USAA to return $270 million dividend to vehicle insurance coverage policyholders – KENS5.com

4August 2020

“We see that members are driving less than when the pandemic hit. As these patterns unfold, we are changing our auto insurance coverage rates.”

SAN ANTONIO– USAA announced they are returning an extra $270 million dividend to its automobile insurance coverage policyholders to amount to $1 billion in dividends.

The latest dividend is based on an extension of less chauffeurs on the road. This follows earlier announcements that USAA would provide dividends totaling $800 million to its members as a 20% credit on three months’ worth of premiums.

“Offering refund to our members, especially now when budget plans are stretched, is another way we are helping,” USAA President and CEO Wayne Peacock stated. “We see that members are driving less than when the pandemic hit. As these patterns unfold, we are adjusting our auto insurance rates.”

How USAA says the return works: Dividends have been returned for the previous announcements of$800 million, and members have already received credits to their accounts. Similarly, members will instantly receive the additional dividend as a credit used to their vehicle and property insurance account in late August. Members do not require to call and no further action is required to receive the dividend.

Ways USAA is providing financial relief for members:< div class= "article __ section post __ section_type_text utility __ text

  • “readability= “33 “> USAA states they will continue to provide COVID-19-related monetary relief to its members through an array of programs consisting of: USAA Residential Or Commercial Property and Casualty Insurance is providing special payment plans on home and vehicle insurance coverage. Members can extend past-due insurance coverage payments over a 12-month duration. * USAA Property and Casualty Insurance coverage is providing extended auto protection for members utilizing their personal automobile to deliver food, medicine and other goods for their companies because of organization operations modifications due to COVID-19. **
  • USAA Bank is providing payment help programs available for eligible members on charge card, consumer loans, mortgages and house equity loans and lines of credit. We are likewise providing particular support for deposit accounts.
  • USAA Bank, for active member bank account, is briefly helping to ensure members with unfavorable balance accounts have access to their CARES Act stimulus funds.
  • USAA Life Insurance Business is using unique payment arrangements on health and life insurance policies. ***

For more details, visit USAA’s website. Source: kens5.com

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