Geico vs. MetLife | The bank rate


Geico is the second largest auto insurer in the country, with 13.54% of the total market share. The company is owned by the global Berkshire Hathaway holding company and is headquartered in Chevy Chase, Maryland. Geico was founded in 1936 and currently insures over 28 million vehicles in the United States.

MetLife was founded in 1868 and is based in New York City. In 2021, MetLife’s auto and home insurance business was acquired by Farmers, and MetLife no longer writes new home or auto policies. MetLife sells a handful of insurance products, but it is best known for its comprehensive life insurance offerings.

Geico vs MetLife: Auto Insurance Price Comparison

When comparing auto insurance companies or companies offering home or life insurance, third party ratings and average company rates can help provide a basis for comparison. In the table below, both companies have outstanding AM Best financial strength ratings and high customer satisfaction ratings from JD Power. While MetLife does not offer new auto or home insurance policies, it has a long history with life insurance, which places it above average for JD Power customer service as shown below. below.

Existing home or auto policyholders with MetLife who are considering a switch may find it helpful to see how companies like Geico rank. This provider of homes and automobiles receives a strong Bankrate Score, which takes into account average rates in addition to the annual bonuses offered by Quadrant Information Services. Whether you are looking for home, auto, or life insurance, these metrics can be helpful in comparing your existing policy against the available alternative options.

Auto insurance company Discount rate AM Best JD Power Average annual premium for minimum coverage Average annual premium for full coverage
Geico 4.6 A ++ (Superior) 871/1000 $ 433 $ 1,405
MetLife 3.6 A + (Superior) 773/1000 * N / A N / A

Rates by credit score

When you apply for an auto insurance policy from Geico, the company will look at your credit score to calculate your personalized premium in most cases. The only states where auto insurance companies aren’t legally allowed to factor credit into your premium are California, Hawaii, Massachusetts, Michigan, and Washington.

MetLife no longer sells auto insurance, but existing policies may also include credit in your premium. However, if you purchase life insurance through MetLife, your credit score will not be used to determine your rate. Life insurance premiums are based on criteria such as your age, general health, gender, and the type of policy you purchase.

Rates by age

Age is a big factor that affects the average cost of auto insurance, except in Hawaii. Like most insurance companies, Geico will ask you for your age when purchasing a new auto insurance policy. For existing MetLife policyholders, age may have been taken into account with a home or auto policy, so comparing quotes from new providers will help you see if it’s better to stay with your existing provider or switch to a different one. . As the rates are generally higher the younger and less experienced you are, age is a factor to consider when your policy is due for renewal; no supplier will offer the same rates, even taking age into account.

MetLife will also consider your age when purchasing a new life insurance policy, but the impacts of age with life insurance are actually the reverse for home and auto. Generally speaking, the older you are, the more you will pay for life insurance. This is because as people get older they tend to develop more health problems and have a shorter lifespan, both of which contribute to a higher likelihood of compensation.

Geico vs MetLife insurance products

In April 2021, Farmers completed the acquisition of the P&C business of MetLife. Prior to the merger, MetLife had purchased its own auto and home insurance policies. Approximately 2.4 million policies were transferred from MetLife to Farmers as a result of the merger.

MetLife no longer directly offers new auto or home insurance policies, but will continue to sell and purchase new life insurance policies. Besides life insurance, you can still buy a few different policies through MetLife, including:

  • Vision insurance
  • Dental insurance
  • Accident insurance
  • Disability insurance
  • Cancer insurance
  • Critical illness insurance
  • Hospital insurance
  • Small business insurance

Geico, meanwhile, sells more than a dozen insurance policies, in addition to home and auto insurance. Most of Geico’s policies are underwritten internally, but some policies are provided by other insurance companies. For example, Geico sells pet insurance through Embrace Pet Insurance. Here are the policies available from Geico:

  • Motorcycle insurance
  • Mountain bike insurance
  • RV Insurance
  • Boat / watercraft insurance
  • Collector’s auto insurance
  • Commercial auto insurance
  • Auto insurance in Mexico
  • Tenant insurance
  • Condo insurance
  • Mobile home insurance
  • Owner insurance
  • Flood insurance
  • Umbrella insurance
  • Life insurance
  • Travel insurance
  • Insurance abroad
  • Identity protection insurance
  • Jewelry insurance

Geico vs MetLife: Comparison of Online and Mobile Experience

Based on our comparison of MetLife vs. Geico, we found that Geico has a slightly better online experience. The website is easier to navigate and more tools and resources are available for first-time insurance buyers. Additionally, Geico offers online quotes for most fonts, while MetLife does not support online quotes for any of its current policy offerings.

