MetLife Car Insurance Claims


The Metropolitan Life Insurance Company (MetLife) is the largest issuer of life insurance policies in the United States. MetLife also markets savings and retirement insurance and auto insurance, as well as banking services, financial and retirement planning and wealth management to individuals, small and large businesses and institutions.

MetLife Auto & Home is the company’s motor insurance arm, offering many insurance products for all types of vehicles which are not available through its competitors’ insurance packages. These include identity protection services being standard and free on all motor policies; an annual $50 automatic credit for each year (up to a maximum of $250) in which you make no claims on the company; and a waiver of the deductible on having windshields repaired instead of being replaced.

Other features of MetLife Auto & Home policies are that higher rates are paid for the rental of a vehicle while yours in being replaced or repaired, total loss and replacement of major parts are paid in full, and discount and credit programs are offered on multi-policy holders and to safe drivers.

MetLife is the leading motor insurance cover provider in the United States for both individual and business customers. The company has direct insurance operations in the Asia Pacific regions, as well as in Latin America and Europe.

History of MetLife

MetLife was originally established in 1863 by a group of New York City businessmen. The company’s first name was the National Union Life and Limb Insurance Company which, with an initial capital of $100,000, was formed by a group of businessmen from New York to insure the soldiers fighting in the Civil War against wounds, accidents and ill health.

After five years of difficulties for the company and multiple reorganisations, it was decided that the company would target the life insurance sector only and on March 25, 1868 a new company – the Metropolitan Life Insurance Company – was incorporated to sell insurance policies to the middle classes. A retired doctor from New York, Dr. James R. Dow, was elected as the company’s first president, and he retained this position until 1871. The company operated out of two and a half rooms at 243 Broadway in Manhattan. By the end of 1868, Metropolitan Life Insurance Company had sold 1,477 life insurance policies for a total amount of $4,340,000.

MetLife’s contribution went beyond selling life insurance. It invested in the architectural history of New York City. In 1929, the company lent funds for the construction of the Empire State Building and, in 1931, it again provided construction finance, this time for the Rockefeller Center. In 1980, it purchased the Pan Am Building, which was then the most expensive building purchase ever.

Another interesting fact is that during the Second World War, MetLife put more than 51% of its holdings into war bonds and became the largest private sponsor of the Allied cause.

In the 1980s, the company signed an agreement with the owners of the Peanuts cartoon series to enable it to use characters from the cartoon strip in its marketing and advertising campaigns. Snoopy has been seen in MetLife commercials and advertising ever since.

The company changed from a mutual organisation when it went public in 2000. MetLife is listed on the New York Stock Exchange as MET.

MetLife ran its business from the MetLife Building until 2005, when the building was sold. The company’s headquarters are now situated at 1095 Avenue of the Americas in Manhattan, New York, but it still retains a few executive offices and its board room in the MetLife Building.

Financial Profile of MetLife

At present MetLife holds policies with a total value of more than $3.3 trillion and has operations in the Asia and Pacific region, Latin America and Europe.

A.M. Best Company ranks all of MetLife’s subsidiaries as A+. Fitch rates MetLife as AA-. Standard and Poor’s also give MetLife an AA- rating. The minus suggests a negative outlook for the company, but the ratings are still excellent. It is interesting to note that MetLife insures 90 of the largest companies listed in Fortune 100.



2 comments

Monday, December 17, 2012
Calvin burdick:

I am 66 years old and never had auto insurance with any company except MetLife.i loved their service until yesterday when I received a letter saying they were dropping me after 43 years. I made very few claims in those years and always had a safe drivers discount. I made a mistake and got my license suspended and that did it. I guess I was wrong about them. Where is their loyalty?

Tuesday, August 19, 2014
Carl:

I have never had a worst experience in collecting a claim from an insurance company in my life. They underestimate the damage, and later offer only a % of the claim.

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