Return of Auto Insurance Premiums during Covid-19 Epidemic

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Contributor

I've always known that USAA was great, but I never realized just how great you guys are.  You rock!  I certainly haven't heard of any other car insurance company voluntarily giving back premiums during an epidemic (or any other time, for that matter).  I would say that I'm a USAA member for life as a result, but I already was.

9 REPLIES

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Watch TV, other companies are advertising they are doing it. The way the new USAA states this type of thing makes me wonder, 20% discount of 2 months premium. In my case, a six month premium, 2 months equals 33%, at 20%, works out to about 6.5% of the six month premium. Never worry, they will boost rates even higher at renewal.

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I am confused. I've seen the letter, but my policy invoice gives the normal amount to be withdrawn in May. The notice just says the next two months, but not what specific two months.

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Hello, @AllenCSC. Correct, every member's billing cycle differs from another, so the announcement doesn't specify the two months, but it will be there. If it isn't showing on your current statement, it will show on the following one, rest assured. :) ~ Steven

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How will this work for those of us who pay the full amount on renewal vs. monthly payments?  Do we get a credit or what?

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Hello, @JJK16. 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.That would include members who pay in full. If the credit balance is $500 or less, the credit will be held for the next three billing cycles and, if a credit remains on the account, the credit is systematically refunded on the fourth billing cycle. If the credit balance is greater than $500, the credit is systematically refunded on the next billing cycle. ~ Steven

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how will I see a credit if I've paid my premium in full? Will you be sending me a check

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@caduggan It will appear on your USAA.com dashboard in the insurance billing area. If the credit is there and there is no amount due, it would be refunded to you in the form of a refund transfer to the USAA deposit account on file or via mailed refund check, after the following billing periods: " If the credit balance is $500 or less, the credit will be held for the next three billing cycles and, if a credit remains on the account, the credit is systematically refunded on the fourth billing cycle. If the credit balance is greater than $500, the credit is systematically refunded on the next billing cycle." ~ Steven

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I see the rebate amount... but then my policy also received an annual adjustment increase equal to a little more than the rebate!

Smoke and mirrors people, smoke and mirrors!

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Hello, @bm72. This is certainly concerning to read. Bear with me as I engage the appropriate area for further support on this. ~ Steven