Anyone have Insurance with USAA

[JimB.]

Have had USAA for 20 + years. They are the cheapest BEST insurance I've had. I insure house/cars(s)/boat/camper through them.

They even "kick back" $$ to the policy holders every year.

I think if you are a drilling reservist you are also eligible to join.

 

[JessetheCowgirl]

We do, too

Andwefall into that third category--father-in-law is retired Naval officer.

 

[Olaf]

If you are a dependent, I believe you pay different rates. I could wrong on that.

I mentioned the home owners policy earlier. We found better rates at Armed Forces Insurance out of Leavenworth, KS.

 

[noodles]

We use them (for everything) and they are still the cheapest I can find. We had one claim on our homeowners policy and they were really good about it, I have never had any problems with them!

 

[mt2]

Were you thinking Government employees? Officers in the USPHS and NOAA. I cheated a bit. I just saw my DH USAA magazine laying on the sofa in the office.

I don't know if the rates are higher if your a dependant and spun off. DH is an officer in the military.

mt2

 

[NCRedding]

We've had them for years, as has my FIL (he was the army officer). We have loved their service, BUT, if you are the person seeking compensation, they will fight tooth and nail. We brought an action under the underinsured motorist coverage when my MIL was killed by a driver with only $25K coverage. After paying 30+ years of $1,000,000.00 underinsured coverage, USAA would only pay $120,000. Now, this is great for your premiums, but when you're arguing over the life of a person, it feels a little cheap.

 

[AccidentalRepublican]

USAA is the best VALUE. Period. I don't think you can find better rates from a more highly rated insurer (Moody's, Standard & Poor's, A.M. Best). Life, home, auto. And it's not just in one area; they own a bank that is consistently top notch, as well as a brokerage and mutual fund company. Best of all they are highly ethical.

And yes, we the members get dividends, always right around Christmas, that are based on the premiums you pay, and the amount of excess cash they have on hand (to the degree that premiums and investments exceed what they deem they need for reserves and payments on policies).

You cannot make a better decision than going with them.

from USAA.com

A.M. Best, Moody’s, S&P affirm
USAA’s financial strength
Posted: 01/16/2004

USAA is one of only three property and casualty insurers, and the only homeowners insurer, to have received top ratings from all three rating agencies in 2003. The other two were AIG and GEICO.
Agency Rating Outlook
A.M. Best Company A++ Stable
Moody's Investors Service Aaa Stable
Standard & Poor’s Ratings Service AAA Stable

The rating agencies cited USAA's superior market position in the U.S. personal lines insurance market, low-cost expense structure, high customer retention, and ability to deliver excellent service, among other factors, in determining USAA’s financial and credit ratings.

These ratings reflect the association's improved profitability in its core business lines, substantial net worth and ability to access cash in the event of a major catastrophe.

"What a great way to kick off the new year," said Joe Robles, executive vice president and Chief Financial Officer at USAA. "From a financial perspective, a company can’t do any better than to receive an ‘A++’ from A.M. Best, an ‘Aaa’ from Moody’s, and a ‘AAA’ rating from S&P."

Robles added that although the recent California wildfires, Hurricane Isabel, and a severe hailstorm in Dallas combined to make 2003 the second-worst year for catastrophes in USAA’s 81-year history, the association is well positioned financially to serve its members in their times of need. "Very few companies have this level of financial strength," he added.

also from USAA.com

Active duty, National Guard and Reserve enlisted personnel, officers and officer candidates, and their dependents are eligible for membership in the USAA family of companies.

 

[Christine]

We had State Farm for years and had really good rates. Could never get USAA because my DH was *enlisted* (egads!!). When he went into the reserves they opened it up to enlisted and we joined. At the time, they were about equal to State Farm's premium company--in fact I only save about $3 per month on auto insurance when I switched. But last year State Farm's homeowners insurance went through the roof so I switched to USAA and saved about $300 per year. I'm not sure if you can get in if you only served for 4 years. You would have had to have taken the policy while you were active, I believe.

Also, actual military members are in different plans in USAA. My friend who gets the insurance because her FIL was in the Air Force gets the dividends once a year. I'm in some company where I don't get dividends but I have some "account." I never have really understood it but I'm told it is a little better. I swear her dividends are better than what's in my "account." If anyone can explain that to me, I'd appreciate it.

 

[mt2]

NCRedding - I'm sorry about your MIL. That is the pits. I'm not trying to lessen your lose with my following story.



Something a bit different about claims. A friend of ours lost a diamond pendant that I had made for her. I took her old engagement ring and made it into the solitare drop. I was insured still as the ring. He had forgoten to change it. They didn't want to pay saying that it wasn't the same diamond. I wrote them a letter letting them who I was and what was done. I gave them my telephone numbers that I could be reached at. They accepted the letter and paid the amount that the diamond was insured for.

I was not a member at that time either. We became members 2 years after that incident.

mt2

 

[froglady]

We've had them for 20+ years; all claims have been settled without a problem. Our car was totalled recently, and they gave us more than expected.

 

[AccidentalRepublican]

NC-sorry to hear about your loss, I didn't mean to post great things about them as a contrast to your anecdote. You must've hit submit while I was composing my reply.

Christine, please re-read my post. I've observed my distributions have been going down for years for several reasons, namely I suspect, as I got older, I paid smaller premiums because I was less risk, in their eyes (this was when I only had car insurance with them) and because they paid out more in claims and had investments that didn't do as well (see the quotations I put in from the website I put in--I remember Hurricane Andrew was a big one as well). Your distribution comes from your (going from memory here, so forgive my errors) Subscriber Savings Account (SSA) and the board of directors determines what percentage they distribute each year.

