Economy Premier Assurance Auto Insurance Review (2020)
Economy Premier Assurance auto insurance is a subsidiary of MetLife, the 18th largest auto insurance company in the U.S. They offer home and life in addition to auto. Policies and claims for Economy Premier are all processed through MetLife.
Finding the right insurance policy can be difficult and time-consuming. You can spend hours researching a variety of companies and still not find the right plan for you.
If you’re looking for auto insurance, we’re here to help. Our Economy Premier Assurance Company review is a comprehensive guide to the company’s history and insurance policies.
While this is a review of Economy Premier Assurance Company, this company is a member of the MetLife Auto and Home Group. Because of this, many of the references below will talk about MetLife, their insurance coverage, their agents, and their internet presence. Economy Premier Assurance Company auto claims are handled through MetLife’s claims department.
The Economy Premier Assurance Company is listed on the New York Stock Exchange because it is a member of the MetLife Auto and Home Group. The New York Stock Exchange abbreviation for the MetLife Auto and Home Group and all of its subsidiaries is MET.
MetLife Cheap Auto Insurance Rates
Because Economy Premier Assurance Company is part of MetLife, you can use the MetLife website to get a quote for a policy.
However, its online quoting system is different from most of its major competitors. While companies like Geico and State Farm allow you to enter all of your information yourself, MetLife auto-fills your information based on a public record search.
Because of this feature, we cannot provide a sample quote without posting someone’s personal information, but our research shows that MetLife is generally on par with its major competitors in terms of average annual rates.
In addition to your age, credit history is another factor that can affect your auto insurance rates.
|Companies||Good Credit||Fair Credit||Poor Credit|
The biggest advantage offered by MetLife is their substantial group discounts, so drivers who are able to take advantage of their group discounts may find that a rate with MetLife could be significantly lower than the competition.
What is MetLife availability by state?
MetLife does not have a breakdown on their website about which states they offer auto insurance policies to in the U.S., but they do have a disclaimer stating that not all policies are available in all states.
This means that even if you have access to MetLife auto insurance, you may not have access to all of their policies, discounts, or coverage options. You will need to contact the company to find out exactly what options you have with MetLife.
You can also check with your state insurance department to see if MetLife is licensed in your state. For example, the New Jersey Department of Banking and Insurance website says that MetLife is licensed to do business in the Garden State.
Auto Insurance Coverages Offered by MetLife
When it comes to auto, boat, and RV and Motorcycle insurance, MetLife offers bodily injury and property damage liability coverage, comprehensive and collision coverage that comes with major parts replacement, full glass coverage, and new auto replacement, among others.
The types of auto insurance available are important for everyone to consider. For example, car theft and property crimes have declined over the years, but if your car is one of the unlucky vehicles that gets stolen you will need comprehensive coverage if you want your insurance to replace it.
Its types of auto insurance coverage are listed below:
- Liability – Liability insurance protects your financial welfare by paying for damages to another person’s vehicle if you are at fault in an accident. It also covers medical bills in the event of bodily injury someone else sustained in an accident where you were at fault.
- Uninsured Motorist Coverage – Uninsured motorist coverage, often referred to as UM, is mandatory in some states and optional in others. It covers you at the same levels as your liability coverage if you are in an accident where an uninsured driver was at fault.
- Collision – Collision insurance protects you by paying for damages to your vehicle if you are at fault in an accident, whether you hit another vehicle or a stationary object. If you are responsible for a loan on your car you may be required by the lender to have active collision insurance on your policy.
- Comprehensive – Comprehensive auto insurance covers damage to your car that isn’t caused during an accident. Some examples of what might be covered under a comprehensive policy are hail damage, theft, and vandalism.
MetLife also offers a variety of other types of coverage, including:
- Rental Reimbursement – Rental reimbursement covers the cost of your rental car while the vehicle you own is being repaired because of an insured loss. For example, if your car suffered hail damage comprehensive insurance would cover that cost, but rental reimbursement coverage would cover the cost of a rental car during repairs.
- Roadside Assistance – When it comes to tow trucks or basic repairs on the side of the road, roadside assistance coverage would help cover the cost of those services.
- GAP Insurance – GAP insurance typically covers the difference between what your insurance policy pays and the amount you still owe for your car. GAP insurance helps prevent you from being forced to make payments on a totaled vehicle, but the type of GAP coverage available varies widely from state to state, so research carefully before buying.
- Full Glass Coverage – If you need to replace the glass in your vehicle, MetLife gives you the option of removing the deductible for glass replacement for an additional fee.
