SAN ANTONIO — USAA says it will return about $520 million in car insurance premiums to customers.
The company says the refund is due to less driving because of the coronavirus-related "stay home" orders. The company said in a press release that data shows members are heeding the calls to stay home in order to prevent the spread of the coronavirus.
Any members with an auto insurance policy in effect as of March 31, 2020, will receive a 20 percent credit on two months of premiums in the coming weeks.
“We understand the impact this pandemic is having on our country, and especially our military community and their families, many of whom also are working on the front lines of the crisis. Returning premiums provides timely help for our members,” said USAA President and CEO Wayne Peacock. “USAA has been facilitating the financial security of military members for nearly 100 years, and this is another way we can serve them well.”
The move is part of a nation-wide trend to pay customers back for car insurance premiums while people are being ordered to stay home.
The company will provide the returns in the form of a credit on their bill, no further action is required.