Geico is the second largest car insurer in the country, with 13.54% of the total market share. The company is owned by global holding company Berkshire Hathaway and is headquartered in Chevy Chase, Maryland. Geico was founded in 1936 and currently insures over 28 million vehicles across the United States.
MetLife was founded in 1868 and is based in New York. In 2021, MetLife’s auto and home insurance division was acquired by Farmers, and MetLife is no longer underwriting new home or auto policies. MetLife sells a handful of insurance products, but it’s best known for its comprehensive life insurance offerings.
Geico vs. MetLife: Auto Insurance Rate Comparison
Comparing car insurance companies, or companies offering home or life insurance, third-party ratings and company average rates can help provide a basis for comparison. In the table below, both companies have outstanding AM Best financial strength ratings and strong customer satisfaction ratings from JD Power. Although MetLife doesn’t offer new auto or home policies, it has a long history with life insurance, which puts it above average for JD Power’s customer service, as noted below.
Existing home or auto policyholders with MetLife who are considering a switch may find it helpful to see how companies like Geico compare. This home and auto supplier receives a high discount rate score, which takes into account average rates in addition to the annual premiums quoted by Quadrant Information Services. Whether you’re looking for home, auto, or life insurance, these metrics can be helpful in comparing your existing policy against other available options.
| car insurance company | Discount rate score | AM Best | J.D. 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 with Geico, the company will look at your credit score to calculate your personalized premium in most cases. The only states in which car insurance companies are not 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 have factored credit into 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 have.
Rates according to age
Age is an important contributing factor influencing the average car insurance price, except in Hawaii. Like most insurance companies, Geico will ask you for your age when purchasing a new car insurance policy. For existing MetLife policyholders, age may have been factored in with a home or auto policy, so comparing quotes from new providers will help you see if it’s best to stay with your existing provider or switch to another. . As rates are generally higher the younger and less experienced you are, age is a factor to consider when renewing your policy. no two providers 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. In general, the older you are, the more you will pay for life insurance. This is because as people age they tend to develop more health problems and have a shorter life expectancy, which helps to increase the likelihood of compensation.
Geico vs. MetLife Insurance Products
In April 2021, farmers completed its acquisition of the P&C business of MetLife. Prior to the merger, MetLife underwrote its own auto and home insurance policies. About 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 underwrite new life insurance policies. Besides life insurance, you can still purchase 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, on the other hand, sells over a dozen insurance policies, in addition to home and auto. Most Geico 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
- MTB insurance
- RV Insurance
- Boat/watercraft insurance
- Collector car insurance
- Commercial auto insurance
- auto insurance mexico
- Tenant insurance
- Condominium insurance
- Mobile home insurance
- Owner’s insurance
- Flood insurance
- Umbrella insurance
- Life insurance
- Travel insurance
- Insurance abroad
- Identity protection insurance
- Jewelery insurance
Geico vs. MetLife: Online and Mobile Experience Comparison
Based on our comparison between MetLife and Geico, we found that Geico had 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 policies, while MetLife does not support online quotes for any of its current policy offerings.
Both Geico and MetLife offer a mobile app. However, Geico’s app has much better ratings from Android and iOS users. Here are the MetLife vs Geico mobile app reviews and features:
Geico
- App Store (4.8 stars) – iPhone users can use Geico’s free iOS app to file claims, make payment, contact roadside assistance, upload ID cards and get vehicle maintenance reminders. Overall, reviews of 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 that are included with the iOS app. This app is also highly rated, but some negative reviews indicate login and payment issues in the app.
MetLife
- App Store (4.1 stars) — MetLife’s iOS app doesn’t have the best ratings. There are hundreds of negative reviews citing connection and payment issues. Also, some customers claim that the app has very slow loading 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 app’s functionality and said it rarely updates and is unable to process payments.
Frequently Asked Questions
What is the best car insurance company?
The best car insurance company is different for each driver. It depends on factors such as the type of cover you need, the discounts you qualify for and your budget. Based on this comparison, Geico receives high scores from Bankrate and other third-party agencies for its auto insurance offerings. To see how Farmers (which acquired MetLife) compares, check out our review of Geico against farmers.
Can I purchase a new car insurance policy from MetLife?
Following the merger of MetLife with Farmers, the company no longer underwrites or sells new auto insurance policies. If you have an existing MetLife auto policy, you’ll now work with Farmers to manage your coverage, make payments and file claims.
How much car insurance do I need?
Every 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 your liability policy limits or purchase a full coverage policy for more financial protection, or if your lender requires it due to a financed vehicle.
How can I save money on car insurance?
Most car insurers offer discounts that can help you get a lower premium. While discounts are unique to each company, some of the most common include policy bundle discounts, good student discounts, safe driver discounts, full payment 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, D.C. Rates shown are based on a 40-year-old male and female with a clean driving record , good credit and the following complete coverage limits:
- Civil liability of $100,000 in bodily injury per person
- Civil liability of $300,000 in bodily injury per accident
- Civil liability of $50,000 in property damage per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 aggregate deductible
To determine minimum coverage limits, Bankrate has used minimum coverages that meet each state’s requirements. Our basic profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles a year.
These are sampling rates and should only be used for comparison purposes.
Credit: 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 into account your official credit ratings, but are not solely dependent on this variable. The following states do not allow credit as a factor in determining auto insurance rates: California, Hawaii, Massachusetts, Michigan, Washington.
Age: Rates were calculated by evaluating our base profile with ages 18-60 (base: 40) applied. Rates for 16-year-olds were factored in as the extra cost of their parents’ policy; Rates for 18 year olds were calculated as drivers renting their primary residence. Hawaii’s rates indicate that age is not a contributing factor.