MetLife offers many other types of coverage as well, but these are the most common, which means they will likely be available in your state. You can always talk to a MetLife representative or your independent agent to find out what other coverages are available to you based on your location.
What are MetLife’s bundling options?
Like most insurance companies, MetLife offers a discount for bundling your policies.
MetLife offers a variety of coverages outside of auto insurance. If you choose to have multiple lines of coverage through the company they offer a bundling discount, so keep that in mind if you are looking for (or already have) any of the coverages below:
- Insurance for Landlords
- Superior Claims Service
- Group Dental
- MetLife TakeAlong Dental
- Term Life
- Permanent Life
- MetLife Advantages
- Accident and Health
- Critical Illness
- Hospital Indemnity
- More Insurances
- Legal Plans
- Long-Term Care
The company makes changes to their offerings all the time, so if you have an insurance need that isn’t on the list above you should be sure to ask the service representative at MetLife if they have added that coverage when you call them.
What discounts are offered by MetLife?
Discounts are where MetLife outshines their competition.
When it comes to the basics, MetLife has multiple available discounts, including a 7 percent discount for people who have taken a defensive driver course, 15 percent good student discount, a 12 percent superior driver discount, and a 20 percent MetRewards discount for people that do not have an auto violation for five years.
MetLife may even offer some of the top three discounts that make lower auto insurance premiums possible.
However, none of those discounts hold a candle to their available group discounts.
MetLife provides group-based discounts to many different organizations, like employer groups and labor unions, which can offer substantial savings. Discounts of up to 50 percent can be found in some cases, which means customers who are eligible for a group discount should always get a quote from MetLife.
What programs are available from MetLife?
Outside of the group discount program mentioned above, the MetLife website makes no mention of other programs for their auto policies, but that doesn’t mean there aren’t any available.
If you reach out to MetLife or an independent agent for a quote, ask them if MetLife has any other programs available to you, such as:
Learning Center – Several major insurance companies now have online learning opportunities available to their customers. You can discover tips and tricks to make you a safer driver, better maintain your vehicle, and other insurance-related topics.
Accident Forgiveness – There are a few companies offering accident forgiveness as a plan option, but don’t be fooled — this is almost always an additional benefit that you pay for, not something the insurance company is providing out of the goodness of their hearts. If you have the option of Accident Forgiveness through MetLife, verify if that comes at an additional premium.
Usage-Based Apps – Many companies are now offering the potential for lower rates on your insurance if you let them track your driving activity with a phone app. Some people really love the idea of getting rewarded for good behavior, but others are wary of the privacy violations and larger issues that come with allowing a corporation to track your movements.
Canceling Your MetLife Auto Insurance Policy
While you can get a quote for MetLife on their website, it doesn’t give any indication that you can cancel your policy online.
If you purchased your policy through an independent agent, your best option would be to reach out to them and let them know you would like to cancel your policy. If you used them to purchase a new policy, they may have already put things in motion to cancel your policy.
You may also find that your new insurance company will take care of your cancellation for you, so make sure to ask when you are setting up your new policy if taking care of the termination of your old policy is a service that they offer.
If you don’t want to reach out to your agent or you purchased a policy directly through MetLife, you can call their customer service department at 1-888-995-7606 and they can connect you to someone who can help you get your policy canceled.
When can I cancel?
Most states allow you to cancel an auto insurance policy at any time as long as you have a new policy to replace it to prevent a gap in coverage. Some states may have different rules, however, so check with your state’s insurance website or your agent for details on your specific situation.
Typically, policies go into effect at midnight and are terminated effective 11:59 p.m. This is the best way to guarantee you are never left with a gap in coverage.
How to Make a MetLife Auto Insurance Claim
If you want to how to file an auto insurance claim online, you can do so through the MetLife website by selecting the support option from the top of the screen and clicking the claims link on the drop-down menu.
Once you have selected claims, you can scroll down to the auto section of the website to find instructions on how to file a claim online.
You can file a glass claim or a towing claim without signing into their online system first. All other claims require you to sign into their eService system.
Once you have filed your claim, a claims adjuster will work with you to get your claim processed.
If you have an independent agent you can always call them for assistance filing your claim. If you don’t have an agent but you don’t want to file a claim online, you can call MetLife’s claims department at 800-854-6011.
If you need to mail in any forms, the Economy Premier Assurance Company address is the same as the MetLife address listed in the table at the top of this page.
How to Get a MetLife Auto Insurance Quote Online
As we mentioned above, MetLife has an online quote system available for their auto policies, but the system pulls information from public records and auto-fills the document, so we are unable to walk you through their online quoting process.
