SAN ANTONIO – USAA will be returning money to members who have an auto insurance policy.
According to a news release, policy holders who have an auto insurance policy as of March 31 will receive 20% credit on two months of premiums in the coming weeks.
Members will automatically receive a credit applied to their bill. They do not need to call, and no additional action is required.
The company made the decision after data showed members are driving less due to stay-at-home and shelter-in-place guidance across the country.
Other automotive insurance companies have announced they are also returning money to policy holders.
Auto insurance companies return $800 million in premiums because no one is driving
“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. “USAA has been facilitating the financial security of military members for nearly 100 years, and this is another way we can serve them well.”
Early data trends show USAA members are heeding the calls to suspend nonessential travel, leading to fewer miles driven and fewer accidents, the news release said.
COVID-19, the respiratory disease caused by the new virus, stands for coronavirus disease 2019. The disease first appeared in late 2019 in Wuhan, China, but spread around the world in early 2020, causing the World Health Organization to declare a pandemic in March.
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