Is MetLife going out of business?
No. MetLife sold its home and auto business to Farmers as of April 7, 2021. The acquisition doesn't affect MetLife's other insurance options, including life, health and pet insurance.
MetLife has promised that if you have a current MetLife auto or home policy, your coverage and premiums will stay the same, but your policy will be issued through Farmers or its subsidiary Foremost. When your policy is up for renewal, watch for possible changes to your rate, discounts or coverage. There's one exception: MetLife's MyDirect program has been discontinued and won't be moved to Farmers, so MyDirect members will have to contact MetLife directly for next steps.
For the moment, you can still get a quote, contact support, make a payment, manage your account or file a claim through MetLife's website or an agent. Current policyholders should expect to receive updates on the acquisition and new policy documents in the mail over the next few months.
Like MetLife, Farmers is known for offering solid coverage at reasonable rates. However, you may get better support as a Farmers customer, since MetLife scores slightly worse on customer service ratings. Our experts waited on hold for over an hour to speak to MetLife support and received few helpful details about the acquisition.
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MetLife auto insurance review
For any coverage level, MetLife has rates that are slightly more expensive than average. While its drivers aren't exempt from the surcharge that accompanies an accident, MetLife isn't the most expensive option for drivers who have been in a crash. Despite MetLife's few discounts, car and home customers who qualify for an employer or affinity discount could reduce their rates significantly.
The customer service MetLife provides is mixed: Its car insurance service is below average, while its home insurance service is somewhat more highly regarded. In both cases, shoppers who prioritize high-quality customer service when looking for coverage will likely be more satisfied with other providers.
MetLife car insurance features and coverages
Aside from offering bodily injury and property damage liability, uninsured motorist and other forms of coverage that are required by nearly every state, MetLife has a few special features that are hard to find elsewhere — as well as a few common upgrades that are nonetheless useful ways for most drivers to maximize coverage.
Drivers can add the following protections their MetLife Insurance policies for an extra cost:
Replacement cost coverage for major parts replaces damages to the insured vehicle's tires, brakes and batteries without factoring in the car's depreciation.
New car replacement pays the entire replacement cost of the insured vehicle without factoring in depreciation, provided the car is younger than one year old or has driven fewer than 15,000 miles.
Custom sound equipment coverage protects any aftermarket sound systems that have been added to the insured car.
Glass repairs without deductible waives the deductible for replacing a damaged window or windshield.
Gap coverage pays the difference between what's owed on the insured car's lease or loan and its current value after it's totaled.
Rental car insurance provides supplemental protection against damages that are incurred while driving a rental car.
Rental car reimbursement coverage pays for the cost of a rental car while the insured car is being repaired after an accident, up to the selected limit.
Auto insurance discounts from MetLife
Policyholders could get substantial discounts by being part of MetLife's network of affiliated organizations and workplaces.
MetLife offers affinity discounts to hundreds of different organizations nationwide. Shoppers could get discounts of more than 30% for being associated with private and public employers of all sizes, labor unions, credit unions and more.
Even drivers who don't qualify for the insurer's affinity discounts could save money with Metlife Insurance. Shoppers may qualify for reduced rates by:
- Electing to make automatic payments each month
- Completing a defensive driving course
- Bundling MetLife's car insurance with a home or life policy
- Maintaining a high grade point average
- Continuing to be claim-free for five years
- Owning a vehicle with anti-theft or safety devices
- Signing up for MetLife's MyJourney® and receiving a high driving score
- Being an older driver
MetLife also allows drivers who don't make a claim for consecutive years to receive a $50 credit toward a future deductible payment. This perk can lower the cost of a deductible by as much as $250.
For drivers who prefer to take care of their car insurance needs entirely online, MetLife MyDirect may be an attractive option. In exchange for agreeing to do everything online, including paying your bills and making claims, MyDirect customers will pay a lower rate than drivers covered by a standard MetLife auto insurance policy.
However, user reviews suggest consumers have difficulty using MyDirect. Customers indicated frustration regarding the stability and ease of use of the MyDirect site and difficulty getting support from a MyDirect representative when they needed it. The service has low marks on both Apple and Android devices.
Number of stars out of five
Metlife car insurance quote comparison
We compared rates offered by MetLife and a few of its competitors for minimum and full coverage car insurance. Most drivers looking for any level of coverage could find competitive auto insurance quotes with MetLife, though we found they're usually slightly more expensive than average.