Once you have entered your ZIP code the system will ask for your specific address and populate the names of people who are on record as living at that address to your quote. It could also populate other information, such as vehicles registered at that address.
This makes it difficult to get a quote based on a future address or a car you have not purchased yet, so this may not be the best way to go if you need a quote to help you decide whether to move to a certain address or buy a specific car.
However, if all of the information that auto-fills in their quote system is correct you can go ahead and get a quote from MetLife without an issue.
If you do decide to get an online quote for MetLife, the most important thing to do is make sure you fill out their affiliation box on the first screen.
Underneath the ZIP code box is a box labeled “Employer or Affiliation (optional)” that could reduce your quote by upwards of 50 percent.
If you are unsure whether your employer or another group with whom you are affiliated offers a discount through MetLife you can reach out to your HR representative, union representative, or other group representative to find out if they have an affiliation with MetLife.
MetLife: Auto Insurance Ratings
There are various organizations that rate insurance companies on everything from financial stability to customer complaints, making it easier for customers to choose which insurance company is right for them.
The ratings for MetLife are as follows:
A.M. Best – A.M. Best gives MetLife an A+ rating on financial stability. Their scale goes from A++ to D, so this is an excellent rating.
Better Business Bureau (BBB) – The Better Business Bureau rates companies on ethics and consumer complaints by state. While the BBB gives MetLife an A- rating in New York, the consumers on the site rate the company one star, so it may be worth your time to do some research before making a purchase.
Moody’s – Moody’s rates companies based on financial aspects, from Aaa to C, with Aaa being the highest rating and C being the lowest. In 2019, Moody’s gave MetLife a rating of Aa3, which is an excellent rate.
Standard & Poor’s – Standard & Poor’s, otherwise known as S&P, also rates insurance companies based on their financial abilities. On a scale from AAA to D, the company gives MetLife an AA-.
It is important to remember that larger insurance companies are often broken up into smaller companies or subsections and that each of those subsections will be given their own financial rating, as is shown in the chart below.
|MetLife Insurance Companies||A.M. Best Company||Fitch Ratings||Moody's Investors Service||Standard & Poor's|
|American Life Insurance Company||Not Rated||Not Rated||A1||AA-|
|MetLife Capital Trust IV Securities||bbb||BBB||Baa2||BBB|
|MetLife Funding, Inc. Commercial Paper||AMB-1+||F1+||P-1||A-1+|
|MetLife Insurance K.K. (MetLife Japan)||Not Rated||Not Rated||Not Rated||AA-|
|MetLife, Inc. Commercial Paper||AMB-1||F1||P-2||A-2|
|MetLife, Inc. Junior Subordinated Debt||bbb||BBB||Baa2||BBB|
|MetLife, Inc. Noncumulative Perpetual Preferred Stock (Series A)||bbb||BBB||Baa3||BBB-|
|MetLife, Inc. Noncumulative Perpetual Preferred Stock (Series C, D, E and F)||bbb||BBB||Baa2||BBB|
|MetLife, Inc. Senior Unsecured Debt||a-||A-||A3||A-|
|Metropolitan Life Insurance Company||A+||AA-||Aa3||AA-|
|Metropolitan Life Insurance Company Surplus Notes||a||A||A2||A|
|Metropolitan Tower Life Insurance Company||A+||AA-||Aa3||AA-|
This information was posted on MetLife’s website.
It can be difficult to verify if the financial rating you are looking at is for the same subsection of a company that will be writing your policy. If you are ever unsure or want more information, you can always contact your independent agent or the company directly to ask for their most current financial ratings.
MetLife: Auto Insurance History
The history of the Economy Premier Assurance Company is the history of its parent company.
This company was founded in 1863 under the name National Union Life and Limb Insurance Company. They provided insurance to servicemen who fought in the Civil War.
In the beginning, the company only offered insurance to protect against disabilities incurred during battle, but this approach did not bring the company much success.
The company changed its name to Metropolitan Life Insurance Company in 1868 and changed its approach to insurance in 1869 by discontinuing the lines of auto insurance casualty business insurance they offered and putting all of the company’s energy into life insurance coverage.
This new approach to insurance did not bring Metropolitan Life Insurance Company, later changed to MetLife, immediate success. In fact, they had another decade of poor performance before they were able to change things for the better.
In 1879, the MetLife president started looking toward England to find out how to make MetLife a true force in the United States insurance market. At the time, England had a very strong and successful approach to insurance.
By bringing in a handful of English insurance agents to lead the way, MetLife completely restructured its business and saw dramatic improvement almost immediately.
