We often remind customers that one way to get low rates on auto insurance is to bundle it with their homeowners or life insurance, for a multi-policy discount. Most insurers offer this, but now MetLife is offering something they call a “combo” policy.
This new product from MetLife Auto & Home will be offered in 28 new states during this year. It combines several insurance products into one package with a single bill and a single renewal date. It’s meant as a complement to the insurer’s existing GrandProtect product, which is a high-end personal lines coverage package.
This “combo” policy is meant to appeal to agents by offering greater loyalty and retention, since it’s more difficult for policyholders to replace ALL their insurance rather than just one component. For customers, the appeal is in the ease of having only one bill to pay, as well as the cost saving multi-policy discount built into the product.
Effective March 17th, the product was rolled out in Colorado, Maine, New Jersey, Oregon, Pennsylvania, Texas, Utah and Washington, but planned expansions throughout the year will include California , Connecticut, Georgia, Idao, Kentucky, New Hampshire, New York, and Virginia in the second quarter of the year, Maryland, Mississippi, Montana, North Carolina, Nevada, Rhode Island, and Vermont in Q3, and Florida, Massachusetts, Michigan, West Virginia, and Wyoming by the end of the year.