Like drivers with an at-fault accident or another high-risk designation, drivers with a low credit score can expect to pay more than those with a strong credit rating. On erage, drivers can expect their premiums to rise by 72 percent with a low credit score.
On erage, Nationwide charges only 41 percent more per year for drivers with poor credit. The table below shows how our top providers compare when it comes to policies for drivers with low credit.
Provider Annual erage cost of insurance for drivers with low credit Monthly erage cost of insurance for drivers with low credit The Hartford (AARP) $5,012 $418 USAA $2,669 $222 Trelers $3,016 $251 GEICO $2,912 $243 Nationwide $2,810 $234 Mileage- and Usage-Based OptionsAlong with teens, drivers age 65 and older drive the least, according to the U.S. Department of Transportation. On erage, seniors log 7,646 miles annually, compared with the national erage of 13,476 miles.5
Nationwide’s mileage-based plan, called SmartMiles, can help you se money if you drive 8,000 miles or less annually. You’ll pay a monthly base rate, plus a per-mile rate depending on how much you drive. If you take a road trip, your daily mileage is capped at 250. Nationwide offers this plan in every state except Alaska, Hawaii, Louisiana, North Carolina, New York, and Oklahoma.
Seniors who drive more can still se with Nationwide’s usage-based program, called SmartRide, which rewards you for safe driving behiors related to braking, acceleration, nighttime driving, and number of miles driven. You’ll get 10 percent off just for enrolling and then up to 40 percent off within 80 days depending on your driving. It’s a good option, considering many other providers cap the discount at 30 percent and make you wait until your next policy renewal (usually six months) to earn the safe driving discount.
On Your Side ReviewWhether it’s retiring, buying a new house or car, moving, or something else, as people age, their insurance needs often change. As a free benefit, Nationwide offers an annual insurance assessment to help you understand your policy and make any necessary changes. A Nationwide professional will talk with you about:
Whether your current policy or policies give you the coverage you need If recent or upcoming life events necessitate a change in coverage Taking advantage of all ailable discounts Coverages for New CarsNationwide offers a couple coverage options that will benefit new-car owners in particular:
Gap coverage, which pays for the difference in the actual cash value (ACV) of your vehicle and what you owe on the loan or lease in the event of a total loss New-car replacement, which pays for a replacement vehicle in the event your new car is totaledDID YOU KNOW?
According to research from the Federal Reserve, the erage age of a new-car buyer is 53, and older Americans make up a greater proportion of new-car buyers than they did in the early 2000s.6
Finally, Nationwide customers can reduce their deductibles by $100 for every year of safe driving, up to $500 total.