MetLife Auto Insurance ReviewThursday, 25 July 2013 21:51
MetLife Auto and Home is the 14th largest auto insurance company in the United States and is a branch of the larger MetLife global company. MetLife is primarily known for its life insurance products, but its Auto and Home branch is one of the largest auto insurance companies in the U.S., selling auto policies in all 50 states. MetLife Auto and Home offers some unique discounts but it has received average reviews for customer service from independent rating companies. MetLife auto insurance can be a good add-on to consider for current MetLife home and life insurance customers with some of the multiple policy discounts offered.
Company Background Information
MetLife (Metropolitan Life Insurance Company) is one of the largest global insurance providers in the world selling dental, life, disability, auto and home, and many other types of insurance. MetLife actually has nine affiliate Auto and Home companies but the main affiliate is the Metropolitan Property and Casualty Insurance Company which was founded in 1972. The Auto and Home division sells auto insurance along with other property and casualty products.
MetLife’s Auto and Home companies have over 2.5 million currently active policies. The nine divisions of MetLife Auto and Home are rated A by A.M. Best for their financial stability and consistent earnings, while each division was also given a credit rating of “A+” in 2012. J.D. Power awarded MetLife Auto and Home with just 2 out of 5 power circles for customer claims satisfaction in 2013.
Pros of MetLife Car Insurance
- Backed by a large financially secure global insurance provider
- Available in all 50 states
- Discounts available for purchasing multiple policies
Cons of MetLife Car Insurance
- Not as many discounts as other auto insurance providers
- A lower than average rating for claims satisfaction
MetLife offers some of the more common discounts that auto insurers tend to offer including the following:
- Deductible Savings Benefit – this program rewards safe drivers with a $50 credit toward their deductible up to $250 maximum.
- Defensive driver discount – policy holders can receive up to a 7% discount for completing a driver safety course such as the home study course offered by the National Safety Council or another approved course. This discount is not available in every state.
- Safe driving discounts – household members who have safe driving records can reduce premiums by up to 12% and individuals can get up to 20% if they do not file an at-fault claim for 5 years.
- Multiple product discounts –customers can save up to 10% off for purchasing home and auto insurance together and 5% for auto and life insurance.
- Good student discount – young drivers can save up to 15% if their grades qualify.
GrandProtect Insurance Package
MetLife is known for its unique insurance extras and offerings such as the GrandProtect policy. The GrandProtect Insurance Package offers multiple coverage options into one policy and combines RV, auto, boat and home personal items coverage together. The package has the benefits of having just one single deductible when these plans would normally have separate deductibles. The GrandProtect package is a good option for those who have more complex coverage needs and simplifies multiple policies into one bill.
Types of Insurance Offered
MetLife offers the following standard insurance products:
- Liability coverage – MetLife offers bodily injury and property damage coverage for customers who are found liable or partially liable in a vehicle accident.
- Collision coverage –pays for a policy owner’s vehicle repairs if they hit another vehicle
- Comprehensive coverage – pays for vehicle damage resulting from vandalism, theft, hail and other non-collision damage. This coverage can include some extras such as:
- New vehicle replacement – new vehicles that are totaled with 1 year or 15,000 miles, whichever comes first, are reimbursed at the full cost of the vehicle
- Major parts replacement for brakes, tires and other parts after an accident regardless of their wear and tear
- No deductible required for glass repairs for cracked or chipped windshields
- Uninsured motorist coverage – this pays for any damage resulting from another driver who was uninsured at the time of the accident. This also covers a person if they are hit while traveling as a pedestrian and when they drive another person’s car (with the car owner’s permission).
- Rental car coverage – MetLife offers some extras for rental life coverage if there is an accident in a rental vehicle that may be charged by the rental company such as towing and storage, rental income lost, decreased market value of the vehicle, and other various expenses.
Some of the additional insurance options available include:
- GAP coverage – this covers any balance owed to a financing company following an accident due to vehicle depreciation. This coverage is usually required for leased vehicles and newer vehicles that are purchased with a low down payment.
- Roadside assistance – this covers the cost of towing expenses or other expenses resulting from a vehicle breakdown.
- Legal coverage – this covers the cost of legal fees for drivers who are sued including reimbursement for lost wages.
- Rental coverage – this will cover the cost of rental vehicles for car owners who need a rental while their vehicle is being repaired.
Customer reviews of MetLife auto insurance online include some negative experiences with claims processing, delays when trying to reach customer service for quotes or claims, increased rates without notice, delays with processing paperwork, and other issues. MetLife received just 2 out of 5 power circles in J.D. Power’s 2013 claims satisfaction survey which suggests that some of the complaints may be accurate. Still, no company of MetLife’s size is without any complaints at all, and the complaints do not represent the majority of their customers, as there are still over 2.5 million active policy holders.
Insurance shoppers should take into consideration that MetLife Auto and Home has a less than average customer satisfaction rating from J.D. Power. However, a company of MetLife’s size and financial stability might be a good choice for insurance seekers who manage to get an affordable quote. Some features like the GrandProtect package and other discounts might be worth it for those with complex insurance needs, or for current MetLife customers who can save money by combining policies. To get rates now from MetLife and other providers just enter your zip code on this page.
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|Market Share||Ranked 14th|
|AM Best Score||A|
|JD Power Rating||2 out of 5|
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