USAA will return $520 million to its members in light of the coronavirus pandemic.
In a release, the country’s fifth-largest property-casualty insurer said the payment is a result of data showing members are driving less due to stay-at-home and shelter-in-place guidance across the country.
“We understand the impact this pandemic is having on our country, and especially our military community and their families, many of whom also are working on the front lines of the crisis. Returning premiums provides timely help for our members,” said USAA President and CEO Wayne Peacock.
Every member with an auto insurance policy in effect as of March 31 will receive a 20-percent credit on two months of premiums in the coming weeks.
USAA has historically returned a portion of profits to members, according to the release. In 2019, it returned $2.4 billion in dividends, distributions, and bank rebates and rewards. This brings the total amount returned to members since January 2019 to nearly $3 billion.
Early data trends show USAA members are heeding the calls to suspend nonessential travel, leading to fewer miles driven and fewer auto insurance claims.
Members will automatically receive a credit applied to their bill. They do not need to call, and no additional action is required.
More information is available at www.usaa.com/coronavirus.
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Reach Julia LeDoux at Julia@connectingvets.com.
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