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Farmers vs. Nationwide

Farmers vs. Nationwide

It’s time to talk about heavyweights, ladies and gentlemen, this is the moment you’ve all been waiting for. With total assets nearing one-quarter of a trillion dollars, Nationwide is a major player in the insurance space.

When it comes to some of the largest insurance companies on the planet, Nationwide is in the conversation. You’ve seen the Peyton Manning and Brad Paisley commercials, rivaling the J.K. Simmons commercials for Farmers. Both companies have incredibly catchy jingles. Let’s take a look at the particulars to frame this matchup.

 

Farmers vs. Nationwide

                                                           Farmers                            Nationwide

In Business For                                 92 Years                                94 Years

Fortune 500 Rank*                          255                                         74

Revenue*                                           $12.59 billion                       $43.98 billion

Profit*                                                $55.3 million                        $829.7 million

Net Premiums**                              $14.3 billion                          $18.8 billion

Employees*                                      10,980                                     28,114

*information sourced from Fortune

**information estimate sourced from Investopedia

front bumper of VW bug

As one of the top 75 companies in the United States, Nationwide has not only a history of strength and stability, but has been operating with The Nationwide Way, their corporate code of conduct that constantly puts people first, whether that means their well-trained, knowledgeable staff, or their customers. Nationwide is focused on the user experience, valuing people on both sides of each business transaction. 

Farmers Insurance focuses on service, promoting their excitement toward the future, constantly evolving to meet the needs of the customer. Where their origin story centers around insuring vehicles for rural farmers nearly a century ago, they are proud to have changed with the world.

 

So… What’s the Difference? 

Both companies are large, have celebrity pitch-people, and offer a wide variety of insurance options, so what really differentiates the two?

Aside from color preferences, logo fondness, or a penchant for football players and country music stars over Oscar-winning actors, the biggest difference between Nationwide and Farmers comes down to one, simple element: Price. 

On average, Nationwide annual premiums are more affordable than Farmers, no matter the metric used. When compared by age bracket, Nationwide is between 30 – 50% cheaper than Farmers.

Looking at just high-risk comparisons, Nationwide still performs at a 15 – 25% savings. Even when looking at credit score, which is a factor important to nearly every consumer, rating the premium cost based on credit worthiness, Nationwide again saves the customer an average of 30% over Farmers. 

 

But How? 

When it comes down to it, you have two types of insurance that all the major companies talk about:  the type they sell and the “other” stuff, commonly tagged as “cut-rate” insurance. 

Longstanding companies like Nationwide, State Farm, Travelers, and Farmers—due to their size, assets, and available resources—can offer policy protections that other companies can’t come close to in terms of security. 

close up of Benjamin Franklin's eye on hundred dollar bill

Price, however, is the variable that opens up the entire marketplace and the marketing therein. 

You may have seen countless commercials advertising ridiculously low prices for automobile insurance, home insurance, boat insurance, and more. How can they do it? 

Simply put, by offering lower levels of protection and security. 

The big companies can war over prices and profits while still securing your property and peace of mind, whereas the “cut-rate” companies are more focused on volume policy numbers, propping up their finances with high-risk individuals and lesser customer service. 

 

Why Customer Service Matters

In the grand insurance landscape, Nationwide and Farmers are two of the top national offerings, both aligned on the importance of customer service. Both companies tout their focus on the individual client, and how important that experience is. 

Nationwide aims to be “the most trusted protection company,” which is a lofty goal, but one they’re actively achieving daily by living their code of conduct from every employee to every independent insurance agent offering their robust products.

Customer service is more than just how a company engages with a potential new client in order to close a sale. True customer service stretches from the original meeting, through the sales process, continuing throughout the life of the policy, and even after. 

 

HLI is Here For You

Not to be outdone by the massive companies with billions in revenue, Harry Levine Insurance takes that lofty goal of serving the client most effectively, and refocuses even further.

At our Central Florida offices, we believe it is not enough to walk you through your insurance options, find you the best coverage possible at the best price, and close that deal. Not enough at all. We aim to be your insurance resource. 

Do you have a question about insurance, even if your policies are all with other companies? Call us. We’ll answer EVERY single question without attempting to quote you or sell you a policy from us. Why? Because demystifying the insurance process is one of the many ways we connect with our clients. 

Need a quote on insurance? We're here to help!

Are your current policies doing everything they can for you? Does your current agent or agency constantly check new rate opportunities and new companies for best coverage and price? 

Unfortunately, some agents out there are unable to do that very thing because they are not independent insurance agents. That means they may be locked in to providing information about a more select array of offerings, not purposely boxing you in, but without the ability to show you everything that is out there, at every price point. 

As an Independent Insurance Agency, Harry Levine Insurance is proud of our customer-focused approach to insurance, first and foremost providing transparent pricing and policy information, equipping every client (new and current) with all of the data available to ensure a decision that benefits you, your family, and the elements of your life you aim to protect. 

Test us out with your most challenging insurance question. Drop us a line on our website, social media, YouTube page, or simply pop by one of our offices.

We look forward to meeting you, answering your questions, and guiding you to finding the very best insurance coverage available for exactly what you need, not some big-box solution that fits most people, or even some people, but a unique situation customized for you. 

Let’s talk!

About the Author

Jason Levine

Jason received a Masters of Science & Management in Risk Management & Insurance from Florida State University. He has been with Harry Levine Insurance for 9 years and handles the leadership of daily operations. He was the 2013-2014 Florida Association of Insurance Agents Young Agent Council's Agent of the Year. Currently serves on FAIA Board of Directors.

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