Usaa
06-15-2014 | 07:34 AM
#251
Gets Weekends Off
Joined: Apr 2013
Posts: 4,556
Likes: 397
I just logged on to Geico's web site to get a quote for our two "daily drivers." We live in Connecticut and without going into detail about the cars we own, here's what I did: First I logged on to USAA's site and printed out a copy of my automobile policy, which includes both cars. Then I built a "custom quote" on Geico's site, using the exact same coverages, benefits, and liabilities that I have with USAA. Needless to say, Geico was less expensive. My USAA auto bill is $1992.32 a year. For the exact same coverage through Geico, I'd pay $1493.64, for a difference of $498.68.
So on the surface it appears that going with Geico would save me about $42 a month. That's enough for one Friday night visit to our favorite pizza place. However, every year for the past 42 years, USAA has sent me a check, usually somewhere between $600 and $1000, in November or December and as well puts additional money into our "account", which eventually I'll withdraw, after leaving USAA. I think I'd be foolish to switch insurers. Truth be told, I wasn't going to switch anyway, regardless of the outcome of the comparison, but I did want to see if there was any real savings to be had, and for me, there just wasn't. YMMV, obviously.
So on the surface it appears that going with Geico would save me about $42 a month. That's enough for one Friday night visit to our favorite pizza place. However, every year for the past 42 years, USAA has sent me a check, usually somewhere between $600 and $1000, in November or December and as well puts additional money into our "account", which eventually I'll withdraw, after leaving USAA. I think I'd be foolish to switch insurers. Truth be told, I wasn't going to switch anyway, regardless of the outcome of the comparison, but I did want to see if there was any real savings to be had, and for me, there just wasn't. YMMV, obviously.
Sometimes, though, their products just aren't that good. When shopping around for life insurance for retirement, they wanted way too much for way too little. Navy Mutual blew them out of the water, and didn't charge extra for the privilege of flying for a living.
I think USAA is starting to cast their net too wide in an effort to appease their shareholders and make money in the short term. The ads on TV are telling. They used to have an extremely low risk pool of insured members, which kept rates fairly low. Now you can get USAA insurance if your mom or dad spent 6 months in the Army and got a general discharge.
06-15-2014 | 08:07 AM
#252
Gets Weekends Off
Joined: Oct 2010
Posts: 922
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From: Decoupled
I had homeowner's, auto and umbrella with USAA for many years. I ditched them last year. After reading threads like this one, I decided that I would rather spend a little more money and be assured that my claim would be processed fairly and paid promptly. I have an older home that has hard to replace features. I really began to wonder if USAA would pay up if I ever had a claim. I ended up with Chubb. But, it you are bargain hunting, Chubb won't be your choice. Either way, I am paying too much not to get the claim settled to my satisfaction.
I still do my banking with the bank. I'm really happy with their service.
I still do my banking with the bank. I'm really happy with their service.
06-15-2014 | 08:55 AM
#253
On Reserve
Joined: Dec 2013
Posts: 106
Likes: 52
CAFB, I went through a detailed analysis with USAA over the phone and in the end they acknowledged they couldn't match it. They mentioned that GEICO was trying to build their customer base in my area, so perhaps their low rates wouldn't last...and to give USAA a call when/if that happened. They were polite but I was disappointed they couldn't do more since I've been with them for >20 years. They seem to have no issues spending gobs of cash on advertising to expand their customer base.
Also, as pointed out I left out the rebate check from the calculations, which I'm sure for some folks gets USAA prices close enough to the competition...it just didn't for me. I still have a home policy on a rental property, but shear laziness is keeping me with them as I'm going to unload it next year...and get my SSA rebate from USAA.
Also, as pointed out I left out the rebate check from the calculations, which I'm sure for some folks gets USAA prices close enough to the competition...it just didn't for me. I still have a home policy on a rental property, but shear laziness is keeping me with them as I'm going to unload it next year...and get my SSA rebate from USAA.
06-15-2014 | 09:14 AM
#254
Gets Weekends Off
Joined: Nov 2009
Posts: 5,510
Likes: 110
06-15-2014 | 09:17 AM
#255
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Joined: Jul 2012
Posts: 629
Likes: 0
From: A350
I agree with you on a lot of the above. If the price is somewhat competitive (within two standard deviations), USAA is worth it. Their service, in my opinion, is outstanding. I made my first auto insurance claim in about 9 years with them, and they handled it very well. We shall see how much they jack my rate up.
