One of the insurance companies that have been in the auto insurance industry for a long time is Nationwide Auto Insurance. With only five years shy of a century in the industry, it is one of the most resilient companies. Here’s a brief look at how this Columbia, Ohio, based insurance provider grew over the years. Additionally, you will find its market cap and the auto claims number if you need to file a claim as a policyholder.
Services
Before looking at the history, you might be wondering whether there are other services the company offers. In an actual sense, Nationwide is a group of large insurance and financial services companies in the US. The insurance services provided besides auto insurance include:
- Motorcycle insurance
- Homeowners insurance
- Pet insurance
- Farm insurance
- Life insurance
- Commercial insurance
Beyond the insurance scope, Nationwide provides financial services like annuity, mutual funds, retirement plans, and specialty health services.
Brief History of Nationwide Insurance
Nationwide began in 1926 as an automobile insurance provider for farmers in Ohio who were members of the Ohio Farm Bureau. That is why its original name was Farm Bureau Mutual Automobile Insurance Company and was owned by its policyholders. Its formation was driven by the belief that farmers deserved lower auto insurance rates than city drivers as they had fewer accidents and claims.
Growth
Tremendous growth has been a hallmark of this insurance provider. For instance, it expanded to West Virginia, Maryland, Vermont, Delaware, and North Carolina in 1928. By 1931 it had grown to cover residents of small towns before further expanding to cover larger cities in 1934.
In the same 1934, Farm Bureau Mutual began offering fire insurance services, which was further boosted with the acquisition of a struggling fire insurance company in 1935. It also acquired a life insurance company that same year and later renamed it Farm Bureau Life Insurance Company in 1938.
Farm Bureau Mutual Insurance had grown so fast that it was operating in 12 states and the District of Columbia by 1943.
Name Change
By 1955, the company was offering services from coast to coast and thus was renamed Nationwide Insurance. It continued to expand, covering a total of 32 states and the District of Columbia by 1965.
The company has been a national forerunner of various auto insurance standards over the years. For instance, it was the first to offer a seat belt incentive in 1963 and a 24hour claims reporting service in 1968.
Further Expansion
The acquisition of Farmland and its subsequent creation of Scottsdale Insurance Company in 1982 further boosted its growth. Another notable acquisition was that of Harleysville Mutual Insurance Company in 2012.
In the financial sector, Nationwide had its Nationwide Financial Services begin to be openly traded as a public company in 1997. The company also launched the Nationwide bank that opened to the public in 2007.
Market Cap
After incurring an auto-related loss, damage, or injury, you may be wondering whether Nationwide has the ability to pay out your claim. Although you will not find its market cap as it is not a publicly-traded company, you will be pleased to know that it is financially strong and able to pay out claims.
This giant insurance provider is among the Fortune 100 companies. Precisely speaking, it was ranked at position 74 in the Fortune 100 list of 2020. It has also been rated A+ (Superior) by A.M. Best which means it is financially strong.
Nationwide Insurance Auto Claims Number in Texas
If you got into an accident or your vehicle was stolen, you can file your claim by calling 1-800-421-3535. As mentioned earlier, the company runs a 24hr claim reporting service. You can also use the same number to check the status of your claim.
However, it might not be easy dealing with an insurance company of this size on your own. You may run into delays, denial, or a claim payout lower than the incurred expenses. But with an attorney, you can avoid all these problems. If you are in Houston contact us at 713-572-6446 or if you need a car accident lawyer in Austin can file the claim for you at no-out-of-pocket expenses.
Our personal injury lawyer has experience working hard to get you maximum compensation for your Nationwide insurance claim. Speaking from experience, Nationwide Insurance is definitely not the worst auto insurance carrier in Texas and typically sells standard auto insurance policies. Here is a list of other insurance companies in Texas that generally sell standard auto policies:
Conclusion
Nationwide is one of the biggest and best auto insurance companies you can find in Texas. It has a long history marked with exponential growth that has landed it in the Fortune 100 list. Their current size means they are more than able to pay out claims to customers, which can be filed through 1-800-421-3535. Alternatively, our lawyer can file the claim for you.
