Bankers vs. Metlife: Which Company is the Best Fit for You?

Quick Facts

• Looking at the national averages for car insurance, Bankers offers significantly more affordable prices than Metlife
• Bankers has less expensive rates for residents of urban areas
• Metlife offers more discounts than Bankers Insurance

Bankers vs. Metlife: Which Company has the Cheapest Car Insurance?

Are you in the market for a new insurance policy? With so many ads from all sorts of companies offering large discounts, you're probably wondering exactly how much you might be able to save.

You might have narrowed it down to Bankers or Metlife as potential options, but which carrier will save you the most?

Looking at nationwide averages, Bankers is quite a bit cheaper than Metlife, with premiums averaging $171 per month compared to $340 with Metlife.

Even so, Bankers may not be the lowest or best option for each driver out there. Auto insurance companies use all sorts of complex algorithms to calculate prices, so depending on where you live or how good your credit score is (among multiple other factors), you could see wildly different rates from the ones above.

Luckily, we've broken down average premiums from both Bankers and Metlife by a range of different rate factors, so read on to find out which carrier is the best for you.

Bankers or Metlife: Average Car Insurance Rates by State

Bankers and Metlife only compete against each other in one states, with Metlife offering cheaper prices to the average driver in all of them. Massachusetts has the most noticable difference, where Metlife rates are more affordable than insurance prices at Bankers.

But there's more to car insurance than just where you call home. As we mentioned above, there's a lot of things that go into how auto insurance carriers determine your premiums. Continue reading to see how other factors will affect your rates.

Which is the Best Company For Young Drivers?

You might already know that teen drivers normally pay a lot more for insurance than any other group of drivers. That's because young, inexperienced drivers are statistically much more likely to get into an accident that results in an auto insurance claim, making them much riskier to insure.

However, that doesn't mean that teen drivers have to just accept sky-high car insurance rates. As you can see above, teens who use Bankers save more than $500 a month compared to those who use Metlife.

But with both companies, you'll see your prices drop significantly by the time drivers turn 25. For example, average rates for Bankers policyholders decrease nearly 55% and Metlife's premiums lower over 70% over that time.

Which is the Best Company for Retired Drivers?

Drivers around retirement age generally enjoy some of the most affordable auto insurance prices you'll ever find. After all, they've likely been driving for quite some time, which typically decreases their chances of accidents and other infractions that can increase premiums.

When looking at Bankers and Metlife specifically, which company is best for retired drivers? Bankers gets the edge, with rates for drivers 65 and older $73 less expensive than the national average for Metlife.

Which is the Best Company for Married Drivers?

Did you know that car insurance premiums are usually more expensive for those who are single than they are for married policyholders? That's generally because married drivers tend to own and insure multiple cars, which can often earn you a discount.

When it comes to relationship status, Bankers is the clear winner for single policyholders, with prices about $239 per month cheaper than Metlife, on average. For married couples, the advantage is clear again - Bankers has the edge when it comes to average rates.

Bankers vs. Metlife: Average Rates by Gender

Men are statistically more likely than women to get into an accident or get pulled over for speeding, which means they'll typically end up paying more for insurance than women.

Women usually pay more than $15 a month less than men with Bankers, and almost $30 cheaper with Metlife when compared to their male counterparts.

Looking at overall affordability, Bankers offers the cheapest average premiums for both men and women, with average prices 49% less for men and 50% cheaper for women.

Bankers or Metlife: Compare State Minimum vs. Full Coverage Rates

*State minimum value indicates liability-only policies at each state's minimum bodily injury and property damage (BI/PD) limits

**Full coverage indicates state minimum BI/PD limits with collision and comprehensive coverages added to policy.

For most people, auto insurance isn't the easiest topic to understand. There are so many different limits and terms that it can make it pretty confusing to find the right policy.

That being said, most policies end up falling into two different types of coverage -- liability only (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to what you get with a liability policy).

If you're looking for state minimum limits for liability insurance, Bankers normally offers significantly more affordable rates of $66 compared to Metlife's $215. When it comes to full coverage policies with similar limits, Bankers again has the edge, with policies around $200 per month less expensive than Metlife, on average.

Is Bankers or Metlife Better for Drivers with Spotty Records?

You've probably seen plenty of commercials from insurance carriers offering great premiums for good drivers, but that doesn't mean people with less-than-perfect driving records can't save money, too.

At-fault collisions and tickets will most likely raise your prices, but is Bankers or Metlife cheaper for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Bankers policyholders can expect their rates to go up an average of $20 a month if they get a ticket, while Metlife generally raises premiums about $59 per month, on average.

Even so, Bankers tends to offer the best prices for both drivers who have a recent speeding ticket and those with clean records, offering rates that are $99 and $138 more affordable, respectively, compared to MetLife.

Which Company is Best for Drivers After an Accident?

Both companies will raise prices pretty significantly if you get into an at-fault accident with Metlife raising by just under $150. Bankers has a less extreme rise, but you can still expect to pay $65 more than you were prior to your first collision.

Overall, drivers who use Bankers end up with the cheaper prices after an accident, with monthly premiums averaging $186 compared to MetLife's $368.

Which Company is Best for Drivers with a DUI?

