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

Quick Facts

• In general, Depositors offers significantly cheaper rates than Metlife
• Depositors offers more affordable premiums for drivers with a DUI
• Metlife may help you save more money -- they offer more discounts than Depositors Insurance Company

Depositors or 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 big savings, you're probably wondering exactly how much you might be able to save.

You might have narrowed your search down to Depositors or Metlife as potential options, but which one has more affordable prices for insurance?

Looking at the national average rates for both carriers, Depositors has average rates that are around 55% a month less expensive than those from Metlife.

But Depositors may not be the cheapest or best option for each driver out there. Auto insurance companies vary their premiums depending on things like how old you are, where you live, how good your credit score is, how clean your driving record is, and all sorts of other factors, so rates will differ quite a bit from person to person.

Wanting to know if Depositors or Metlife is really the right carrier for you? Keep on reading to see how average prices can change based on all of the factors we've mentioned above.

Depositors vs. Metlife: Average Car Insurance Rates by State

Depositors and Metlife compete against each other in four states, with Depositors offering more affordable rates to the average driver in all of them. Montana has the most noticable difference, where Depositors premiums are $246 cheaper than insurance rates at Metlife.

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

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- normally pay a lot for insurance compared to older drivers. That's because teen drivers are statistically much more likely to get into an accident that results in an insurance claim, making them much riskier to insure.

But still, even with seemingly sky-high prices, teen drivers can still find ways to save money. Just look at the table above -- where 18-year-old drivers who have Depositors for their auto insurance pay over 70% less than those who use Metlife.

However, both companies will lower premiums by the time drivers turn 25. Metlife offers the steepest drop, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, Depositors still has the lowest rates at $132 monthly.

Which is the Best Company for Retired Drivers?

Once you approach retirement age, you'll usually enjoy the most affordable car insurance prices you can find. You've been on the road for years, and all that experience pays off when it comes to your monthly rates for insurance.

So, which company offers the best prices to retired drivers? Depositors gets the edge, with premiums for drivers 65 and older more than 45% less expensive than the national average for Metlife.

Which is the Best Company for Married Drivers?

You may not be aware, but car insurance prices tend to be cheaper for married drivers than they are for single policyholders. That's because policies for married policyholders generally cover multiple vehicles, which quite a few carriers will give you a discount for.

For single drivers, the difference in average premiums between these two companies is significant, with Depositors rates coming in at about a third of Metlife's. For married couples, the advantage is clear again - Depositors has the edge when it comes to average prices.

Depositors or Metlife: Average Rates by Gender

Men are statistically more likely than women to get into a collision or get pulled over for speeding. That means when it comes to auto insurance men will typically end up paying a little more.

On average, men see premiums around 6% per month higher with Depositors, and almost 10% with Metlife.

Looking at overall affordability, Depositors comes out as the cheapest option for both genders. On average, women save about $183 a month and men save about $202 with Depositors compared to the average Metlife policyholder.

Depositors vs. 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, insurance isn't the easiest topic to understand. There are a bunch of different coverages that account for lots of different things. Some protect you and your car, while others only provide coverage for other people's property and health if you cause an accident.

That being said, the most common policies that drivers look at fall into two categories -- liability coverage (which provides bodily injury and property damage coverage for other drivers and their passengers if you cause a collision) and full coverage (which generally refers to having collision and comprehensive coverages in addition to liability coverage).

Looking specifically at state minimum limits for liability insurance, Depositors has the significant edge, with average monthly rates coming in at $84. If you want a full coverage policy with the same state minimum limits, Depositors again has the edge, with policies averaging around $211 per month to Metlife's $466.

Is Depositors or Metlife Better for Drivers with Spotty Records?

It's no secret -- drivers with good records end up getting the best deals on their car insurance. But that's not to say you can't save money if you don't have the best driving record, either.

You'll probably end up paying more with speeding tickets and at-fault collisions on your record, but which of these two carriers offers the lowest prices to drivers with spotty records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Depositors for their auto insurance can usually expect their monthly bill to go up about 18% after getting a speeding ticket. Metlife policyholders can expect a bit more drastic of an increase of around 21%.

Even so, Depositors tends to offer the best prices for both drivers who have clean records and those with a recent ticket -- their rates are around 52% more affordable for drivers with clean records and 53% cheaper for those with a ticket.

Which Company is Best for Drivers After an Accident?

Depositors drivers who get in an accident can expect to see their rates increase by over $50, while those who have insurance through Metlife will see about a $150 increase.

At the end of the day, Depositors offers the most affordable premiums for drivers with an at-fault collision on their records, with average prices coming in at $157 compared to MetLife's $368.

