Are you as picky about your car insurance as you are about the car you drive? Surprisingly, many people who own expensive cars look for the cheapest way to protect it.
Think about it, have you ever owned an expensive camera and bought the cheapest case in the store only to find out when you dropped the case your $400 telephoto lens cracked? That’s an expensive method of proving “you get what you pay for”.
The intent of this article is not to put down car insurance companies who sell cheap low-cost auto insurance, to the contrary, the article intends to point out that there are auto insurance policies that are low-cost and yet offered by premier companies. MetLife Auto Insurance is one of those companies so let’s spend some time in a review.
Note: We are not MetLife Auto Insurance. If you would like to contact a MetLife representative, you can reach them at (800) 422-4272 or at https://www.metlife.com.
Corporate offices: MetLife, Inc. 200 Park Avenue New York, NY 10166
About MetLife Auto Insurance
MetLife is considered one of the “gold standards” when it comes to insurance companies in North America. With an impeccable reputation doing business with employers, the company is also committed to the individual marketplace.
Certainly, companies that have been in business for 145 years learn and thrive in the insurance industry, but MetLife’s footprint has grown exponentially because of innovation and the willingness to do business globally.
The company offers a complete portfolio of insurance and financial products that range from car insurance to retirement planning products which have enabled them to earn more than 100 million loyal customers worldwide.
Whatever your insurance needs may be, MetLife can provide a solution with premium products at an affordable price.
MetLife’s Financial Stability
“I don’t ever wreck my car, I just want cheap insurance with minimal coverage.” Believe it or not, as an insurance professional, I hear statements like this regularly; even from customers that are driving very expensive automobiles. The problem is, they are thinking about the car and not about their liability.
Low prices are great but not if it means your company will be dragging its feet to settle a claim while you’re dealing with a third-party’s law firm because you accidentally hurt a child in a car accident.
Your insurer must be willing and able to keep the promise that they will pay your claims in exchange for your monthly payment. Financial stability is important and MetLife ranks right at the top year after year.Here are MetLife’s current insurance ratings:
|Rating Company||Current Rating||Description|
|Moody’s Investors Service||Aa3||High Quality|
|Standard & Poor’s||AA-||Very Strong|
|Fitch Ratings||AA-||Very Strong|
These ratings were updated in February and also demonstrate a stable outlook for the insurance company and its subsidiaries.
MetLife Insurance Products
As was mentioned earlier, MetLife offers a comprehensive portfolio of insurance and financial products for individuals, families, and employers.Here is what’s available to individuals and families:
|RV||Renters||MetLife Advantages||Hospital Plan||Pet Insurance|
|Motorcycle||Landlords||Annuities||Cancer Plan||Legal Plans|
We will discuss many of these products in other articles, but for this article, we are going to drill down into MetLife Auto Insurance.
MetLife Auto Insurance
Insurance companies that offer auto insurance will start with the standard Personal Auto Policy form and then offer optional coverages that allow you to customize and broaden your car insurance policy.
The Personal Auto Policy consists of a package of coverages and customers can select the coverage they want according to their needs.Here are the conventional coverages offered in the Personal Auto Policy:
|Bodily Injury Liability||Pays for injuries to other drivers or passengers in an at-fault accident subject to the limits in the policy.|
|Property Damage Liability||Pays for repairs or replacement of another person's vehicle or property during an at-fault accident subject to the limits of the policy.|
|Medical Payments||Medical Payments covers medical expenses for you and other passengers in your vehicle in an accident no matter who's at fault. This coverage will even cover you for injuries sustained in another person's vehicle or as a pedestrian up to the limit in the policy.|
|Personal Injury Protection (PIP)||PIP covers the driver, all passengers, or a pedestrian involved in an accident no matter who's at fault. PIP helps pay for medical expenses, lost wages, loss of services, and funeral expenses up to the policy limits. This coverage is typically mandatory in "no-fault" states.|
|Uninsured/Underinsured Motorist||Uninsured/Underinsured motorist covers your medical expenses if the other driver (at-fault) is uninsured or underinsured. Some states also allow uninsured/underinsured property damage that covers your vehicle as well.|
|Comprehensive Coverage||Comprehensive coverage pays to repair or replace your vehicle after a non-collision event such as fire, vandalism, theft, or acts of nature subject to your deductible.|
|Collision Coverage||Collision coverage pays to repair or replace your vehicle after an accident that involves another vehicle or object subject to your deductible.
