SAN ANTONIO — USAA is following the trend set by several other auto insurance companies, as the nation’s fifth-largest property-casualty insurer announced it is returning $520 million to policyholders.
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In a news release Wednesday, the San Antonio-based company said the refund was the result of data showing decreased driving habits because of stay-at-home orders issued because of the coronavirus. The company said every member with an auto insurance policy in effect as of March 31 will receive a 20% credit on two months of premiums.
USAA to return $520M to members. 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://t.co/OeiljdEbSl pic.twitter.com/MtBhG9sWSo
— USAA (@USAA) April 8, 2020
USAA’s announcement comes after similar actions by Geico, Allstate, American Family Insurance and Liberty Mutual Insurance.
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Geico announced Tuesday it will offer approximately $2.5 billion of credits to its 19 million auto and motorcycle policyholders whose policies come up for renewal this year between Tuesday and Oct. 7,
Allstate announced Monday it was returning more than $600 million in auto insurance premiums to customers, American Family Insurance said it was refunding approximately $200 million to its customers, while Liberty Mutual announced refunds totaling about $250 million.
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“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,” USAA President and CEO Wayne Peacock said in the news release. “USAA has been facilitating the financial security of military members for nearly 100 years, and this is another way we can serve them well."
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According to the release, members will automatically receive a credit, which will be applied to their bills. No additional action is required, USAA said.
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