Last Updated: August 2019
Disclaimer: We are not MetLife Insurance Company. This MetLife car insurance review is an unbiased article designed to provide you information about MetLife Insurance Company and if they are the car insurance company to work with for you.
Our MetLife Car Insurance review is roughly a 5-min read.
For those in a hurry, we wanted to make sure that we provided you a 1-2 paragraph overview of MetLife Insurance Company.
Here Is That Overview for You:
MetLife Insurance Company is one of the largest and most reputable insurance companies in the world with a proven track record.
MetLife offers a variety of coverage options for your car insurance in addition to some unique features that can certainly save you money.
MetLife also cracks the top 5 for the cheapest car insurance you can purchase.
However, MetLife has a very poor availability for rideshare coverage in addition to a sub-par purchasing process online.
If you are looking for the easiest platform for purchasing and comparing potential rates, MetLife is not for you.
However, if you are looking for a company that’s been around for a long time with affordable car insurance, MetLife may be worth looking at.
Regardless of what your case may be, MetLife is undoubtedly still one of the best car insurance companies in the United States.
That was the quick bird’s eye view of MetLife Insurance Company.
If you have those 5 minutes to spare, we recommend reading on to learn more about MetLife car insurance rates, products and if they are the best car insurance company you should work with.
Additionally, to make your research that much more streamlined, we have provided links directly below that you can use to skip straight to that section of the post:
MetLife is one of the largest insurance providers worldwide.
In addition to insurance, MetLife also specializes in annuities and employee benefit programs.
MetLife has always been one of the most well-known insurance companies’ consumers choose to turn to for a variety of different insurance and financial product needs.
In the coming years, you may also witness the transition of MetLife changing names to Brighthouse Financial for all life insurance-related products.
No matter how large the car insurance provider may be and how reputable the brand may be, it’s still 100% essential to compare rates and read unbiased reviews such as this MetLife car insurance review.
It may seem like a time-consuming additional task in your car insurance purchasing process, but at the end of the day, it’s the only way to learn the unique advantages and disadvantages of individual insurance companies.
In the end, knowledge is power, and reviews will provide you the ability to find the most robust and most affordable car insurance specifically tailored for you and your specific needs.
Here are the details on MetLife Insurance Company.
Our MetLife Insurance Company Review
MetLife is quite the household name in the auto insurance industry.
In fact, MetLife holds strong brand recognition for several different lines of insurance and financial products.
MetLife Auto & Home is the brand name for MetLife’s personal lines insurance companies.
Currently, MetLife offers auto and home insurance in all 50 U.S. States and the District of Columbia.
As of 2019, MetLife has more than 2.7 million active policies and offers various coverage options for consumers, such as your primary car insurance in addition to the following:
- RV Coverage
- ATV Coverage
- Boat Coverage
- Mobile Home Coverage
- Collectible Vehicle Coverage
- Motorcycle Coverage
It’s without question that MetLife is one of the best in the marketplace that a consumer can work with, but other factors are essential to consider when choosing a car insurance company before ultimately making that decision.
MetLife Insurance Company History and Background
MetLife is not only one of the largest insurance companies in the world, but they are also one of the longest standing insurance companies offering car insurance coverage to consumers.
MetLife was initially founded in 1868 and in 1915, began the process of mutualization.
Becoming a mutual insurance company means that policyholders also get to participate in company profits in the form of dividends.
As of 2019, MetLife Insurance Company currently ranks number 43 on the Fortune 500 List, which is an impressive accomplishment, to say the least.
In 2000, MetLife decided to leave the mutual company model and went public.
Currently, MetLife’s principal office and Headquarters is in Manhattan, New York.
From 2004-2011, MetLife flexed its muscles, knowing it was the largest insurance company in the world with more than 2.5 trillion dollars of policies written and more than 350 billion dollars of assets under management.
Currently, MetLife Insurance Company services more than 12 million customers, and in 2015, MetLife was awarded for being the most admired Insurance Company in the Life and Health Insurance Sector.
While this recap on history and the facts are impressive, it’s still important to look at other specific areas of an insurance company.
Here are the details on MetLife’s financial strength ratings.
MetLife Insurance Company Financial Strength
Currently, MetLife Insurance Company has nothing to worry about when it comes to financial strength ratings.
Here’s a look at how the major rating agencies are currently grading MetLife.
- A.M Best– A+
- Fitch- AA-
- Moody’s- Aa3
- Standard and Poor’s- AA-
- Comdex Rating- 95
- J.D. Power and Associates- 812
These ratings are certainly sitting at elite levels, and from the consumer’s side of the fence, you should always feel confident placing your business with a company such as MetLife if all other factors indicate to do so.
MetLife Insurance Company BBB Rating and Complaints
Currently, MetLife is not accredited with the BBB (Better Business Bureau).
This isn’t all that surprising, and it’s not uncommon to find car insurance companies in the same situation.
However, in these situations, the BBB still issues an overall rating.
MetLife Insurance Company is currently sitting at an A+ rating, which is the highest rating that can be provided to a company through the BBB.
In addition, MetLife has a total of 515 complaints resolved in the last three years.
This indicated that MetLife also receives a lower number of complaints total compared to other auto insurance providers.
Overall, this is a positive takeaway about the company and should make the consumer rest assured that MetLife handles customer concerns with extreme importance.
MetLife Car Insurance Coverages Offered
Now it’s time to dive into the specifics about the current car insurance coverages offered by MetLife Insurance Company.
Currently, MetLife offers all the standard coverage options that you will find with nearly any insurance company offering auto coverage.
Here’s a look at those coverages.