Which Company is Best for Drivers with a DUI?

If you get a DUI charge on your record, it's probably going to cost you more than a simple speeding ticket or even a collision. On average, Metlife will climb your rates around 55% after a DUI, while Depositors's average premiums climb by more than 45%.

How does Credit Score Impact Depositors and Metlife Rates?

Did you know many insurance companies take your credit score into account when determining prices? Certain states and carriers do not allow for credit score to be used as an auto insurance factor, but it will come into play for many policyholders.

The reasoning auto insurance companies use is that drivers with good credit will be more likely to pay their bills on time; so they'll reward them with cheaper premiums, while those with poor credit will typically be forced to pay more.

Looking specifically at Metlife and Depositors, which carrier has the lowest rates for policyholders at different credit levels?

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

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

How much you drive can have a substantial impact on your monthly prices. Normally, the more milage you put on your car, the more you can expect to pay for car insurance.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Depositors charges. However, there's a small difference in monthly rates for Metlife, with policyholders who drive the least paying about $3 less every month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Depositors is the more affordable carrier.

Depositors or Metlife: Compare Rates for Urban, Suburban, and Rural Drivers

We've already mentioned how your home state can play a role in how much you pay for insurance, but the type of area you live in can have a pretty big impact as well. Usually, if you live in a rural area with fewer cars on the road, you'll pay a little less for car insurance, while the opposite is true for people in urban areas.

Depositors boasts the cheapest average premiums for drivers in all areas, regardless of if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Depositors's average prices are around $174 while Metlife offers premiums about $389. People in suburban areas pay around $139 with Depositors compared to Metlife's $333 a month. Those in rural areas can expect to pay about $130 per month with Depositors and $299 with Metlife.

Depositors vs. Metlife Discounts

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

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

Luckily, we did the hard work for you and broke down all of the different discounts offered by both Depositors and Metlife so that you can easily see which company offers the most discounts and, therefore, the largest savings.

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

A couple of those are overlapping for things like distant student discounts, employee discounts, discounts for being a good driver, and discounts for being a homeowner. Metlife also offers discounts for AAA, ABS, academic, and more.

On the other hand, Depositors has a few proprietary discounts of their own for things like advance quote discounts, COVID-19 relief discount, intra-agency transfer discounts, and more.

Final Thoughts: Is Depositors or Metlife Best for You?

So, we've broken down the average rates for many of the factors insurance carriers look at, and we've shown you all the discounts each carrier offers. That's all well and good, but at the end of the day, which company is the best fit for you?

Depositors might be best for you if....

• You will be the only person on the auto insurance policy.
• Your credit score is high.
• You don't spend much time in your car.

Metlife might be best for you if...

• You value the experience that comes with a large national car insurance carrier.
• You're looking for the company with the most discounts.

Hopefully, this guide helps you get a better idea of the difference between Depositors and Metlife. We also hope we've given you the information you need to make the best decision when it comes to your insurance.

But, at the end of the day, there's only one way to know for sure that you're getting the best possible deal on car insurance -- comparing quotes from a handful of companies, not just Depositors and Metlife. Luckily, sites like Compare.com make it easy for you to do just that. Just enter your ZIP code below and get free quotes from dozens of the top auto insurance carriers in your area, all in just a few minutes.

Depositors vs. Metlife FAQs

Is Depositors or Metlife cheaper?

Depositors is the less expensive of the two companies when looking at national average prices, with policies averaging $148 a month with Depositors and $340 for Metlife. But that doesn't mean Depositors will be the most affordable carrier for each policyholder, since there are several different variables (things like driving record, age, gender, etc.) that play a role in how much you pay.

Who is better, Depositors or Metlife?

Unfortunately, the answer truly is "it depends.". Neither company is necessarily "better" for everyone -- it all comes down to what your unique car insurance profile looks like.

Why do Depositors and Metlife offer me different rates?

Auto insurance carriers use several different factors when calculating the rates they charge. Variables like gender, where your home is, age, your driving record, and sometimes even things like your credit score can all be used. Both Depositors and Metlife calculate premiums using different formulas, so it's likely they'll offer different rates. The best way to determine which carrier is the cheapest for you is by comparing personalized quotes from a variety of different companies.

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

The only way to find the insurance company that's right for you is by getting quotes from several carriers and finding the one best suited for your individual budget. Luckily, Compare.com does all the hard work for you. Just enter your area information and you'll get quotes from dozens of your local top auto insurance companies for free. That way, you can guarantee you're getting the lowest rate. And maybe you'll find that the best carrier for you isn't Depositors or Metlife at all, but another you hadn't even thought of!

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.