident, where is the police report? They don't have one of course. They just have pictures of my car's dent that happened 7 years prior, and pictures of another car that is dented. All these pictures were sent in by a scam artist, but there was actually no accident.

Anyway, Nationwide would never show me the pictures they had of this magical accident, and they would not return my calls either after they said they were going to pay the claim. I guess paying small claims is cheaper than litigation, but it's not my fault because they got scammed.

One thing I never figured out was how the scammer got my insurance information. I could have left my door unlocked, but I am not sure. They did send an adjuster out, and he said the dent was old on my car, and a lot of this scamming was going on in the area. He said the scammers look for a car with a dent on it, and then take pictures of your car, tag, and you, and then takes pictures of their car, and then send in a $1400 claim for example


Bingo. You'll see the same with municipalities-- local gov't entities will often settle small claims to make them go away because litigation is the higher cost.
 
I forgot to add that I did file a complaint with the North Carolina insurance commission. Can't remember their determination exactly, but they said there was no accident on my insurance. It just quietly went away.
 
There are better insurance companies and there are worse companies.
I have priced them several times, including after being solicited by the Alumni Association of the college that I got my Masters from, stating that Alumni get discounts.
All the times that I went in to get a quote, the first question was "Who are you presently insured with?" When I answered "Erie," every agent said that while they would be glad to give me a quote, there is no way they could touch Erie's rates.
Before you go to Nationwide, get a good insurance broker or an independent agent and get several quotes from an array of companies.
 
I'm a longtime Nationwide customer simply because I like the convenience of having a local guy to go talk to when necessary, which is admittedly rare. I'm ASSUMING the rates are more or less competitive but who knows. But the service has been good/great/fine/whatever.

My wife uses Geico and they took care of her in the two accidents she's had, so...?
 
Personally, I pay the lowest premium I can find and then hope I never need to use it.
 
Liberty mutual gave me a renewal notice bumping my policy by $200 a year a few weeks ago.

I gave nationwide a call, and their quote was $550 below my renewal notice.

thanks OP.
 
Nationwide is about $400.00 a year less than LM currently, for the policies I carry. So yeah, it makes sense to move on unless I get consistent negative feedback.

It seems to me that most would be better off shopping every few years, as rate creep seems to be the norm currently.
 
Every company uses different equation, I was surprised to find out that GEICO and Progressive are more expensive for me than AAA, and bundling my home / auto insurance together are more expensive than buying them separately from AAA (auto) and Nationwide / AllState (home).

Check around.
 
Originally Posted By: mjk
Hello,

I solicited some opinions a few weeks ago. My Credit Union has a relationship with Nationwide, and I received a very nice quote from them.

Simply wondering if anyone has had Nationwide, and their feelings. Will be leaving Liberty Mutual, as my rates have escalated the last 2 years.

Thanks.


I made the same exact switch (from Liberty M, to Nationwide), and although their ads are annoying (aren't they ALL??), I am happy so far (two years).

They are MUCH lower than LM rate wise to begin with, and do not raise you as much, even when they can, or are 'allowed' to (by federal, or state laws).

Surprising (the rate/increase differences) considering they are BOTH mutual companies, without greedy shareholders to pander to, or be controlled by.
21.gif


BTW; they also have lower rates than AAA in my area (by a decent amount).
Whereas when I was in Joyzee, AAA (written through American Enterprise, or something like that) was the least expensive by a large margin.
 
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