A large global insurer named MetLife was founded in 1868. Based on revenue, the insurance company is number 43 in the Fortune 500 as of 2018. They dedicate themselves to providing a solid financial status for their customers.
MetLife dedicates itself towards financial stability for less fortunate communities. They offer grants to help households produce savings and stability. To save their own financial stability, they accept volunteers to reach out to these communities. Overall, MetLife offers a customer-first business practice that prioritizes their financial stability.
Different Types of Coverage at MetLife
MetLife offers uninterrupted coverage after changing employment. They give car replacements for new vehicles under 15,000 miles.
Some of the discounts they offer include deductible savings and usage-based insurance. Customers get up to 30% off for safe driving habits. It is as simple as installing their My Journey program in the customer’s vehicle. Filing no claims gets customers a lower deductible of $50 on a per-year basis.
MetLife’s car insurance information is easily accessible. Their website is informative and easy to navigate. Once a customer is ready to buy, they ask for a quote online. To make it even easier, they also have a mobile app.
Personal Excess Liability
MetLife offers general liability coverage. To give their customers more coverage, the insurance company gives customers the option to purchase personal excess liability. Much like umbrella insurance, personal excess liability protects customers in the event of overt liability cases. This includes lawsuits, medical bills, and lost wages.
Personal excess liability has some minimum requirements. Customers need a minimum amount of liability coverage. This coverage is also not car-specific, so renters insurance and other types of coverage are required.
MetLife gives customers one of the highest umbrella coverages. They insure up to $9 million in damages. Some personal excess policies have a premium as low as $200. The ratio gap is extraordinary, and MetLife’s dedication towards financial stability is proven with that offer.
J.D. Power Review
When shopping for insurance, J.D. Power states that customers find the experience average to below average. MetLife’s call center and website are lacking. Due to their global status, MetLife’s stretched responsibilities might make customer experiences vary.
A below average website and call center reduce MetLife’s chances at getting new customers. This is reinforced by MetLife’s local agents feeling unsatisfied and unmotivated. Local agents find MetLife’s commissions and call center support to be below average.
A local agent’s dissatisfaction with MetLife translates to customers. The lack of customer service in the call center and website makes receiving insurance hard for customers. An unsatisfied local agent makes the process even more difficult for the customers. MetLife lacks in all of these areas.
A.M. Best Review
MetLife received an A for excellent financial stability from A.M. Best. Their credit report found MetLife to be financially stable. The review company considers their finances to be predictable. Compared to other competitors, it sees MetLife’s assets to be below average.
Currently, MetLife works on fixing its financial weaknesses. It is nowhere near failing as a company. Its risk management team could use some improvement, which the insurance company is repairing. There is little concern for the financial stability of MetLife, but it needs improvement for longevity.
WalletHub recommends more experienced drivers to purchase MetLife coverage. Younger drivers seem to have to front more money for higher premiums. The insurance company’s protection for legal cases and parts replacement outshines competitors. Long-term safe driving lets customers receive a discount of up to 20%.
As for customers, most find MetLife’s customer service to be negligent. Communication is lacking, and their call center tries to cut corners. When customers complain to the call center, their complaints are hardly heard.
Some customers appreciate a lack of a deductible for minor damages. Others enjoy the savings and discounts at the cost of good customer service.
Clearsurance Customer Reviews
Clearsurance collects quite a few average to below average reviews for MetLife. Average to below average reviews make up around 17%. Most of the bad reviews revolve around MetLife’s customer service.
When a claim is made, repairs are hit or miss. Higher reviews enjoy MetLife’s lower policies, and they most likely received a quick repair. Most claims raise a customer’s premium. Premiums are even at risk if the customer was not found to be at fault. Some average reviews even claim that MetLife skipped out on their accident forgiveness.
In Summary: The Pros & Cons
- Cheaper premiums
- Nationwide coverage
- Offers savings and discounts
- Below average customer service
- Unmotivated local claims agents
- Sky-high premiums after a claim or accident