| Copyright: | Business Wire | | Source: | Business Wire | | Wordcount: | 466 |
Business Editors/Insurance Writers
COLUMBIA, S.C.--(BUSINESS WIRE)--November 6, 2008--Nationwide Mutual Insurance Company announced today the introduction of the Nationwide Insurance Family Plan SM, a program available exclusively to the company’s customers in South Carolina. The pilot program will allow parents of teen drivers to save up to 25 percent on auto insurance for their children.
With the Nationwide Insurance Family Plan SM, parents who have multi-line discounts with Nationwide can apply the same discount insurance to their teen driver’s auto insurance policy. If the young driver maintains a good driving record, they can keep available discounts when they are ready to separate from their parents’ car insurance policy.
“In the current economic conditions, we know that people are looking for any way they can to save money,” said Terrance Williams regional vice president of southern states for Nationwide. “It can be very expensive when teenage children begin to drive. We hope that the Nationwide Insurance Family Plan SM will provide some relief to already tight family budgets.”
A recently released report from the National Association of Insurance Commissioners showed that the average auto insurance expenditure in South Carolina increased by $2.27 in 2006. It is likely that auto insurance expenses in South Carolina have increased even more since then. Legislation passed by the South Carolina General Assembly, which took effect January 1, 2007, has increased minimum liability requirements for South Carolina drivers. It is likely that this will be reflected in next year’s NAIC report, which will include numbers from 2007.
Nationwide will pilot the Nationwide Insurance Family Plan SM for South Carolina car insurance customers for the rest of the year. Based on the program’s success, the company will evaluate the possibility of making it available for customers across the country.
“South Carolina is an important state for Nationwide,” said Williams. “We have a strong customer base here that we’d like to maintain and grow. The Family plan allows us to deliver even more value for our customers, particularly those with families and multiple insurance needs.”
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $161 billion in assets. Nationwide ranks #108 on the Fortune 500 list. The company provides a full range of insurance and financial services, including auto insurance, and motorcycle, boat, homeowners, life, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services. For more information, visit www.nationwide.com.
Nationwide, the Nationwide framemark and On Your Side are federally registered service marks and Nationwide Insurance Family Plan is a service mark of Nationwide Mutual Insurance Company.
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