On average, a DUI offense is going to cost you much more than a single accident or ticket when it comes to your car insurance bill. On average, Metlife will raise your prices around 55% after a DUI, while Bankers's average rates increase by just under 50%.

How does Credit Score Impact Bankers and Metlife Rates?

Did you know that many auto insurance carriers take your credit score into account when calculating premiums? This isn't always the case (for example, California and Massachusetts are two states that ban the practice entirely), but it will come into play for several drivers.

Insurance companies argue that those with poor credit scores are less likely to pay their bills on time each month, which increases the risk involved on their end, while the opposite is true for those with good credit.

So, which carrier offers the best prices for policyholders with good, average, or poor credit?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Bankers or Metlife Better for Drivers who Work from Home or Have Short Commutes?

Did you know that the amount of time you spend in your car have a pretty big impact on how much car insurance carriers will charge for coverage? Normally, those who drive fewer miles will end up with less expensive rates since there's less of a chance of getting into an accident and causing an insurance claim.

For both drivers who put 6,000 miles on their vehicles every year, as well as those who average twice that figure, Bankers tends to be the cheaper option. Bankers average premiums for drivers with 6,000 annual miles come in over $150 less expensive than Metlife. Those who drive 12,000 miles yearly can expect to pay more than $150 less with Bankers over Metlife.

Bankers vs. Metlife: Compare Rates for Urban, Suburban, and Rural Drivers

Where you live can play a large role in how much you pay for auto insurance. Usually, those who live in rural areas will pay less than drivers in urban areas because of the small number of vehicles that are on the roads in those areas.

Bankers boasts the most affordable average rates for drivers in all types of areas, no matter if they're urban, suburban, or rural.

Policyholders in rural ZIP codes see the cheapest premiums from both companies, but Bankers comes out on top with average prices about $114 a month. Bankers also has more affordable average rates for drivers in urban and suburban ZIP codes -- a 56% and 32% a month respective difference when compared to Metlife policyholders in similar areas.

Bankers vs. Metlife Discounts

You want to save as much money as possible, right? The best way to do that is by taking advantage of as many insurance discounts as you can.

But with what seems like a million different discounts out there, it can be difficult to nail down the carrier that has the most discounts for your unique driver profile and to find all the discounts you qualify for.

In the table below, we've compared all of the different discounts offered by Bankers and Metlife so that you can easily see which company offers the most discounts and see which ones you might be able to take advantage of.

Metlife knocks Bankers out of the park when it comes to the sheer number of discounts available, offering 36 different discounts to Bankers's 36.

A couple of those are overlapping for things like annual mileage discounts, discounts for being a defensive driver, distant student discounts, and discounts for being a good student. Metlife also offers AAA discounts, academic discounts, agency transfer discounts, and more that Bankers does not.

On the flip side, Bankers has a couple unique discounts of its own -- continuous insurance discounts, discounts for getting driver training, excess vehicle discounts, and more.

Final Thoughts: Is Bankers or Metlife Best for You?

So, you've seen how different variables can affect your car insurance premiums. We've shown you all the discounts each company offers, too. But, when it comes down to it, is Bankers or Metlife the best one for you and your specific driver profile?

Bankers might be best for you if....

• Your driving record contains an at-fault collision.
• Your neighborhood is in the suburbs.
• You have a short drive to work everyday.

Metlife might be best for you if...

• You're planning on moving to another state soon -- undefined is only available in.
• You're looking for discounts -- Metlife has the most.

We hope this guide has ben a valuable resource as you compare Bankers and Metlife and that you can now make a more informed decision when it comes to your auto insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your insurance policy is to compare quotes from multiple carriers, not just Bankers and Metlife. Luckily, sites like Compare.com do all the hard work for you. Just enter your ZIP code below and get multiple quotes from some of the best car insurance companies in your area, all for free.

Bankers vs. Metlife FAQs

Is Bankers or Metlife cheaper?

Looking just at the national average prices, Bankers is the cheaper of the two carriers, offering average rates of $171 per month compared to $340 for Metlife. That being said, Bankers won't necessarily be the lowest carrier for each driver, since there are a bunch of different factors (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Bankers or Metlife?

Sadly, the answer truly is "it depends.". One company is not necessarily "better" for everyone -- it all depends on the makeup of your unique auto insurance profile.

Why do Bankers and Metlife offer me different rates?

Insurance companies take a look at lots of different variables when determining the rates they charge drivers. Factors like age, where you call home, your driving record, gender, and sometimes even things like your credit score can all be taken into consideration. Both Bankers and Metlife calculate prices using different variables, so each one will most likely offer different premiums. The only real way to see which carrier is the most affordable for you is by comparing personalized quotes from several different carriers.

How do I know if Bankers or Metlife is right for me?

The only way to find the car insurance company that's right for you is by getting quotes from a handful of companies and finding the one best suited for your individual budget. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code and you'll get free quotes from dozens of the best insurance carriers in your area. With those, you can guarantee you're getting the best premium. And who knows, the best carrier for you might not be Bankers or Metlife at all!

Methodology

All of the data referenced in this article has been gathered in collaboration with Quadrant Information Services. We analyzed more than 2.5 million rows of carrier-reported data to calculate the average rates referenced above. All rates are based on an insurance profile of a single-vehicle policy for a driver that owns a 2016 Honda Accord. For more information on how we calculate rates, please reference our data methodology.