Suscribers savings account
We just canceled our car insurance with usaa due to way to high premiums.
when i spoke to the represantative , i was told that , since we have no more insurances with usaa we would get a check for the balance that we have in our suscribers savings account ! sounds good to me ! is that true ?
The money in the account looks good but really what good is the money in an account -my account is fitty + years with money in said account.. You can only get the money when the master member dies, then it goes to one's estate. Personally my estate dosen't need the money and my spouse and children will be ok-Because i bought insurance! The auto and property insurance is getting very pricey, especially for retirees in Florida. My children up north do not buy USAA auto or property insurance because they tell me they get much better rates from other rated AA companies. Should I cash out and go?
I got out a few years ago when I was a P&C Insurance agent. I was required to buy from the company I sold for. At the time I left, my company beat the socks off of USAA. When I came back, I got really good rates (I think to intice me back) but now they are trending back up again. I have thought several times about changing companies again but I haven't.
When I got out, I did get a very large payment from my Subscribers Savings Account. Once you've been out, it takes a while to build it back up again.
Old Navy BratOccasional Visitor
Have you folks forgotten about the dividend?
Until I was with USAA, I had never received a dividend from any auto insurance company during the preceding 25 years.
Now some of these companies are advertising some kind of cash back deal, but USAA has been doing this for a long time, right?
Many years ago, I obtained auto insurance through an independent broker who told me a lot about the insurance industry. One year the premium increase was due, he told me, not because of claim costs but because the other investments of the insurance companies weren't doing too well.
Many companies, (such as the annoying reptile's), lure you in through low loss leading rates, but when renewal time comes along, those low rates are no longer so low.
Nowadays through the website you can really tailor your coverage so as to lower your rates, though you may risk undercoverage in your state.
One tip the broker gave to me long ago pertains to comp coverage. If you are in a postion to set aside enough to replace your vehicle, this could be a good strategy for substantial savings. Once your vehicle is at least seven years old, the replacement value of it diminishes substantially in the eyes of insurance companies, even if you think "your baby" is priceless.
Instead, step up your medical component, or your liability. If you are generally accident free, self-insure your vehicle by setting aside the replacement cost.
I can tell you that through these 10 years of my USAA auto coverage, the premiums have not gone up, and the dividend has not gone down.
It is something to consider...