Reduce premiums during the corona virus shutdown

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Contributor

With the country essentially on lockdown, and most people only using their cars to get groceries or see the doctor, USAA's potential liability has hit rock bottom. It would be appropriate for the company to decrease our monthly premium to reflect this new reality. Once life goes back to normal, the premiums can rise back to their normal level, but I haven't put twenty miles on the car in the last thirty days. How about it?


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UPDATE:   USAA 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. Members will automatically receive a credit applied to their bill. There is no need to call and no additional action is required. Learn more at https://bit.ly/2RpwxBg

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5 REPLIES

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@Tradevman Thank you for reaching out to us regarding your concerns. 

 

We continue to look at the impacts of the stay at home / shelter in place orders are having on our members and we are working on ways to help.

  • In 2019, USAA returned almost $2.4 billion to members in the form of dividends, distributions, Bank Rewards and rebates.
  • We understand that with the stay at home orders in place, people are driving less while also experiencing financial hardship.
  • We are exploring options to continue serving our members well during this difficult time.
  • USAA has several special offers we’re providing our members during their time of need. These special offers include making it easier for members to set up special payment arrangements, temporarily stopping late and returned payment fees as well as stopping non-payment cancellations.
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Appreciate your response.  Looking at Allstate and Geico are already providing refunds or reducing premiums during this time.  As someone that averages 90 miles per day and now down to 0 as I work from home and only go to the grocery store a mile from home, the analytics used to determine premiums and risk are dropping across the board.  Based on those antalytics, USAA should follow what Allstate and Geico's example.

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@RFOIT, if you would like to review your specific policy for any changes that you would like to make, you are able to view your coverages online at USAA.com and you can use the chat feature on there to speak with one of our insurance specialists directly.

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Several of the other majory insurers like Allstate and Geico are give 15% or more in discounts on their members next insurance payments.  I've always thought of USAA as a member oriented organization and am disappointed that we haven't seen USAA leading in these sort of initiatives during this crisis.

 

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UPDATE:   USAA 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. Members will automatically receive a credit applied to their bill. There is no need to call and no additional action is required. Learn more at https://bit.ly/2RpwxBg

View solution in original post