USAA

[exNavyOffRec]

I feel like it might be important for everyone to understand how Insurance companies make money. These "losses" don't mean the insurance companies are actually losing money. It's a bit of corporate doublespeak as an excuse to charge you more money or drop risky areas to further increase already astronomical profits.

When insurance companies say they "lose money" they mean they "Paid out" more in claims then they "took in on revenues" through premiums but this does not account for income from investments (aka "the float") so it does not mean that they actually lost money.

As an example from the first link below, using State Farm over the course of 2 years, their net worth went from $126.1bn to $131.2bn. Yes, they lost some money on claims vs premiums, but they still gained $5bn net value over that time.

https://www.repairerdrivennews.com/...record-loss-of-billions-in-auto-underwriting/

https://www.gaapdynamics.com/insights/blog/2022/02/08/insurance-companies-investing-the-float-to-create-a-stream-of-revenue/#:~:text=Due to the timing between,as “investing the float.”

Yes, insurance companies have investments and some have other business that help the parent company grow. They will talk about loss rate, a loss rate of 1.01 means they paid out 1.01 dollars for every 1.00 they brought in, while if they say loss rate of .97 then it was only 97 cents for every dollar brought in.

I was in a brief before I left the insurance industry and at the time 76 cents of every dollar in premium went right out the door for claims which left 24 cents for all other expenses before they start losing money.

 

[SynixMan]

We live in the midwest and they've been solid for homeowners/auto. Back in 16-19 when we were in Florida it felt like it was 20% hikes every 6 months on two basic cars and we briefly left for *Geico from 2019-2021.

Definitely feels like they're squeezing the people on the coasts which I both understand and think is shitty. Not sure why I should be subsidizing people in FL.

 

[JTS11]

Same… never had issues, but have heard the negative buzz over the last few years. I don’t have a homeowners policy with them now, so can’t speak to rates, but my renters and auto seem fine, though I haven’t bothered to compare with alternatives. I bank with them, so having everything consolidated like that is nice. Any savings would have to be significant for me to go through the hassle of changing that up.

That's been my mentality for not cutting the cord on cable and going to something like YouTubeTV or something else...

 

[Scruff]

I had a very good experience with USAA when my truck, trailer and HHG were stolen while PCS'ing. They covered pretty much everything with no pushback. Customer service seemed pretty top notch and payout was quick.

Also, Pro Tip: Don't make a stop in Denver, even for a night.

 

[JTS11]

I had a very good experience with USAA when my truck, trailer and HHG were stolen while PCS'ing. They covered pretty much everything with no pushback. Customer service seemed pretty top notch and payout was quick.

Also, Pro Tip: Don't make a stop in Denver, even for a night.

I knew a dude who did a DITY move from the East Coast to SD as a noob, who had all his shit stolen on a layover (uniforms, log books, etc). It was a logistical nightmare for him.

I can't imagine the headache...

 

[Swanee]

I use USAA for banking, auto, and I have a personal article floater on a couple of custom made bass guitars. They're competitive in Michigan for all three. Auto insurance in Michigan is really expensive, and I have an EV.

However I use Nationwide for homeowners. They have the same amount of coverage for 1/3 of the price. I haven't had to make a claim but I have made big improvements to the house and they were very responsive to get my policy updated to reflect.

 

[Rockriver]

If you have been with USAA for many years and decide to take your business elsewhere, consider remaining a member by keeping a small policy such as their Valuable Personal Property policy. In addition to the annual subscriber savings distributions, you’ll get the Senior Bonus starting at year 40.

 

[exNavyOffRec]

However I use Nationwide for homeowners. They have the same amount of coverage for 1/3 of the price. I haven't had to make a claim but I have made big improvements to the house and they were very responsive to get my policy updated to reflect.

It is surprising how many people forget to check their coverage after improvements or just in general to make sure they are properly covered. I know a veteran who didn't do that and ended up selling the property as they didn't have enough insurance coverage to cover the rebuild after a small fire.

 

[Brett327]

That's been my mentality for not cutting the cord on cable and going to something like YouTubeTV or something else...

So, I couldn’t use my DirectTv dish here on Kauai, so I went with their streaming service instead. I considered the YT option, but sticking with Direct Stream was just easier. Not exactly cord cutting, per se, but close. We have surprisingly good ISP service here with 1 Gig of bandwidth. Very reliable. I’ll stick with DIrect Stream at my next location.

 

[JTS11]

So, I couldn’t use my DirectTv dish here on Kauai, so I went with their streaming service instead. I considered the YT option, but sticking with Direct Stream was just easier. Not exactly cord cutting, per se, but close. We have surprisingly good ISP service here with 1 Gig of bandwidth. Very reliable. I’ll stick with DIrect Stream at my next location.

Interesting. Never heard of it before, but a quick google makes it sound appealing. I'll give it a look.

 

[Brett327]

It’s basically the exact same user experience as with regular DTV, with unlimited DVR capacity. If you get their set top box, you get a full sized remote with voice based search. it does everything a Roku does, so I really just use one device for the TV now, including the Plex server on my PC. Can also stream to any mobile device, so you can watch your DVR stuff on the road, which is nice.

 

[whitesoxnation]

Been with USAA for 15 years or so. Actively working on taking my business elsewhere.

- Had an auto insurance claim and they were maddening to work with. Insurance agent barely spoke English, hard to get in touch with, said multiple times they would coordinate for something to happen and didn't.

- Was shopping for mortgage rates for a recent purchase and their rates were borderline criminal. So high compared to others it wasn't even funny.

- Banking with them SUCKS. I opened a checking account elsewhere but some things are still connected with USAA, and every time I have to deal with them it takes 10x the effort to do something that is simple at other banks.

There's been a noticeable decrease in quality of service over recent years. It's a shame they have a disproportionate amount of military folks business when service members deserve better.