Metlife Auto Insurance: Is It Worth The Hype?

MetLife is a well-known insurance company that offers a range of insurance products, including auto insurance. It has received mixed reviews from customers and experts. While it has strong financial stability ratings and offers various discounts and customisation options, it has been criticised for its high prices and average customer service.

MetLife auto insurance is available in all 50 states and can be purchased directly or through an employer. The company provides highly customisable policies with various add-on options, such as identity theft coverage and enhanced car rental damage coverage. MetLife also offers special workplace and association discounts, and its rates are slightly cheaper than some competitors.

However, MetLife has received complaints about unexpected delays or denials of claims, and its customer satisfaction ratings are below average compared to other insurers. Its auto insurance rates are also higher than competitors for drivers with a clean record, a speeding ticket, or an accident with injuries.

Overall, while MetLife auto insurance may be a good option for those who qualify for discounts or want specific coverage options, it is important to shop around and compare prices and features with other insurers before making a decision.

MetLife's customer service

On the other hand, MetLife has also received positive reviews for its customer service. One customer review on ConsumerAffairs.com states that the "24/7 customer service reps can help you file claims and point you to programs and discounts so you can get the best rates." Another review on the same site says that the "customer service is great".

Cost of MetLife auto insurance

The cost of MetLife auto insurance depends on several factors, including age, location, driving history, and credit score. The company's rates are generally considered high compared to its competitors, with an average annual cost of $1,686 for a sample driver.

MetLife offers various types of auto insurance coverage, including liability, comprehensive, and collision insurance, as well as uninsured and underinsured motorist coverage, personal injury protection (PIP), and rental car coverage. They also provide additional coverage options, such as roadside assistance, rental car reimbursement, accident forgiveness, and new car replacement.

To make their policies more affordable, MetLife offers a range of discounts. These include bundling discounts for customers with multiple types of insurance policies, multi-car discounts, good student discounts, safe driving discounts, and anti-theft system discounts. They also have unique discounts, such as for customers over 55 who have completed a state-approved safe driving course.

While MetLife's rates are generally high, they can be competitive for young drivers. The company offers a superior driver discount of up to 12% for drivers with a clean record and a MetRewards discount of up to 20% for customers with no claims or violations for five years. Additionally, their deductible savings benefit provides a $50 credit for each year a customer doesn't file a claim, up to a maximum of $250.

In summary, while MetLife auto insurance may be more expensive than other providers, they offer a range of coverage options and discounts to help make their policies more affordable for customers. It is always recommended to compare quotes from multiple insurers to find the best rate and coverage for your specific needs.

MetLife's financial strength

MetLife, Inc. and its subsidiaries have obtained financial strength ratings from various rating agencies. These ratings represent the opinions of the agencies regarding MetLife's ability to meet its obligations under insurance policies and contracts.

In January 2023, AM Best affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa-" (Superior) for most members of the Metropolitan Life Insurance Group. AM Best's ratings reflect the group's strong balance sheet, strong operating performance, very favourable business profile, and appropriate enterprise risk management (ERM).

The National Association of Insurance Commissioners (NAIC) received fewer complaints than average regarding MetLife in 2021, resulting in a "Good" rating.

Additionally, J.D. Power rated MetLife's financial strength as "Excellent", indicating its solid and stable financial status. This rating reflects MetLife's ability to pay out claims.

MetLife's insurance coverage options

MetLife offers a wide range of insurance coverage options, including health, life, auto, home, and property and liability insurance. The company also provides dental, vision, and business insurance, as well as annuities, health spending and savings accounts, retirement and income resources, and investment support.

In terms of auto insurance, MetLife offers standard coverage options such as comprehensive, collision, and liability insurance, along with uninsured and underinsured motorist protection, personal injury protection (PIP), and rental car coverage. They also provide additional coverage options, including:

• New car replacement: MetLife will replace a new car if it is totalled in a covered accident.
• Special parts replacement coverage: MetLife will replace certain auto parts, such as tires, batteries, and steering or electrical wiring, without deducting for depreciation.
• Enhanced rental car damage coverage: This covers additional expenses, such as fees, the loss of market value, and loss of use of the rental car.
• Glass repairs without a deductible: MetLife will repair or replace windshields without charging a deductible.
• Roadside assistance and towing reimbursement: MetLife will reimburse roadside assistance fees and cover towing costs.
• Gap coverage for leases or loans: MetLife will pay off the remaining amount on a lease or loan if the vehicle is totalled in an accident.
• Legal defense cost coverage: MetLife covers legal fees and reimburses lost wages of up to $200 per day if the policyholder is sued.

MetLife also offers various discounts and reward programs to help lower monthly premiums, such as multi-policy, multi-car, good student, and defensive driver discounts.

MetLife's insurance discounts

MetLife's auto insurance policies have been acquired by Farmers Insurance Group. Farmers Insurance has stated that there will be no immediate changes to existing MetLife auto policies, coverages, or benefits. However, MetLife customers can expect to benefit from the following discounts:

Multi-Policy Discount

Farmers Insurance is working to create a discount for customers who have both a car insurance policy and another type of insurance policy, such as homeowners insurance, through MetLife and Farmers Insurance. Customers are advised to contact Farmers Insurance to see if a multi-policy discount is available in their state.

Employment or Association Discounts

Farmers Insurance will honour any discounts and benefits that customers are currently receiving through their employer or association membership.

MetLife Employee and Retiree Discounts

There will be no interruption for group discounts for MetLife employees and retirees.

Deductible Savings Benefit

MetLife offers a deductible savings benefit, where policyholders can earn $50 for every year they don't make a claim (up to a maximum of $250). This amount can be used towards the deductible for a covered loss.

Multi-Car Discount

MetLife offers reduced rates for customers who insure more than two cars under the same policy.

Good Student Discount

MetLife offers a discount for students under the age of 25 who are enrolled in high school, community college, full-time college, graduate school, or vocational/technical programs, provided they meet MetLife's academic requirements.

Student Away Discount

Students under the age of 25 who live at an educational institution at least 100 miles from home and have limited access to the insured vehicle are eligible for a discount. This discount is useful for students who don't drive frequently but want insurance coverage when they do.

Superior Driver Discount

MetLife rewards drivers with a discount if every person on the policy has an excellent driving record.

Defensive Driver Discount

Drivers who have been licensed for a minimum of two years and complete a MetLife-approved defensive driving course are eligible for a discount that applies annually for three years.

Safety and Anti-Theft Devices Discount

MetLife offers a discount for customers who install a qualifying safety system or anti-theft device, such as passive and active disabling systems.

Frequently asked questions