Additionally, for drivers with one accident, MetLife was more expensive than many of its competitors. In spite of this, the insurer's high quotes didn't make it an unrealistic option for most drivers. Rather, even for those who don't qualify for discounts, MetLife's rates are close enough to its competitors’ that certain drivers — like those looking to add specific coverage to their policies — may favor it.
The rates displayed are for minimum coverage car insurance
What does coverage from MetLife Insurance cost?
Full coverage with one accident
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MetLife vs. Geico
In our comparison, MetLife was more expensive than Geico for both full and minimum coverage car insurance. Moreover, Geico's rate increase after an accident was far more forgiving than MetLife's, which charged a six-month premium that was hundreds of dollars more expensive than Geico following one claim for bodily injury liability.
The coverage options and discounts available from MetLife are mostly comparable to those offered by Geico. Drivers looking specifically for MetLife's custom sound equipment coverage won't find a similar coverage at Geico. Additionally, those who can reduce their rates significantly with MetLife's affiliate discount will likely be drawn to the insurer. Otherwise, price will likely be the deciding factor for most drivers.
MetLife home and auto reviews and ratings
While its service isn't poor, few drivers would identify MetLife's customer service as a particular strength of the insurer.
Policyholders of MetLife Insurance have different assessments of the insurer's customer service, depending on whether they're auto or homeowners insurance customers. According to the National Association of Insurance Commissioners (NAIC), MetLife auto insurance receives more complaints than a median insurer, while its home insurance receives fewer. In any case, policyholders cited the surprise fees that they were charged by MetLife as the main reason for their dissatisfaction.
J.D. Power also rated MetLife's products differently. While MetLife's auto insurance service is about average compared to its competitors at the national level, the insurer's home product line ranked far below average. However, at the regional level, MetLife's auto insurance was rated consistently below many of its competitors.
MetLife's financial standing, meanwhile, is solid. The company received an "Excellent" rating from A.M. Best, meaning MetLife is very likely to be able to pay out claims made by its customers.
Number of complaints
J.D. Power score
|MetLife auto insurance||More than expected||Average|
|MetLife home insurance||Fewer than expected||Below average|
MetLife home insurance reviews
MetLife home insurance coverage
MetLife’s home insurance coverages are split into three different plans. Each level of protection combines a few endorsements and other perks. This means that homeowners can't purchase endorsements separately, as they would with MetLife auto insurance.
Homeowners can choose between the Standard, Platinum and GrandProtect plans. MetLife's standard plan includes coverage for one's dwelling, personal property, along with liability protection and reimbursement for loss of use expenses.
Comprehensive coverage from MetLife includes the following perks:
Replacement cost coverage covers damage to the insured structure and its contents after a loss, without consideration to monetary depreciation.
Water backup protection pays for the damage caused by a backed-up sump pump or drain, up to $10,000.
Valuables plus increases the protection afforded to high-value items, such as jewelry, precious metals and firearms.
Personal identity protection enrolls the policyholder into identity fraud monitoring services and provides professional support in the event of a breach.
Excess liability provides up to $1 million of liability protection to homeowners who face lawsuits.
MetLife home insurance discounts
There are fewer discounts offered to MetLife home insurance customers than to its auto policyholders. Applicants could reduce their rates by:
- Bundling an auto or life insurance policy with their home coverage
- Remaining claim-free for five consecutive years
- Equipping a home with safety and security features, like a sprinkler system or burglar alarm
- Owning a home that's less than 20 years old
Metlife home insurance quote comparison
In our comparison of MetLife's home insurance rates with those of its competitors, we found that the insurer's policies were in alignment with its largest competitors. However, given the few features that come with a standard MetLife home insurance policy, many policyholders may have to factor in the extra cost it takes to get the benefits that come with the insurer's Platinum or GrandProtect packages.
How does the cost of MetLife home insurance compare with other insurers?
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We gathered quotes for MetLife auto insurance for minimum and full coverage. We also checked how experiencing one accident would change the cost of coverage. We used the sample profile of a 30-year-old man who drove a 2015 Honda Civic EX to get the rate information for this review.
Likewise, we got the information for our home insurance rate comparison from New York. We obtained rates for the cost to insure a house built in 1961 that's worth $314,500 — the median value of a home in the Empire State. This sample home was 2,100 square feet in area.
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.