Some of the leading insurance providers around the globe have a long history of quality service. This has given them an understanding of customer needs and the best insurance policies to solve them.
Nationwide Mutual Insurance Company
is one company with a long and interesting history behind its success. Here is our review of the insurance provider to help with your insurance shopping
.When did Nationwide start offering services?
According to Nationwide
, the company was established in 1926 under the name "Farm Bureau Mutual Automobile Insurance Company." It then acquired financing from the members of the Ohio Farm Bureau Federation amounting to $10,000. According to the local laws at the time, an insurance company could only be established if at least 100 people pledged in writing to buy policies. Its first agents were successful, and the company attained over 1,000 policyholders in just four days. The company started with a promise of lower premiums for farmers, hence the 'on your side' slogan.
The company has continued to offer most of the insurance products on its original menu. Some of the products include fire insurance that was started in 1934 and life insurance that was acquired from the American Insurance Union. The company expanded from Ohio into Delaware, North Carolina, Maryland, West Virginia, and Vermont two years after its establishment.
Nationwide name changes and acquisitions over the years
The first name change was from Ohio Farm Bureau Federation to Farm Bureau Life Insurance Company in 1938. At this point, the company was looking to increase the uptake of its life insurance services. This was three years after acquiring the Life Insurance Company of America after its parent company, American Insurance Union, went bankrupt.
Three years later, the company changed its name to Farm Bureau Mutual. By now, it has expanded to over ten states. It moved to the District of Columbia and two more states by 1943.
The existing name, Nationwide Insurance, was coined in 1955. This is the name by which the company is known today. It shows the nationwide expansion of the company as well as the many products in its portfolio.
Nationwide automobile insurance products
According to Investopedia
, Nationwide offers various coverage options for motor vehicles. One common offering is comprehensive coverage, which covers the vehicle against theft, weather damage, and accidents that involve animals. They also offer collision coverage to pay for the damage to your vehicle after a crash, regardless of the party at fault. Gap coverage covers you if your totaled car is less than what you owe—the cover pays for the gap between the amount owed and the car's value. However, the policy has a deductible that is recovered from the amount you are reimbursed.
Uninsured and underinsured motorist coverage protects you if you are involved in an accident with an underinsured or uninsured driver. It covers the driver and passengers. On the other hand, car liability insurance coverage takes care of treatment and other damages caused by an accident when you are at fault.
Nationwide also offers 24/7 roadside assistance, which includes towing, jump starting, winching, gas delivery, and flat tire changing.
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