Geico and MetLife both offer a mobile application. However, Geico’s app has much higher ratings from Android and iOS users. Here are the reviews and capabilities of the MetLife vs Geico mobile apps:

Geico

  • App Store (4.8 stars) – iPhone users can use Geico’s free iOS app to file claims, make payment, contact roadside assistance, download ID cards, and get vehicle service reminders. Overall, the reviews for this app are positive and customers appreciate the ease of use and regular updates of the app.
  • Google Play (4.8 stars) – Geico’s Android app has all the same features as those included with the iOS app. This app is also highly rated, but some negative reviews point to issues with signing in and paying through the app.

MetLife

  • App Store (4.1 stars) – MetLife’s iOS app does not have the highest marks. There are hundreds of negative reviews citing connection and payment issues. Additionally, some customers claim that the app has very slow load speeds.
  • Google Play (3.9 stars) – The MetLife app for Android devices has lower ratings than the iOS app. Some customers have complained about the functionality of the app and say it is rarely updated and unable to process payments.

Frequently Asked Questions

What is the best auto insurance company?

The best auto insurance company is different for every driver. It depends on factors such as the type of coverage you need, the discounts you’re eligible for, and your budget. Based on this comparison, Geico receives high marks from Bankrate and other third-party agencies for its auto insurance offerings. To see how Farmers (who acquired MetLife) stacks up, check out our Geico vs Farmers review.

Can I buy a new auto insurance policy from MetLife?

As a result of MetLife’s merger with Farmers, the company no longer underwrites or sells new auto insurance policies. If you have an existing MetLife auto policy, you will now be working with farmers to manage your coverage, make payments, and file claims.

How Much Car Insurance Do I Need?

Each driver has different coverage needs. However, you must have at least the minimum amount of coverage required in your state. You can choose to increase the limits on your liability policy or purchase a full coverage policy for more financial protection, or if your lender requires it because of a financed vehicle.

How Can I Save Money on Auto Insurance?

Most auto insurance companies offer discounts that can help you get a lower premium. While the discounts are company-specific, some of the most common include discounts on policy bundles, discounts for good students, discounts for safe drivers, full discounts, and multi-vehicle discounts.

Methodology

Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates shown are based on a 40 year old male and female driver with a clean driving record, credit and the following comprehensive coverage limits:

  • $ 100,000 liability for bodily injury per person
  • $ 300,000 in civil liability for bodily injury per accident
  • Civil liability for property damage of $ 50,000 per accident
  • $ 100,000 in bodily injury caused by an uninsured motorist per person
  • $ 300,000 in uninsured bodily injury per accident to a motorist
  • $ 500 collision deductible
  • Global deductible of $ 500

To determine the minimum coverage limits, Bankrate used minimum coverage that meets the requirements of each state. Our basic profile drivers own a 2019 Toyota Camry, commute five days a week and cover 12,000 miles a year.

These are sample rates and should be used for comparison purposes only.

Credit: The rates have been calculated based on the following insurance credit levels assigned to our drivers: “poor, average, good (basic) and excellent”. Insurance credit levels take your official credit scores into account, but are not solely dependent on this variable. The following states do not allow credit to be a factor in determining auto insurance rates: California, Hawaii, Massachusetts, Michigan, Washington.

Age: The rates were calculated by evaluating our baseline profile with ages 18-60 (baseline: 40) applied. The 16-year-old rates were factored in as the additional cost of their parents’ policy; Rates for 18 year olds were calculated as drivers renting out their primary residence. Hawaii rates indicate that age is not a contributing factor.

About Mary Moser

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