Interested in becoming an insurance agent? Find out how to become an auto insurance agent here.
MetLife was writing hundreds of new insurance policies a day within just one year. Only one decade later the company that had seen such hard times was one of the leading life insurance providers in the country.
Today MetLife is a top ten life insurance company an Metropolitan Group ranks at number 18 on the list of the top 25 private passenger auto groups in North America, according to the NAIC.
How is MetLife’s online presence?
MetLife has a website, though it is clear from navigating the site that it is not primarily designed for their insurance customers.
While you can get a quote and learn about the policies they have available, the website is clearly meant for businesses, brokers, agents, and other industry professionals rather than their policyholders.
Does MetLife have commercials?
MetLife does indeed have commercials, many of which starred their famous mascot, Snoopy, for years.
Several years ago the company ended its partnership with Peanuts, moving in a different direction when it comes to advertising.
Because they are such a large company that offers so many different products around the globe, the odds are good you will see a MetLife advertisement from time to time.
They don’t limit their advertisements to just television, either. They sponsor sporting events, hire blimps, post on billboards, and take advantage of all sorts of other advertising mediums.
Is MetLife involved in the community?
When it comes to being involved in the community, MetLife takes a little bit different approach.
The company invests in renewable energy, LEED-certified real estate properties, and offshore wind farms. They also make micro and small loans in unbanked and underserved global markets.
MetLife also has its employees participate in volunteer activities such as building houses with Habitat for Humanity.
What do MetLife employees have to say?
A career with a MetLife company like Economy Premier Assurance offers many benefits to its employees.
The three categories of employee benefits are:
- Core employee benefits – medical and prescription drug insurance, short-term disability insurance, dental insurance, long-term disability insurance, a retirement plan with a defined benefit, and a company-matched 401 (k) savings plan
- Work and life solutions – paid holidays, paid time off, tuition assistance programs, flexible work arrangements, wellness and fitness programs, and adoption assistance
- Voluntary employee benefits – flexible supplemental life insurance, spending accounts, long-term care insurance, critical illness insurance, and legal services
But what do their employees have to say about working for MetLife?
According to Glassdoor.com, employees rate MetLife as 3.7 out of 5 stars when it comes to being a good place to work.
Good news: 72 percent of employees with the company would recommend it to someone looking for work and 87 percent of employees approve of the CEO, both of which are important points to consider when applying for a job.
Payscale shows that the company is in line with its competition when it comes to salary, paying anywhere from $43,000 to $127,000 annually depending on your job title, experience, and seniority.
The employees at MetLife are 55 percent female and 45 percent male, with more than 29 percent of the company just beginning their careers.
Design of MetLife’s Website & App
As previously mentioned, the MetLife website appears to be designed with brokers, agents, and other business people in mind. This doesn’t mean customers can’t use it, however.
They do have an online quote program that allows you to get an auto quote without an agent as well as an online system that allows you to file a claim or pay your bills through their eService site.
MetLife also has a smartphone app called MetLife US App. It is very poorly rated, with an average rating of 1.8 out of 5 stars. The individual rates on the app are predominantly one-star reviews, stating that the app is slow, clunky, and doesn’t allow you to open your Explanation of Benefits or other documents through the app.
The Bottom Line
When it comes to auto insurance, MetLife has high financial ratings and low customer ratings. The people who stand to benefit the most from a MetLife auto insurance policy are people with an employer or affiliation discount, which can be so high they could cut your insurance premiums in half.
Your average driver, however, would benefit from getting a variety of quotes from various insurance companies to find the best rates in your area.
Use the FREE tool below to see a side-by-side quote comparison for several auto insurance providers where you live.
Frequently Asked Questions: Economy Premier
Take a look at the questions below for more information about MetLife and Economy Premier Assurance Auto Insurance.
#1 – Are Economy Premier Assurance Auto Insurance & Economy Preferred Insurance Company the same thing?
Economy Premier Assurance Auto Insurance and Economy Preferred Insurance Company are both affiliates of MetLife. All of their company information will go through MetLife.
#2 – What is the Economy Premier Assurance Company claims phone number?
There are two phone numbers you can use to contact MetLife:
- Phone from inside the UAE – 1-800-MetLife (1-800-638-5433)
- Phone from outside the UAE – +971 4 415 4555
They recommend all claims be filed through the method mentioned previously in this article.
#3 – Is that the same as the Economy Fire & Casualty Insurance claims phone number?
Economy Fire and Casualty Insurance is an affiliate of MetLife, so you would contact MetLife directly to file a claim.