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

Quick Facts

• Based on national averages for insurance, Electric offers significantly less expensive premiums than Metlife
• Electric offers more affordable average rates for policyholders who live in the suburbs
• Metlife offers more discounts than Electric Insurance Company

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

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

You might have narrowed your search down to Electric or Metlife, but which company will save you the most?

Looking at the national average rates for both companies, Electric has average rates that are about 22% per month cheaper than those from Metlife.

But Electric may not be the most affordable or best option for every driver out there. After all, auto insurance carriers can offer drastically different rates to each driver depending on rating factors like your credit score, your driving record, where you call home, or even your age (among other things), so prices will differ quite a bit from person to person.

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

Electric or Metlife: Average Car Insurance Rates by State

Electric and Metlife compete against each other in six states, with Electric offering less expensive premiums to the average driver in all of them. Kentucky has the most noticable difference, where Electric rates are over 70% more affordable than insurance premiums at Metlife.

But there's more to car insurance than just your home state. As we mentioned above, there's a lot of things that go into how insurance companies calculate your prices. Continue reading to learn more about how other factors will affect your rates.

Which is the Best Company For Young Drivers?

Young drivers -- especially teens -- generally pay a lot for auto insurance compared to older drivers. It's normally because young, inexperienced drivers are statistically much more likely to get into accidents since they have less experience on the roads.

Even so, that doesn't mean that teen drivers have to just accept sky-high car insurance premiums. For example, 18-year-old drivers pay an average of more than $350 less a month by choosing Electric over Metlife.

That being said, both carriers will drop prices by the time you turn 25.

Which is the Best Company for Retired Drivers?

When it comes to insurance, patience and experience pay off, with drivers around retirement age paying some of the lowest rates you'll ever see.

But who has the best prices for retired drivers between Electric and Metlife? Electric gets the edge, with premiums for drivers 65 and older nearly 15% cheaper than the national average for Metlife.

Which is the Best Company for Married Drivers?

You may not be aware, but auto insurance rates tend to be more affordable for married policyholders than they are for single policyholders. That's because policies for married drivers usually cover more than one car, which quite a few companies will offer you a discount for.

When it comes to relationship status, Electric is the clear winner for single drivers, with prices around $121 per month cheaper than Metlife, on average. It's not quite so glaring for married couples, where drivers who use Electric save over $10 a month.

Electric vs. Metlife: Average Rates by Gender

Men are statistically more likely than women to get into collisions and get tickets, which means they'll typically end up paying more for car insurance than women.

Women generally pay about 7% per month less than men with Electric, and around 8% less with Metlife.

Looking at the data for each company specifically, Electric comes out as the cheapest option for both genders, with average premiums $78 less for men and $69 cheaper for women.

Electric 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.

Insurance can be a complicated subject for most people. Everyone needs car insurance, but there are so many different limits and terms that it can be hard to find the right policy.

The two most common policies that many drivers look at fall into two categories -- liability only (which provides property damage and bodily injury coverage for other drivers and passengers if you cause an accident) and full coverage (which includes two additional coverages -- comprehensive and collision -- in addition to what you get with liability coverage).

If you're looking for state minimum limits for liability insurance, Electric typically offers significantly less expensive rates of $150 compared to Metlife's $215. When it comes to full coverage policies with similar limits, Electric again has the edge, with policies about $85 a month more affordable than Metlife, on average.

Is Electric or Metlife Better for Drivers with Spotty Records?

It's no big secret that drivers who are accident-free get better deals on their auto insurance. But even if you have a spotty record, you can still find plenty of ways to save some cash on your monthly bill.

Tickets and accidents will most likely raise your premiums, but is Electric or Metlife cheaper for drivers with less-than-perfect records?

Which Company is Best for Drivers with Speeding Tickets?

Electric policyholders can expect their rates to go up an average of $29 per month if they get a ticket, while Metlife usually raises prices around $59 a month, on average.

However, Electric has less expensive premiums for drivers in both categories. Drivers with a clean record can save about $12 per month and drivers with a speeding ticket can save around $42 a month with Electric Insurance Company.

Which Company is Best for Drivers After an Accident?

Both carriers will increase rates pretty significantly if you get into an at-fault accident with Metlife climbing by just under $150. Electric has a less extreme rise, but you can still expect to pay nearly $30 more than you were prior to your first collision.