|Emergency Roadside Assistance||Roadside assistance is available if you are locked out of your vehicle or required roadside assistance like a tire change or fuel for an empty tank. Your coverage for each event is subject to the limit you purchased on your policy.|
|Rental Reimbursement||Rental reimbursement helps pay for rental expenses if you are in an at-fault accident or
hit by an uninsured driver. Most policies will have a limit per-day and per-accident.
Discounts available from MetLife Auto Insurance
Every auto insurer offers discounts that can substantially reduce the policyholder’s cost for coverage but not every company offers the same discounts. Comparing the discounts that are available to you is essential for reducing the cost of insurance. Additionally, if you are able to purchase MetLife auto insurance through an affinity group like your employer, a credit union, or other approved organization, your savings can be substantial.
Here are the discounts available from MetLife:
|Type of Discount||Description|
|Deductible Savings||Each year you don't make a claim, you'll receive a $50 credit toward a future deductible payment, up to $250 total.|
|Multi-Policy with Home||Save up to 10% when you purchase home and auto from MetLife|
|Multi-Policy with Life||Save up to 5% when you purchase life or annuity products with your auto insurance.|
|Auto-Pay||A discount for customers who agree to have premium auto deducted from checking account or credit card|
|Mature Driver||Receive an additional discount if you are 50-65-years old|
|MyJourney Safe Driving Tracker||Available to customers who agree to have driving habits tracked and receive a positive score|
|Defensive Driver||Customers who complete an approved defensive driver course receive this discount|
|Superior Driver Discount||Drivers who are violation-free for 5 years receive up to 12% and if claims and violation free up to 20%|
|Good Student Discount||Available for student drivers who maintain good grades in high school or college|
|Safety Device Discount||Offered on vehicles with certain safety devices that are factory installed|
Optional Coverages from MetLife Auto Insurance
In addition to the coverages listed above for the Personal Auto Policy, MetLife offers additional optional coverages to protect your vehicle:
- New Car Replacement: If your car is totaled or stolen and not recovered within 12 months of purchase or before you’ve driven 15,000 miles (whichever comes first), MetLife will pay for new car replacement rather than actual cash value.
- Full Windshield Repair: MetLife will pay the total cost to repair your windshield without regard to your deductible.
- Lease/Loan Gap: With this optional coverage, drivers who have totaled their vehicle that’s financed or leased will receive payment to pay the balance of the loan or lease on the vehicle.
- Major Parts Replacement: Pays to replace parts like tires, brakes, and batteries after an accident, even if those parts have depreciated in value.
- Custom Equipment: This optional coverage will pay for an after-market sound system that has been installed in your vehicle.
MetLife Auto Insurance Customer Feedback
If you’re like most people, you’ll probably ask friends, relatives, and co-workers which auto insurer delivers the biggest bang for the buck; and that’s a good thing.
Additionally, you can venture online and check a company’s rating by review national consumer review platforms. Here’s what we found out about MetLife Auto Insurance:
- ValuePenguin: Editor’s Rating 4 out of 5 stars
- Wallet Hub: 4 out of 5 stars (27 reviews)
- Clearsurance: 4 out of 5 stars (920 reviews)
- D. Power: 3 out of 5 stars (Overall Customer Satisfaction)
The Bottom Line
Certainly, every insurance company has customers that are raving fans and former customers who not quite so satisfied. Here is our opinion of MetLife Auto Insurance: