Relevant for USAA auto insurance members:
USAA, the country’s fifth largest property-casualty insurer, will be returning $520 million to its members. This payment is a result of data showing members are driving less due to stay-at-home and shelter-in-place guidance across the country. Every member with an auto insurance policy in effect as of March 31, 2020, will receive a 20% credit on two months of premiums in the coming weeks.
I’ve been a member of USAA for 15 years; I know that I pay a premium over what other insurers charge, and my dividend has been lackluster over the past few years as the company has pursued aggressive growth, including massive TV ad campaigns, but I have had nothing but good experiences with claims. In my life, I’ve submitted three auto claims and one renters claim; every single experience has taken an incredibly stressful situation and made it just a little bit easier to manage.
This action – while probably just the first in a round of similar actions by other insurers – exemplifies why I continue to be a member. I know some folks have had rough experiences with them, but mine has been nothing but positive.