SAN ANTONIO — USAA announced they are returning an additional $270 million dividend to its auto insurance policyholders to total $1 billion in dividends.
The latest dividend is based on a continuation of fewer drivers 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.
“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.”
How USAA says the return works:
Dividends have been returned for the prior announcements of $800 million, and members have already received credits to their accounts. Similarly, members will automatically receive the additional dividend as a credit applied to their auto and property insurance account in late August. Members do not need to call and no further action is required to receive the dividend.
Ways USAA is providing financial relief for members:
USAA says they will continue to provide COVID-19-related financial relief to its members through an array of programs including:
- USAA Property and Casualty Insurance is offering special payment arrangements on property and auto insurance. Members can extend past-due insurance payments over a 12-month period.*
- USAA Property and Casualty Insurance is offering extended auto coverage for members using their personal car to deliver food, medicine and other goods for their employers because of business operations changes due to COVID-19.**
- USAA Bank is offering payment assistance programs available for eligible members on credit cards, consumer loans, mortgages and home equity loans and lines of credit. We are also providing specific assistance for deposit accounts.
- USAA Bank, for active member deposit accounts, is temporarily helping to ensure members with negative balance accounts have access to their CARES Act stimulus funds.
- USAA Life Insurance Company is offering special payment arrangements on health and life insurance policies.***
For more information, visit USAA's website.