I thought it was neat they did it without even asking for it, but again, maybe other insurance companies are also doing the unsolicited approach too......?
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Any reason to keep Navy Fed, USAA banking?
- Thread starter snake020
- Start date
I thought it was neat they did it without even asking for it, but again, maybe other insurance companies are also doing the unsolicited approach too......?
exNavyOffRec
Well-Known Member
Allstate was the first to announce it, and surprisingly it isn't easy to do, there are regulations in each state that need to be followed, once Allstate did it then it paved the way for the others to follow suit and/or put pressure on them to do so, I really don't think State Farm or USAA would have done it as they have been taking it in the shorts the past several years and were just starting to climb out of that hole, Farmers has been losing market share like a sinking ship, really GEICO and Progressive should have been the first ones to offer it as they have been growing for several years and have a very good handle on expenses.
This has been my experience as well. We compared quotes from Allstate, Nationwide, Progressive, and State Farm, but none of them could beat USAA for covering our two cars in the family. Motorcycles, boats, and RVs are a different story.
I don't know...I got a pretty massive SSA payback this year from USAA, so things couldn't have been too bad (pre-COVID).
exNavyOffRec
Well-Known Member
The sale of their investment division stopped a lot of the hemorrhaging, well that was the hemorrhaging. USAA should have stuck to what they were good at, insuring current and former officers and dependents of officers, in general those are low risk high return insureds, but they wanted to be bigger and as such opened up to the likes of SN Timmy who uses his car like a bumper car, that is where many of their issues started.
ABMD
Bullets don't fly without Supply
But didn't they get SN Timmy to sign a 25% APR loan for his new Mustang on his E2 paycheck?
I hear you. Last year when we had a claim on my wife's car, the adjuster (who was a long-time USAA employee) said that a lot of upper management had come over from Geico and they were applying Geico practices to USAA. He readily admitted it wasn't the same level of service, overall. That said, I've continued to have good results with them on my claims. I don't use them for banking, so I've never really paid attention to that side.
Amica and Erie both have really good reps in the insurance business, Erie is pretty picky about who they insure through and I wouldn't qualify (too many tickets).
exNavyOffRec
Well-Known Member
Some info some may find interesting is that each state has about 60 property and casualty insurance companies that do business in it, the top 5 often account for 60-65 percent of the P and C business in each state, and not every company does business in every state, some companies people may know of might have less than 1% of the market share.
No thoughts on international banking, but I like USAA for general banking. I may be an outlier in that I don't make cash deposits essentially ever, so bank branches aren't a priority to me. No ATM fees has also been nice.
For insurance, their products did get quite expensive. We were up to $200/month for two newer, safer cars. Got about half that price at Geico for similar coverage.
For insurance, their products did get quite expensive. We were up to $200/month for two newer, safer cars. Got about half that price at Geico for similar coverage.
Another USAA story. When Mrs Wink started a new law firm I had to go out and obtain all the insurance. Everything from professional liability (malpractice insurance) to general liability, workers comp, employers liability, and even data loss and ransom coverage. We must have 5 or 6 policies. I was running down all this stuff when I happened to talk to USAA about another matter, It was mentioned they did business coverage. Never would have thought. As it turns out, they actually broker coverage for other major companies and don't underwrite themselves. So, I end up with say, a Transamerica policy, but for a lower rate then had I called them directly or gone to another broker. And, when you call for service, all USAA customers talk to special customer service reps, which I have found excellent. All of the firm coverage is through USAA except one.
Not looking to pick a fight, but insurance isn’t about the cost upfront, it is about the service post-event. Yes, USAA can run a little high, but they are fast and precise with payouts when they are, tragically, “earned.” On my last deployment some rodents took up residence in my officially stored car. The thing was a mess! They ate through every wire, crewed up hoses and belts and simply caused mayhem. I called USAA roadside to tow the car figuring I would have to pay out of pocket. The dealership called, said they couldn’t work on it because mice had crapped and pissed in the headliner and it posed a health risk. USAA heard about this through the tow guy they sent and they came out, looked around, and totaled the car - paying out immediately. I may have, totally unaware, covered my car for such an event, but USAA made sure I knew. I was impressed.
I know plenty of folks that have had much more mixed experiences than I dealing with home and car insurance, and they ALL don't do this as well as USAA has for me. As I mentioned earlier in this thread, USAA paid out for more than what my neighbors go and for some of them it was nothing. USAA certainly isn't without its flaws, I've known a few who've had issues with their car insurance, but I haven't.
Yeah, they don't all do this. Some take a lot of prodding and some are less likely to call a vehicle totaled and are more incentivized to cover their bottom line. My dad was in insurance for his entire career and all the companies employ a back shop of PI types to look in to repeat offenders, etc.
I'm not sure if you remember back at GT when my roommate borrowed my car ONCE and in that one trip succeeded in getting the top removed by a semi. The shop wanted to total the car and instead the insurance company (not USAA) said "no, fixing it is cheaper."