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Nationwide Trying New Discount Program in Ohio

The economy has made it so that car insurance companies need to re-evaluate their marketing strategies. Everyone is looking for a great buy and brand loyalty is no more because of the bottom line.

Nationwide is a car insurance company that does business in a majority of the fifty states. Now, it is taking a new approach to attracting new policyholders to their car insurance company. The company is trying a new marketing strategy in the state of Ohio. They will offer a ten percent discount to people who switch their car insurance policies to their company.

The strategy is a pretty good one especially due to the bad economy. Many consumers find it a very tough thing to actually find a car insurance company that offers them decent discounts.

Existing customers of Nationwide may also be eligible for the ten percent discount. There are certain criteria that the current policyholders must meet though. Those criterion have yet to be announced but most people expect that drivers will be required to have a clean driving record for at least a few years and be over the age of twenty five to qualify in the future.

The car insurance company is ranked as number three in the state and they want to take new initiatives to expand their business in the state. They want to increase their eleven percent market share and bypass State Farm and Progressive to become the number one car insurance company in the state.

Nationwide might want to consider offering this type of discount to other policy holders in different states. It could really help to boost their overall market share. Right now, companies like State Farm and Progressive have really amped up their marketing strategies to give drivers new and interesting options to save money on their car insurance policies.

Nationwide will also be eliminating some of its car insurance deductibles for its Ohio policyholders. This is great news for these individuals because paying deductibles when involved in an accident can be quite costly. When an accident happens, many people have a deductible of more than 250 dollars. The economy is bad right now so many people barely have any money in their savings account any more. This makes having no deductibles for certain car insurance policies a much needed feature for drivers.

One such program is the pay as you drive program. This program will reward drivers who do not drive their cars very far during the week. Drivers get great discounts based on the mileage driven and in today’s economy where many people are not travelling as much or as far, it is a huge financial benefit to drivers.

For many people, their daily commute is only a few miles to and from work or school. This means that programs such as these really resonate with people who want lower car insurance rates. Now, many people think that car insurance is not that expensive but people could save up to one hundred dollars each year with the ten percent discount alone. One hundred dollars may not seem like a lot of money but in today’s economy, every single dollar saved counts. The move by Nationwide is an interesting one and it will take a while to see if it actually brings the desired results that the auto insurer desires.

Source: The Columbus Dispatch