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

Quick Facts

• Looking at the national averages for insurance, Equity offers significantly more affordable premiums than Metlife
• Equity offers more affordable prices for policyholders who drive fewer than 6,000 miles yearly
• Metlife may help you save more money -- they offer more discounts than Equity Insurance Company

Equity or Metlife: Which Company has the Cheapest Car Insurance?

Are you considering a new insurance policy? After all, you've seen ads from all sorts of companies offering substantial savings. But exactly how much can you save by switching?

You've maybe even narrowed it down to Equity or Metlife as potential options, but between the two, which carrier will save you the most?

Looking at the national average rates for both carriers, Metlife is quite a bit more expensive than Equity, with premiums averaging $340 a month compared to just $165 with Equity.

That being said, that doesn't necessarily mean Equity will be the cheaper option for every single driver. Auto insurance companies use a variety of complex algorithms to determine rates, so depending on where you live or how good your credit score is (among a whole range of other factors), you could see wildly different prices from the ones above.

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

Equity vs. Metlife: Average Car Insurance Rates by State

Equity and Metlife only compete against each other in two states, with Equity offering less expensive rates to the average driver in all of them. Arkansas has the most noticable difference, where Equity prices are $257 cheaper than car insurance premiums at Metlife.

But there's more to calculating insurance rates than just your home state. Continue reading to learn more about how other variables will affect your rates.

Which is the Best Company For Young Drivers?

You might already know that teen drivers typically pay a lot more for auto insurance than any group on the road. It's because teen drivers are statistically much more likely to cause collisions and other accidents that will result in an insurance claim.

But that doesn't mean teen drivers can't still save money on their car insurance. For example, 18-year-old drivers pay an average of over 65% less per month by choosing Equity over Metlife.

However, with both carriers, you'll see your prices lower significantly by the time you turn 25. Metlife offers the steepest decrease, with 25-year-olds paying less than a third of what 18-year-old drivers are charged. That being said, Equity still has the cheapest premiums at $144 a month.

Which is the Best Company for Retired Drivers?

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

When looking at Equity and Metlife specifically, which company is best for retired drivers? Equity gets the edge, with premiums for drivers 65 and older almost 40% more affordable than the national average for Metlife.

Which is the Best Company for Married Drivers?

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

For single drivers, the difference in average prices between these two companies is significant, with Equity premiums coming in at around half of Metlife's. The advantage is also clear for married policyholders - Equity offers the lowest average prices.

Equity or Metlife: Average Rates by Gender

Men are statistically more likely than women to get into accidents and get tickets. That means when it comes to insurance men will generally end up paying a little more.

On average, men see rates more than 10% a month higher with Equity, and about 8% more with Metlife.

Looking at the data for each carrier specifically, Equity offers the most affordable average prices for both men and women, with average rates $179 less for men and $172 cheaper for women.

Equity 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.

Auto insurance isn't the easiest topic to understand. There are so many different limits and coverages that it can make it pretty confusing to find the right policy for you.

The two most common policies that drivers look at fall into two categories -- liability coverage (which covers the other party's injuries and property damage if you cause a collision) and full coverage (which includes two additional coverages -- collision and comprehensive -- alongside liability coverage).

Looking specifically at state minimum liability insurance, Equity has the significant edge, with average monthly premiums coming in at $67. If you want a full coverage policy with the same state minimum limits, Equity again has the edge, with policies averaging around $262 per month to Metlife's $466.

Is Equity or Metlife Better for Drivers with Spotty Records?

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

It's no secret secret that collisions and speeding tickets lead to higher prices, but which company -- Equity or Metlife -- has the cheapest premiums for drivers with less-than-ideal driving records?

Which Company is Best for Drivers with Speeding Tickets?

Policyholders who use Equity for their car insurance can normally expect their monthly bill to go up about 4% after getting a speeding ticket. Metlife policyholders can expect a bit more drastic of an increase of around 21%.

Even so, Equity tends to offer the best prices for both drivers who have clean records and those with a recent ticket. With Equity Insurance Company, drivers with a clean record can save about $66 a month and drivers with a speeding ticket can save around $119 per month.

Which Company is Best for Drivers After an Accident?

Equity drivers who get in an accident can expect to see their rates climb by just under 15%, while those who have insurance through Metlife will see about a 40% increase.

At the end of the day, drivers who use Equity end up with the cheaper prices after an accident, with average premiums coming in at $179 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 collision or ticket when it comes to your insurance bill. On average, Metlife will raise your prices around 55% after a DUI, while Equity's average rates rise by 7%.

