SAN ANTONIO – San Antonio-based USAA on Tuesday announced that it will return an extra $270 million in dividends to auto insurance policyholders.
The dividends will be given to members as a 10% credit for two months’ worth of premiums, the insurance company stated. It will be provided to all auto insurance members with policies in effect in June and July.
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This is the third set of dividends offered to policyholders due to fewer drivers on the road amid the coronavirus pandemic.
In April and May, USAA returned $800 million to members as a 20% credit on three months’ worth of premiums. Members have already received credits for those dividends, the company said.
The third wave of returns is expected to be applied to accounts in late August.
In total, USAA has committed to returning $1.07 billion to policyholders, a news release states.
“Giving money back to our members, especially now when budgets are stretched, is another way we are helping,” USAA President and CEO Wayne Peacock said. “We see that members are driving less than when the pandemic hit. As these patterns unfold, we are adjusting our auto insurance rates.”