As far as your comment about enlisted guys, I think if you thought about that one, you'd understand a little better. After all, how many officers go AWOL, commit fraud, do drugs, etc., etc. and get busted under the UCMJ? Not many on a per capita basis. Fraud is a significant factor in insurance claims, and I'm guessing the fraud rate went up significantly after enlisted guys were allowed in as members. Not all enlisted are bad, but a higher percentage of the total are. Thus our cost to insure each other goes up. Costs go up, wealth left to distribute to the membership goes down.

 

[Otto's Doll]

After all, how many officers go AWOL, commit fraud, do drugs, etc., etc. and get busted under the UCMJ? Not many on a per capita basis. Fraud is a significant factor in insurance claims, and I'm guessing the fraud rate went up significantly after enlisted guys were allowed in as members.

As the wife of "an enlisted guy" who works darn hard for his country, I really take offense at your comment.

 

[Olaf]

Christine, I think I may have the answer to your question. I spoke with USAA this evening concerning our auto insurance and I asked her about eligibility and rates. She said that USAA is a tiered company. Officers get the best rate, followed by enlisted, and then dependents.

The "dividend" you speak of, isn't really a dividend, if you're a military member It's the money left over, that didn't have to be paid out for claims, minus the reserve (your subscriber's savings account) which the USAA board determines that they need in the bank to cover unexpected emergencies. Basically, we're getting our money back. So it would depend on how much money you paid them during the previous year. The dependents receive a dividend.

We live in northern Virginia, and this area was hit by a hail storm several years ago which took out thousands of roofs. When we moved here and I started asking around about insurance, the neighbors were really bad mouthing USAA. It surprised me. My parents and inlaws have been members since the 1950s, and I've been a member since the 80s. Anyway, when I checked with them, their rates were twice as much as another military affilated company I'd found. I spoke with my parents and inlaws and was surprised to learn that both of them had switched to this company for their homeowner's policies. They live in FL and the rates have gone through the roof there. That being said, we still use them for life and auto.

 

[Christine]

Olaf,
So why do the dependents actually get a check and I get an SSA account statement. Honestly, I'd prefer the cash, but I keep hearing that the account is better.

 

[Christine]

Originally posted by AccidentalRepublican

As far as your comment about enlisted guys, I think if you thought about that one, you'd understand a little better. After all, how many officers go AWOL, commit fraud, do drugs, etc., etc. and get busted under the UCMJ? Not many on a per capita basis. Fraud is a significant factor in insurance claims, and I'm guessing the fraud rate went up significantly after enlisted guys were allowed in as members. Not all enlisted are bad, but a higher percentage of the total are. Thus our cost to insure each other goes up. Costs go up, wealth left to distribute to the membership goes down.

Well, you're probably right but I'd really like to see percentages on that. When my DH was in the Air Force, I had the pleasure of working for a few base commanders. Yes, the enlisted got into trouble but, so did the officers, and it was almost always covered up unless the act was so bad that they couldn't. I remember one night my DH pulled the base chaplain over for drunk driving. MUCH pressure was put on him to "let it go." Which he did. Also, it sometimes appears that enlisted are committing more crimes because there are so many more of them. But yes, I'm sure statistically that is what the numbers will show, even if it's not always the truth.

 

[Olaf]

Christine, I'm going to try explain this the way I understand it, but be aware that it could be wrong.

USAA is essentially a coop. The military members are the owners of the company. What's in your SSA is what's needed to cover for emergencies. I think you'll start getting a check when your SSA account reaches its max. Ours is at almost $3,800 and we got a check for $260 this year.

 

[AccidentalRepublican]

Otto's Doll, I'm sorry I hurt your feelings. I anticipated the sensitivity and tried to explain a little, but alas...As always in life, feelings don't get in the way of facts. I can feellike my aircraft is the best, but if it breaks while I'm flying it, and I don't react well, my feelings don't mean squat at the bottom of a smoking hole.

Christine, I've gone back and looked at my posts and can't find where I said no officer has ever gotten into trouble, or done anything wrong.

All of which doesn't change my opinion that USAA one of the finest companies in the Fortune 500, and is one of the best and most ethical insurers you'll come across.

I can see why people post so much on these boards. This is INTERESTING.

 

[AccidentalRepublican]

I just realized my mistake. I never specified junior enlisted. The mid-level and senior enlisted are like the officers--they have something to lose!

 

[Christine]

Originally posted by AccidentalRepublican

Christine, I've gone back and looked at my posts and can't find where I said no officer has ever gotten into trouble, or done anything wrong.

AR, I never wanted to imply that you did anything wrong. You didn't at all and I wasn't really arguing the point. I think you are probably correct, statistically speaking, and I'm sure that is why USAA kept the enlisted out for so long. I just wanted to point out my experience with the "officer cover-ups." From what I saw, when an officer got into trouble, it was kept hush-hush. When an enlisted did something wrong, I never saw the officers running around trying to keep it quiet. Oh, the things I've seen.....

 

[GBsMom]

I don't know who you are but how dare you say something like that. I have been in the Air Force for 15 years, and I have seen just as many officer get into trouble. From trying to ship cars given to them from the Iraqi government home on C21. When all gifts need to be reported to the Air Force. Officer kill themselves and family when life does not work out. The same amount stealing computers, weapons and adultry- so I think you are wrong. I think if you want to spread hate-go to the Klu Klax Klan I am sure you will fit into the group.