How does Credit Score Impact Equity and Metlife Rates?

Often times, your credit score can come into play when carriers calculate your monthly bill. This isn't true for everyone (for example, Massachusetts and Hawaii are two states that ban the practice entirely), but it does affect quite a few policyholders out there.

The reasoning car insurance companies use is that drivers with bad credit will be less likely to pay their bills on time; so typically, they'll be asked to pay more, while those with good credit will be rewarded with more affordable premiums.

So, which carrier offers the most affordable rates 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 Equity or Metlife Better for Drivers who Work from Home or Have Short Commutes?

The amount of time you spend behind the wheel of your car plays a big role in how much auto insurance carriers will charge for coverage. Usually, the more milage you put on your car each year, the more you can expect to pay for insurance.

As you can see in the table above, annual mileage doesn't have much of an impact on how much Equity charges. However, there's a small difference in monthly prices for Metlife, with policyholders who drive 6,000 miles every year paying about $3 less each month compared to those who drive 12,000 miles annually. Still, for drivers in both categories, Equity is the cheaper company.

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

Where you park your vehicle can play a sizable role in how much you pay for auto insurance. Generally, drivers who live in less densely populated rural areas will pay quite a bit less than urban policyholders because of the small number of cars that are on the roads where they live.

Equity boasts the lowest average premiums for drivers in all types of areas, no matter if they're urban, suburban, or rural.

For drivers in urban ZIP codes, Equity Insurance Company's average prices are around 51% less than MetLife. People who live in suburban areas pay about 53% less with Equity compared to Metlife. Those in rural areas can expect to save around 52% with Equity compared to Metlife.

Equity vs. Metlife Discounts

No matter why you might be in the market for a new car insurance policy, you're always going to want to save as much money as you can, and the best way to do that is by utilizing as many auto insurance discounts as possible.

But with what seems like a million different discounts out there, it can be difficult 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 Equity and Metlife so that you can easily see which company offers the most discounts and, therefore, the largest savings.

Metlife blows Equity away when it comes to the sheer amount of discounts available, offering 26 more discounts than Equity.

Both companies offer many of the same discounts -- like discounts for being a defensive driver, group discounts, and discounts for being a homeowner -- but Metlife also offers discounts for AAA, ABS, academic, and more.

On the other hand, Equity has a few proprietary discounts of their own for things like driver training discounts, education discounts, and paid in full discounts.

Final Thoughts: Is Equity or Metlife Best for You?

So, we've broken down the average premiums 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 when it comes down to it, which insurance company is the right company for you and your specific driver profile?

Equity might be best for you if....

• You have received a ticket within the last few years.
• You live in an suburban area.
• You drive fewer than 6,000 miles every year.

Metlife might be best for you if...

• You already have plans to move to another state -- undefined is only available to residents.
• You care about discounts (Metlife offers the most).

Hopefully, this guide helps you get a better idea of the difference between Equity and Metlife and that it aids in making a more informed decision about your car insurance.

At the end of the day, the sure-fire way to make sure you're getting the best deal on your auto insurance policy is to compare quotes from several companies, not just Equity and Metlife. Luckily, Compare.com does all the hard work for you. Simply enter your ZIP code below and get free quotes from dozens of the top car insurance carriers in your area, all in just a few minutes.

Equity vs. Metlife FAQs

Is Equity or Metlife cheaper?

Equity is the less expensive of the two companies when looking at national average rates, with policies averaging $165 a month with Equity and $340 for Metlife. That being said, that doesn't mean Equity will be the most affordable carrier for each driver, since there are a bunch of different variables (things like age, driving record, gender, etc.) that play a role in how much you pay.

Who is better, Equity or Metlife?

Sadly, the real answer is "it depends.". One company is not "better" for every policyholder -- it all depends on what your unique insurance profile looks like.

Why do Equity and Metlife offer me different rates?

Car insurance carriers use many different factors when determining the prices they charge. Things like your driving record, age, gender, where you live, and sometimes even things like your credit score can all be taken into consideration. Both Equity 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 lowest for you is by comparing personalized quotes from a variety of different companies.

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

The only way to find the auto 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 ZIP code and you'll get quotes from dozens of your local top insurance companies for free. That way, you can guarantee you're getting the best premium. And maybe you'll find that the best carrier for you isn't Equity 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.