MetLife Insurance – An Overview

MetLife, or Metropolitan Life Insurance Company, is one of the world’s largest insurance companies. Today, MetLife offers car insurance across the United States. In addition to car insurance, MetLife’s offers annuities, employee benefit programs, and other insurance products to 90 million customers in 60 countries. Since being founded in 1868, MetLife has grown to become one of America’s largest corporations, currently ranking number 43 on the Fortune 500 list. MetLife earned $62.3 billion of revenue in 2017 and employs 49,000 people worldwide.

MetLife Insurance History

metlife insurance reviewSince being founded in 1868, MetLife has grown to become one of the world’s largest providers of insurance, annuities, and employee benefit programs.  The New York City-headquartered company went public in 2000 (NYSE:MET).

Today, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe, and the Middle East. Of 90 companies on the Fortune 500 list, MetLife serves 90 of them.

In 2016, MetLife announced it was spinning off its retail business in the United States, including individual life insurance and annuities for the retail market. These divisions now exist in a separate company called Brighthouse Financial. Prior to spinning off these divisions, MetLife had been the largest life insurance company in the United States from 2004 to 2011.

Mergers, acquisitions, and spin-offs aside, MetLife continues to be one of America’s largest car insurance companies today.

MetLife Insurance Rankings

MetLife ranks average in most categories for customer service and claims satisfaction. It’s not the worst-ranked car insurance company in the United States, but it’s far from the best.

In 2018, for example, MetLife earned the following ratings from J.D. Power:

Insurance Shopping (Auto): About average

Auto Insurance Claims Satisfaction: About average

Home Insurance: Among the rest

Property Claims: About average

MetLife did, however, achieve a very strong rating from financial strength rating agency A.M. Best. The company earned an “A+” or “Superior” rating from A.M. Best in 2018, indicating that MetLife is in a good financial position to pay claims and cover its liabilities.

In terms of complaints, MetLife had about an average number of complaints to state regulators compared to similarly-sized car insurance companies. However, it had fewer than the average number of complaints for home and life insurance.

What Makes MetLife Insurance Unique?

Some of the features that make MetLife unique include:

MetLife Mobile App: MetLife has a mobile app that lets you submit car accident claims, view auto and home insurance policy summaries, pay auto and home insurance bills, and more.

My Journey Telematics App: MetLife has a telematics driver tracking system called My Journey. You install the app, then receive customized usage-based car insurance. The app gives you a driving score for each trip, including factors like mileage, speeding, hard braking, and distracted driving using your phone.

Multiple Insurance Policies: MetLife offers home, auto, and dental insurance to policyholders, making it possible to bundle multiple insurance policies under a single umbrella.

Is MetLife a Good Insurance Company? Our Review

MetLife is one of the largest companies in the United States. Today, MetLife offers car insurance across the country. Generally, MetLife scores average rankings for customer service and claims satisfaction. However, pricing is competitive in most states and across most demographics, and some policyholders can take advantage of discounts to save even more money.

Whether MetLife shines is in its financial strength and customized auto insurance programs. MetLife offers usage-based insurance and a range of car insurance discounts, making it easy for policyholders to qualify for cheaper car insurance premiums if they qualify for the right discounts. Bundling options are also available for those who need home or dental insurance. Plus, with the highest possible financial strength rating from A.M. Best, MetLife can easily cover its claims and liabilities. During the 2008 financial crisis, MetLife was also considered one of the companies in the United States that’s “too big to fail” in the event of financial collapse.

Overall, MetLife is an average car insurance provider in most categories. However, if you have had a good experience with MetLife’s employee benefits programs or life insurance, and you want to bring all your policies under one roof, then MetLife may be the right choice.

MetLife Auto Insurance Policies and Products

MetLife offers a standard range of car insurance options. Some of the policies that make MetLife car insurance unique, however, include all of the following:

Usage-Based Insurance: My Journey is an app that tracks your driving behavior and gives you customized, usage-based insurance rates based on that behavior. It’s only available in 10 states right now but should continue to expand moving forward.

Good Driving Discounts: MetLife offers surprisingly powerful good driving discounts. If all drivers in a household have perfect driving records, you can save up to 12% on your premiums. If all drivers have a clean record for five years, your premiums will drop by 20%. Discounts vary by state.

New Car Replacement: MetLife offers new car replacement if you total your car within the first 15,000 miles or one year of purchase.

Special Parts Replacement: MetLife has special parts replacement, allowing you to replace major parts like tires and brakes after an accident regardless of their level of wear and tear – something that isn’t typically offered by a car insurance company.

Deductible Savings: You can save $50 on your deductible every year you go without making a claim, up to $250.

Final Word

MetLife is an average car insurance company in terms of customer service and claims satisfaction. However, they may offer the right blend of features and price to customers in certain states, depending on your unique needs. Consider requesting a quote online from MetLife today.

MetLife Company Facts

Parent Company:
Metropolitan Life Insurance Company

Subsidiaries:
MetLife Securities, Inc.
New England Securities Corporation
MetLife
General American Life Insurance Company
General American Life
GenAmerica Financial

Lines of Insurance:
Vehicle Coverage: Auto, Motorcycle, RV
Other Coverage: Long Term Care, Life, Personal Disability, Homeowners

Coverage Options:

Licensed to sell insurance in:
AL, AZ, AR, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, ND, OH, OK, OR, PA, PR, RI, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

A.M. Best Company Rating: A+
(Rating Explained)

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