USAA to return an additional $280 million to auto policy holders as virus lockdowns continue
By JAMES BOLINGER | STARS AND STRIPES Published: April 30, 2020
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An additional $280 million will be returned to USAA auto policy holders amid continued coronavirus lockdowns, the company announced late Thursday afternoon.
This brings the company’s total rebates since the start of the pandemic to $800 million.
The financial services and insurance company, which provides insurance and banking services to more than 13 million active-duty military members, veterans and their families, returned $580 million in auto policy rebates in April totaling 20% of members’ monthly premiums.
The most recent rebate reflects an additional 20% discount on a third month’s worth of premiums, according to a statement emailed Thursday to Stars and Stripes. The newly announced rebates apply to polices in effect as of April 30.
The company said its members continue to drive less due to shelter-in-place procedures enacted to combat the virus.
Policyholders should see the rebates on their next billing statement, which will be available at the end of May.
Members do not need to call, and no further action is required to receive the dividend, the statement said.