You have likely heard of USAA and have a general idea of what the company offers, such as insurance and banking. But you probably don’t know everything there is to know about the company. You can learn a lot about the insurer by reading USAA insurance reviews, and here are some key facts you may not have known.
USAA Is Almost a Century Old
A group of 25 military officers formed USAA in 1922. It began as a way for those officers to insure each other’s vehicles and has expanded over the years.
While USAA began with military officers in 1922, it also included Marine Corp and Navy officers by 1923. By 1934, State Department officials, Foreign Service officers, and their widows became eligible. In 1948, it was expanded to include Air Force officers.
Even as the company has grown over the years, its ties to the military have remained strong. Over 20% of the company’s employees are either military spouses or veterans. There are also more than 40 Veteran Service Organizations and more than 40 Military Affairs reps that operate close to major military installations. This includes conducting more than 5,000 events for transition, deployment, and sponsorship in 2020 alone.
All the Products USAA Offers
You may know that USAA offers auto insurance and perhaps be aware that it is also a bank. Still, you likely don’t realize just how many products the company offers.
In terms of insurance, you can get auto, renters, homeowners, rental property, valuable personal property, condo, flood, life, umbrella, small business, motorcycle, boat, and RV insurance or annuities.
As a bank, USAA offers checking and savings accounts, credit cards, CDs, home mortgages, auto loans, personal loans, youth banking, and loans for boats, RVs, and motorcycles.
Investment services include brokerage and trading, ETFs, mutual funds, IRAs and rollovers, education 529 plans, financial planning, and automated investing.
There are also retirement services like retirement income, annuities, and long-term care. Additionally, USAA offers health insurance, including Medicare, vision, and dental. Membership also comes with various discounts on travel, home solutions, health and wellness, and more.
USAA Offers Numerous Auto Insurance Discounts
If you choose to get auto insurance from USAA, you will be eligible for a range of potential discounts. Some of these are similar to those offered by other auto insurance companies, while others are unique to USAA or better from USAA than other providers.
Your driving can earn you discounts if you are a safe driver or have completed defensive driving or driver training. Your vehicle can lead to discounts if it is new, has low annual mileage, or is stored. There are also discounts for having multiple vehicles, being a good student, families, length of membership, and military installation.
Additionally, USAA doesn’t charge any payment plan fees. This means that you won’t pay more if you opt to pay for your auto insurance monthly instead of in a lump sum.
On top of that, if you bundle your auto insurance with renters or homeowners, you can save up to 10% on the premiums.
Who Is Eligible?
One of the key features of USAA is that it is designed for military members and veterans. However, more than just current and former military members are eligible. Pre-commissioned officers are also eligible for accounts.
Additionally, family members of those in the military are eligible. The process of joining USAA as a military spouse or child is easiest if the military member is currently a USAA member. This is a requirement for children of those in the military. Former spouses are also eligible, as long as your former spouse joined the USAA before your divorce, and you have not remarried. Widows are also eligible if their spouses were a member.
However, spouses of military members or veterans can also join if that military member is not a USAA member. In that case, they will have to create a profile for their spouse first with some basic information about the branch of service, rank, and service dates.
Creating a USAA membership is completely free, but obviously, services, like insurance, have a cost.
USAA Gives Back to the Community
In addition to serving clients, USAA takes its corporate responsibility seriously. In 2020 alone, the company contributed $87 million to various nonprofit organizations. This included the Military Family Relief Initiative, which provided $30 million to 24 nonprofits, with the funds earmarked for pandemic-related relief. That also included making a three-year, $50 million commitment dedicated to advancing racial equality.
Not only does the company pride itself on its corporate responsibility, but its employees seem to follow a similar mindset. 2020 also saw employees donate $10.1 million to nonprofits and log more than 185,000 volunteer hours.
My father served in the army during World War II am I eligible for this insurance?