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Insurance company USAA announces they will return $520 million to members amid COVID-19 pandemic

Insurance company USAA announces they will return $520 million to members amid COVID-19 pandemic
Posted at 12:51 PM, Apr 08, 2020
and last updated 2020-04-08 12:51:00-04

Insurance company USAA announces they will pay members $520 million amid the COVID-19 pandemic.

In a press release , the company said the payment is "a result of data showing members are driving less due to stay-at-home and shelter-in-place guidance across the country."

"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," said USAA President and CEO Wayne Peacock in the statement. "Returning premiums provides timely help for our members. 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 company also added that in the coming weeks, any auto insurance policyholders, as of March 31, 2020, will receive a 20 percent credit on two months of premiums.

Members will automatically receive the credit applied to their bill, the company said.

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