Met Life Agrees to Cut N.Y. Auto Rates 6%

Another auto insurer has agreed to reduce its rates in New York State in response to Superintendent of Insurance Greg Serio’s call for rate reviews.

MetLife Auto & Home is reducing its auto insurance rates by an average of nearly 6 percent.

Serio has said that the success of the state’s efforts in battling auto insurance fraud merit a fresh look at insurer’s rates.

Earlier this week, GEICO agreed to lower its rates and average 6 percent also.

“MetLife applauds Superintendent Serio and Governor Pataki for their aggressive and highly successful efforts to fight auto insurance fraud in New York State,” said MetLife Auto and Home President and Chief Executive Officer Catherine A. Rein. “We were pleased to respond to the Superintendent’s call to reduce rates for our policyholders and we are committed to continue our own significant fraud fighting efforts in cooperation with the Department’s Fraud Bureau.”

MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its Affiliates, Warwick, R.I..