Plasmonic/metamaterial sensors are being investigated for their high sensitivity, fast response time, and high accuracy. We propose, characterize and experimentally realize subwavelength bilayer metamaterial sensors operating in the near-infrared domain. We measure the figure-of-merit (FOM) and the bulk sensitivity (S) of the two fundamental hybridized modes and demonstrate both numerically and experimentally that the magnetic dipolar mode, degenerate with the electric quadrupolar mode, has higher sensitivity to a variation of the refractive index compared to the electric dipolar mode. In addition, the hybridized system exhibits a four fold increase in the FOM compared to a standard dipolar plasmonic system.