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Any reason to keep Navy Fed, USAA banking?

Swanee

Cereal Killer
pilot
None
Contributor
Just so you are aware as of July 1st Nationwide completely changed their insurance model, they are no longer technically "Nationwide agents" they are now all independent agents, this is going to mean some changes as that you will probably see some of the Nationwide signs start coming down and they will be able to sell other brands as well. This has caused some concern for the agents as the company used to negotiate leases and as a big company they could get some deals, now the agent themselves has to negotiate. The affect on rates is still unknown and probably will be for a year or so as cost are evaluated in the new model.

Good looking out. I will say that it was paired with my mortgage from Guaranteed Rate. Their independent agent has pretty much cornered the market at my Guard Squadron- we'll see how it turns out.
 

MIDNJAC

is clara ship
pilot
I think in general, that's probably more indicative of the decreasing quality throughout the whole industry.

Yep. I'm actually still pretty happy with USAA. We got our most recent mortgage through another lender out of convenience, but they are still our primary bank. For what they are, I think it is still pretty decent. I'm sure others have had bad experiences here and there, but I have generally been pleased for the last 17 years I've been a member.
 

DanMa1156

Is it baseball season yet?
pilot
Contributor
Yep. I'm actually still pretty happy with USAA. We got our most recent mortgage through another lender out of convenience, but they are still our primary bank. For what they are, I think it is still pretty decent. I'm sure others have had bad experiences here and there, but I have generally been pleased for the last 17 years I've been a member.

Agreed, I've yet to have a problem with them; on the other hand, I do think they overextended themselves and are heading back in the right direction. I avoided anything investing with them save for three stocks I bought in college of little consequence, never had a mortgage with them, or home insurance with them. Those are the departments I routinely see people complain, but I didn't avoid them for that reason; they just never had competitive rates for me and their investing costs and and funds were terrible and I knew it.

I've had awesome experiences with renter's insurance, and am generally pleased with their banking products, although, I do remember the days when they offered rates a bit above the national average on savings; now they might as well be any other bank. Fortunately for everyone, they are shutting down their investment arm.
 
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exNavyOffRec

Well-Known Member
It is kind of interesting this topic came up again in the past few days as this morning in one of my business meetings we were talking about market share and rates for all the companies out there. I didn't get to see all the states for each company but I can give you some high level overview in the states I did see

Farmers is losing market share as is progressive and USAA, Geico has slight increase in market share, and most others were stable.

The loss rate for several companies is above is considered normal for State Farm, Geico, and USAA. The one thing that stuck out is the loss rate for USAA is 20 points higher than everyone else, that pretty much guarantees when allowed they will be doing rate hikes again as they did a round of rate hikes in January of this year. Geico will probably be looking at rate hikes as well.

When a company does rate hikes it rarely affects all customers, often the report will say XXXX doing a 2.8% rate hike in NV on 19% of their customers.
 
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