- Bodily Injury Coverage
- Comprehensive Coverage
- Collision Coverage
- Uninsured Motorist Coverage
- Liability Coverage
- Towing and Labor Coverage
MetLife also offers some additional perks with their car insurance coverage.
Other Car Insurance Coverages Offered by MetLife
Please note that some of these additional features may require more cost out of pocket or a higher premium from the consumer.
Replacement Cost for Major Parts- This coverage with MetLife is going to cover major components of your vehicle such as tires, brakes, or batteries.
If you have this coverage, everyday wear and tear are not factored into being fully reimbursed for your losses.
Not the depreciated value of the damaged vehicle, which is certainly a great added benefit to consider.
Custom Sound Equipment Coverage- This coverage is unique, and we don’t see if often when reviewing other car insurance companies.
With MetLife, you can replace at full value custom sound equipment in your vehicle if you have aftermarket equipment and accessories.
Disclaimer: This is a coverage with MetLife that requires additional cost.
Glass Repairs with No Deductible Needed- This is another unique coverage that we don’t run into often.
With MetLife, they will repair small chips and cracks in windshields or other glass without you having to meet a deductible.
We all know how common this damage is for a vehicle, so it’s worth considering when comparing car insurance companies.
Additional Coverages and Features Offered by MetLife Car Insurance
It’s not over quite yet.
Here are some other included features that MetLife offers with their car insurance products.
Medical Payments- This will cover your medical expenses after an accident no matter who is at fault.
Gap Coverage- Gap Coverage is offered by several car insurance companies.
This coverage protects you from losing money when your car is totaled. With MetLife, you would receive the full value of the vehicle that was determined at purchase.
Not the depreciated value of the vehicle.
Towing and Roadside Assistance– This feature covers the typical cost associated with towing a vehicle due to mechanical breakdown or an accident.
Rental Car Reimbursement- This coverage is designed to provide you financial assistance for arranging for a rental vehicle while your damaged vehicle is being repaired.
What Makes MetLife Car Insurance Unique?
MetLife Insurance Company is unique from a few angles.
First and foremost, MetLife does present some unique discounts and savings available to certain consumers.
This holds especially true when you factor in other unique coverage options such as no deductible glass repair and total car replacement coverage.
Additionally, MetLife is unique from the pure standpoint that they are a powerhouse brand in the industry.
However, this doesn’t mean much when it comes to finding the cheapest and best car insurance possible in your local area.
Rideshare Coverage with MetLife Insurance Co.
MetLife does not have a top-notch rideshare availability.
Currently, purchasing car insurance as an uber or lyft driver through MetLife is not the best option due to state availability.
MetLife is currently only offering a unique endorsement that you can add to your car insurance policy as a Lyft driver in the following states.
Both companies offer perhaps the largest coverage area for uber and lyft drivers and make the purchasing process extremely easy on the consumer.
Discounts Available with MetLife Insurance Company
MetLife does offer some unique discounts, although many of the discounts, you could likely find with other popular car insurance companies as well.
Here’s a look at your discount options for MetLife Car Insurance.
Deductible Savings Discount- This is automatically applied with MetLife every year that you don’t make a claim on your insurance policy.
A $50.00-dollar credit towards your future deductible will be applied.
Automatic EFT Premium Payments- With MetLife, if you select to have your payments auto-deducted from an eligible checking or savings account, MetLife will provide you with a discount and remove its monthly service fee.
Defensive Driver Discount- To be eligible for this discount, you would need to take an approved defensive driving discount. MetLife will shave 7% off your premium for doing so.
Bundle Discount- This discount is good for 10% off your premiums, and you are eligible if you have multiple lines of insurance active with MetLife such as homeowner’s insurance or even a second vehicle insured.
Bundle with Life- This Discount can be good for 5% off your yearly deductible and can be applied when you bundle your car insurance with life insurance under MetLife.
Good Student Discount- This can be up to 15% off your premiums and requires a B average or better for high school students only.
Superior Driver Discount- This discount is available for individuals with no moving violations in 5 years and no claims filed against your auto insurance policy. This is good for a 20% discount.
Safe Car Discount- This discount varies based on the year make and model of your vehicle currently being insured.
Cost of MetLife Car Insurance
The cost of MetLife car insurance is one of the areas they stand out and shine.
Currently, on average, the only two companies who come in cheaper for the average consumer would be Progressive Insurance Company and Geico Insurance Company.
MetLife comes in third right behind these two companies and slightly ahead of State Farm Insurance and Allstate Car Insurance Company for the cheapest car insurance you can purchase.
Keep in mind; car insurance rates are always based on your unique credit rating, driving history, and the vehicle you are attempting to place coverage on.
Pros of Working with MetLife Insurance Company
MetLife surely has a few definite advantages compared to other car insurance companies you can choose.
Here’s a look at them.
- Top 3 Largest Insurance Company in The World
- Unique and Advantageous Discounts Available
- Top 5 Cheapest Auto Insurance Companies
Cons of Working with MetLife Insurance Company
On the flip side, you do have some downsides for choosing to work with MetLife.
Here are those negatives.
- Not the Best Online Platform Available
- Limited Discounts Based on State Availability
- Limited Rideshare Coverage Available.
Final Thoughts on MetLife Insurance Company
I don’t think anyone wants to argue that MetLife offers a top-notch car insurance product and pricing.
Additionally, I think it’s safe to say that MetLife is a financially stable and reputable company in the industry.
However, plenty of car insurance companies are available that offer better online platforms, better user buying experience, and perhaps better coverage.
Always compare options for your unique circumstances before making that final decision.