Sometimes, though, their products just aren't that good. When shopping around for life insurance for retirement, they wanted way too much for way too little. Navy Mutual blew them out of the water, and didn't charge extra for the privilege of flying for a living.
I think USAA is starting to cast their net too wide in an effort to appease their shareholders and make money in the short term. The ads on TV are telling. They used to have an extremely low risk pool of insured members, which kept rates fairly low. Now you can get USAA insurance if your mom or dad spent 6 months in the Army and got a general discharge.
Sometimes, though, their products just aren't that good. When shopping around for life insurance for retirement, they wanted way too much for way too little. Navy Mutual blew them out of the water, and didn't charge extra for the privilege of flying for a living.
I think USAA is starting to cast their net too wide in an effort to appease their shareholders and make money in the short term. The ads on TV are telling. They used to have an extremely low risk pool of insured members, which kept rates fairly low. Now you can get USAA insurance if your mom or dad spent 6 months in the Army and got a general discharge.
06-15-2014 | 10:17 AM
#256
Gets Weekends Off
Joined: Sep 2006
Posts: 3,717
Likes: 0
From: Retired
I think USAA is starting to cast their net too wide in an effort to appease their shareholders and make money in the short term. The ads on TV are telling. They used to have an extremely low risk pool of insured members, which kept rates fairly low. Now you can get USAA insurance if your mom or dad spent 6 months in the Army and got a general discharge.
06-15-2014 | 02:40 PM
#257
Line Holder
Joined: Jan 2007
Posts: 454
Likes: 1
From: B717 CA
06-15-2014 | 03:45 PM
#258
Line Holder
Joined: Oct 2007
Posts: 1,503
Likes: 2
From: Fairly local
The company is, in effect, owned by the members. But, when e6b says they're casting their net too wide, here's what I saw...when my folks were with them, and for my early career, they insured only officers and officer retirees. Over time they included SNCOs, then all current military and now it's what you see in the commercials. Their actuarial math changed with the changing demographics of their customers/members.
06-15-2014 | 04:24 PM
#259
Gets Weekends Off
Joined: Sep 2006
Posts: 3,717
Likes: 0
From: Retired
Hrkdrivr,
The company is owned by its members. Period. I do understand what e6B was getting at, and personally I wish they'd have stayed with only officers, as that would have been a better deal for all us "members." However, in order to grow, they decided to open up their business to not only officers, but all military personnel, and then, to paint with an even broader brush, they now allow children of members to get auto insurance. However, I believe it's only auto insurance, and no other services. I could be wrong about that though.
The company is owned by its members. Period. I do understand what e6B was getting at, and personally I wish they'd have stayed with only officers, as that would have been a better deal for all us "members." However, in order to grow, they decided to open up their business to not only officers, but all military personnel, and then, to paint with an even broader brush, they now allow children of members to get auto insurance. However, I believe it's only auto insurance, and no other services. I could be wrong about that though.
06-15-2014 | 07:33 PM
#260
Line Holder
Joined: Oct 2007
Posts: 1,503
Likes: 2
From: Fairly local
Hrkdrivr,
The company is owned by its members. Period. I do understand what e6B was getting at, and personally I wish they'd have stayed with only officers, as that would have been a better deal for all us "members." However, in order to grow, they decided to open up their business to not only officers, but all military personnel, and then, to paint with an even broader brush, they now allow children of members to get auto insurance. However, I believe it's only auto insurance, and no other services. I could be wrong about that though.
The company is owned by its members. Period. I do understand what e6B was getting at, and personally I wish they'd have stayed with only officers, as that would have been a better deal for all us "members." However, in order to grow, they decided to open up their business to not only officers, but all military personnel, and then, to paint with an even broader brush, they now allow children of members to get auto insurance. However, I believe it's only auto insurance, and no other services. I could be wrong about that though.
I understand why they changed their business model. Like you, I wish they hadn't. It used to be a great deal. Now it's just another insurance company.
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