Overall, Electric offers the most affordable prices for drivers with an at-fault accident on their records, with monthly premiums averaging $236 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 ticket or even a collision. On average, Metlife will raise your prices about 55% after a DUI, while Electric's average rates climb by over 45%.

How does Credit Score Impact Electric and Metlife Rates?

You may not have known, but your credit score can be used as one of the variables to determine your monthly insurance prices. This isn't always the case (Massachusetts, for example, has banned the use of credit score as a rating factor) but it might come into play for a lot of drivers.

Auto insurance companies argue that those with good credit scores are more likely to pay their bills on time every month, which reduces the risk involved on their end, while the opposite is true for those with bad credit.

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

Which Company is Best for Drivers with Good Credit?

Which Company is Best for Drivers with Bad Credit?

Is Electric 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 rates. Normally, the more miles you put on your vehicle, the more you can expect to pay for coverage.

For both drivers who put 6,000 miles on their vehicles each year, as well as those who average twice that figure, Electric offers more affordable prices than Metlife. Metlife's average premiums for drivers with 6,000 annual miles come in more than 25% more expensive than Electric. Those who drive 12,000 miles yearly can expect to pay over 15% more with Metlife over Electric.

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

Where you live can play a sizable role in how much you pay for car insurance. Generally, drivers who live in heavily-populated urban areas will pay quite a bit more than rural policyholders due to the number of cars that are on the roads in those areas.

Electric tends to offer the cheapest rates for drivers in all areas, regardless of if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Electric's average premiums are around $304 while Metlife offers prices about $389. Drivers in suburban ZIP codes pay around $234 with Electric compared to Metlife's $333 a month. If you live in a rural area, you can expect to pay about $262 monthly with Electric compared to Metlife's $299.

Electric 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.

The challenging part is finding all of the discounts you can take advantage of, since it can feel sometimes like every carrier has different discounts and each one is advertised differently.

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

Metlife knocks Electric out of the park when it comes to the sheer number of discounts available, offering 19 more discounts than Electric.

A couple of those are overlapping for things like discounts for being a defensive driver, discounts for being a good driver, and multi-policy discounts. Metlife also offers AAA discounts, academic discounts, agency transfer discounts, and more that Electric does not.

On the flip side, Electric has a couple unique discounts of its own -- advance quote discounts, COVID-19 relief discount, discounts for getting driver training, and more.

Final Thoughts: Is Electric or Metlife Best for You?

So, we've broken down the average premiums for many of the factors auto insurance carriers look at, and we've shown you all the discounts each company offers. But, at the end of the day, which insurance carrier is the right one for you and your specific profile and needs?

Electric might be best for you if....

• You're worried about the impact your credit score will have on your rates.
• Your home is located in the suburbs.
• You drive fewer than 6,000 miles annually.

Metlife might be best for you if...

• You're thinking about moving to another state -- undefined only offers policies to residents.
• You're looking for the company with the most discounts.

We hope this guide helps you get a good idea of the differences between Electric and Metlife and that you can now make a more informed decision when it comes to your car 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 insurance -- comparing quotes from a handful of companies, not just Electric and Metlife. Luckily, Compare.com makes it easy for you to do just that. Just enter your ZIP code below and get free quotes from dozens of top car insurance carriers in your area, all in just a few minutes.

Electric vs. Metlife FAQs

Is Electric or Metlife cheaper?

Looking just at the national average prices, Electric is the less expensive of the two companies, offering average rates of $266 per month compared to $340 for Metlife. But Electric won't necessarily be the lowest carrier for every driver, since there are a bunch of different variables that are considered when it comes to your auto insurance cost.

Who is better, Electric or Metlife?

Sadly, the only answer we can give you is "it depends.". No single company is "better" for each driver -- it all depends on the makeup of your unique car insurance profile.

Why do Electric and Metlife offer me different rates?

Auto insurance carriers take a look at many different factors when calculating the premiums they charge drivers. Variables such as gender, your driving record, age, where you call home, and sometimes even things like your credit score can all be taken into consideration. Both Electric and Metlife calculate rates using different formulas, so each one will most likely offer different prices. The only real way to see which carrier is the cheapest for you is by comparing personalized quotes from lots of different companies.

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

The only way to find the insurance company that's right for you is by getting quotes from multiple carriers 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 area information and you'll get free quotes from dozens of the best auto insurance companies in your area. That way, you can guarantee you're getting the best price. And who knows, the best carrier for you might not be Electric 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.