Geico vs MetLife

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Geico is the second largest car insurance carrier 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 more than 28 million vehicles across the United States.

MetLife was founded in 1868 and is based in New York City. In 2021, MetLife’s car 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 is best known for its comprehensive life insurance offerings.

Geico vs MetLife: car insurance rates comparison

When comparing car insurance carriers, or companies offering home or life insurance, the companies’ third-party ratings and average rates can help provide a basis of comparison. In the table below, both companies have exceptional AM Best financial strength ratings and strong J.D. Power customer satisfaction ratings. While MetLife doesn’t offer new auto or home policies, it does have a longstanding history with life insurance, which lands it above average for customer service by J.D. Power, reflected below.

Existing home or auto policyholders with MetLife who are considering a switch may find it helpful to see how companies like Geico stack up. This home and auto provider receives a strong Bankrate Score, which takes into account average rates in addition to quoted annual premiums from Quadrant Information Services. Whether you are looking for home, auto or life insurance, these metrics can be useful for your comparison of your existing policy versus alternative options available.

Car insurance company Bankrate Score AM Best J.D. Power Average annual premium for minimum coverage Average annual premium for full coverage
Geico 4.6 A++ (Superior) 871/1,000 $433 $1,405
MetLife 3.6 A+ (Superior) 773/1,000* N/A N/A

Rates by credit score

When you apply for a car insurance policy from 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 have also factored credit into your premium. However, if you get life insurance through MetLife, your credit score will not be used to determine your rate. Life insurance premiums are based on criteria like your age, overall health, gender and the type of policy you purchase.

Rates by age

Age is a significant contributing factor that impacts the average cost of car insurance, except in Hawaii. Like most insurance companies, Geico will ask for your age when underwriting a new auto insurance policy. For existing MetLife policyholders, age may have been accounted for 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 another. As rates are generally higher the younger and less-experienced you are, age is one factor to consider when your policy is up for renewal; no two providers will offer the same rates, even with age taken into account.

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

Geico vs MetLife insurance products

In April 2021, Farmers finalized its acquisition of MetLife’s property and casualty business. Prior to the merger, MetLife underwrote its own auto and home insurance policies. Roughly 2.4 million policies were transferred from MetLife to Farmers following the merger.

MetLife is no longer directly offering new auto or home insurance policies, but it will continue selling and underwriting new life insurance policies. Other than 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 indemnity insurance
  • Small business insurance

Geico, on the other hand, sells more than a dozen insurance policies, in addition to home and auto. Most of Geico’s policies are underwritten in-house, 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
  • ATV insurance
  • RV insurance
  • Boat/PWC insurance
  • Collector auto insurance
  • Commercial auto insurance
  • Mexico auto insurance
  • Renters insurance
  • Condo insurance
  • Mobile home insurance
  • Landlord insurance
  • Flood insurance
  • Umbrella insurance
  • Life insurance
  • Travel insurance
  • Overseas insurance
  • Identity protection insurance
  • Jewelry insurance

Geico vs MetLife: online and mobile experience comparison

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 policies, whereas MetLife does not support online quotes for any of its current policy offerings.

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

Geico

  • App Store (4.8 stars) — iPhone users can use Geico’s free iOS app to file claims, make a payment, contact roadside assistance, download ID cards and get vehicle maintenance reminders. Overall, the reviews for this app are positive, and customers appreciate the app’s ease-of-use and regular updates.
  • 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 issues signing in and making in-app payments.

MetLife

  • App Store (4.1 stars) — MetLife’s iOS app does not have the best ratings. There are hundreds of negative reviews citing issues signing in and making payments. Additionally, 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 app functionality and indicate it is rarely updated and is unable to process payments.

Frequently asked questions

What is the best car insurance company?

The best car insurance company is different for every driver. It depends on factors like what type of coverage you need, what 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 (who acquired MetLife) compares, check out our review of Geico vs Farmers.

Can I purchase a new car insurance policy from MetLife?

Following MetLife’s merger with Farmers, the company is no longer underwriting or selling new car insurance policies. If you have an existing MetLife auto policy, you will 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 carry at least the minimum amount of required coverage in your state. You can choose to raise your liability policy limits or purchase a full coverage policy for more financial protection, or if required by your lender due to having a financed vehicle.

How can I save money on car insurance?

Most car insurance providers offer discounts that can help you get a lower premium. While discounts are unique to each company, some of the most common ones include policy bundling discounts, good student discounts, safe driver discounts, pay in full discounts and multi-vehicle discounts.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

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

Credit: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base), and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining auto insurance rates: California, Hawaii, Massachusetts, Michigan, Washington.

Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. 16-year-old rates were factored as the added cost to their parents’ policy; 18-year-old rates were calculated as drivers who rent their primary residence. Hawaii rates indicate age is not a contributing factor.

Written by
Elizabeth Rivelli
Insurance Contributor
Elizabeth has two years of experience writing for insurance domains such as Bankrate.com, The Simple Dollar, Coverage.com and NextAdvisor, among others. In addition to auto insurance, Elizabeth regularly writes about home insurance, renters insurance and life insurance. She also covers industry trends and general insurance education.
Edited by
Insurance Editor