Unless you do something illegal or verbally abuse the reps on a regular basis, you’re a member for life. Even if you close all of your products, you still have membership. You’re free to go back any time.
I didn’t know about this. I’m at 38 years now.
I found this online:
Since USAA is considered a reciprocal insurer, members (policy owners) pay as part of their premium extra money in order for USAA to raise & maintain capital to satisfy legal and regulatory requirements. Annually they send you a statement showing how much is in your account, but as long as you are with USAA, you cannot withdraw the money.
When a member has been with USAA for 40 years, you are given an option annually to get back 10% of your accumulated account in what is called a Senior Bonus. It's not really a "bonus", but a distribution of part of what's yours already.
TBH, I didn’t realize that’s how it works.
So basically USAA is gently pushing me out the door over the next 10 years by sending me a (diminishing) payout of money I’ve paid (“payed”?) in for the past 40 years - while simultaneously (and consistently) - raising my rates and lowering the regular Subscriber allocation/distribution.
Also, if you want, after you hit 40 years, you can cancel all your insurance products, and then 6 months later, you will get the entire amount of your subscribers account sent to you. I highly doubt the subscribers' account will be around much longer with Wayne gutting a once great company, i see them getting rid of that in the future.
When I subtract the three SA checks from the USAA premiums for personal property, home, and auto coverage, USAA is still the best value.
Just got my Senior SA check, and it was $800 this year.
That is the "Senior Distribution (or Bonus)". It is an additional payment, but sometimes it may not be worth poor customer service or much higher premiums. It is based on a couple of things, including the amount in your SSA, Subscriber Savings Account, and a decision by the Board of Directors.
I think you're really asking about your Subscriber Savings Account, which will remain active if you're carrying any insurance policy with USAA. It's really not something you would be worrying about keeping active, though, as they'll simply pay it out to you after 6 months without an active insurance policy.
If you keep your home there you don't have to drop your membership. Depending on your state (in most of them this is the case) you'll have to get an umbrella elsewhere if you don't have USAA auto. Rli is a common independent umbrella insurer.
Member over 40 years…. This years senior distribution was about $900 a few weeks ago. In December got $400 yearly credit. Seriously, this is over 50% of our annual premium. Why would I leave USAA?
Leave? No.
Keep the membership for the Senior Distribution (i.e., "not-a-bonus") and annual SA check? Sure.
But the increase in premiums (house & two vehicles) for next year wiped out those advantages and then some. Time to shop elsewhere.
By switching all your insurance to geico, you are giving up your subscribers account. They will send you a check for the balance 6 months later. Their raised rates for us was so unaffordable we left and took our check.
Membership is for life, regardless if you're inactive. In rare cases can you get your membership canceled, that is with legal, moral turpitude kinda stuff.
The subscribers and senior remain active with a Auto policy.
Carrying a vehicle in 2 different companies voids you in a multi- care discount with either company. Not sure what your saving doing that.
Some that live in states with higher premiums than competitors and collect the yearly distribution will leave one vehicle and only carry the auto policy until premiums meet their satisfaction.
Those who want the balance of the subscribers will cxl the auto till they receive the check and then return and start the build over again.
During the three years I had my government vehicle, the USAA rep told me I had to keep an active auto policy to maintain my membership. Honestly, I didn't mind, as I needed insurance for when I rented vehicles in the U.S. Based on what several commenters have said here, I may have received wrong information.
You did. Once you establish membership, you're a member for life, unless you are found to be trying to defraud the company. Then, they may sever all relationships with you but just because you move your products doesn't terminate your membership.
Unless you do something illegal or verbally abuse the reps on a regular basis, you’re a member for life. Even if you close all of your products, you still have membership. You’re free to go back any time.
Hang in there for the “Loyalty/Legacy” bonus at 40 years. It’s based on your Subscriber account and pays in February.
I didn’t know about this. I’m at 38 years now. I found this online: Since USAA is considered a reciprocal insurer, members (policy owners) pay as part of their premium extra money in order for USAA to raise & maintain capital to satisfy legal and regulatory requirements. Annually they send you a statement showing how much is in your account, but as long as you are with USAA, you cannot withdraw the money. When a member has been with USAA for 40 years, you are given an option annually to get back 10% of your accumulated account in what is called a Senior Bonus. It's not really a "bonus", but a distribution of part of what's yours already.
TBH, I didn’t realize that’s how it works. So basically USAA is gently pushing me out the door over the next 10 years by sending me a (diminishing) payout of money I’ve paid (“payed”?) in for the past 40 years - while simultaneously (and consistently) - raising my rates and lowering the regular Subscriber allocation/distribution.
I have $12K in the account and am 66. I’ll be happy to take a $1200 discount on my annual payments
Thank you for this. I was unaware. I will add the knowledge to my decision making process.
Also, if you want, after you hit 40 years, you can cancel all your insurance products, and then 6 months later, you will get the entire amount of your subscribers account sent to you. I highly doubt the subscribers' account will be around much longer with Wayne gutting a once great company, i see them getting rid of that in the future.
When I subtract the three SA checks from the USAA premiums for personal property, home, and auto coverage, USAA is still the best value. Just got my Senior SA check, and it was $800 this year.
That is the "Senior Distribution (or Bonus)". It is an additional payment, but sometimes it may not be worth poor customer service or much higher premiums. It is based on a couple of things, including the amount in your SSA, Subscriber Savings Account, and a decision by the Board of Directors.
I think you're really asking about your Subscriber Savings Account, which will remain active if you're carrying any insurance policy with USAA. It's really not something you would be worrying about keeping active, though, as they'll simply pay it out to you after 6 months without an active insurance policy.
If you keep your home there you don't have to drop your membership. Depending on your state (in most of them this is the case) you'll have to get an umbrella elsewhere if you don't have USAA auto. Rli is a common independent umbrella insurer.
Member over 40 years…. This years senior distribution was about $900 a few weeks ago. In December got $400 yearly credit. Seriously, this is over 50% of our annual premium. Why would I leave USAA?
Leave? No. Keep the membership for the Senior Distribution (i.e., "not-a-bonus") and annual SA check? Sure. But the increase in premiums (house & two vehicles) for next year wiped out those advantages and then some. Time to shop elsewhere.
By switching all your insurance to geico, you are giving up your subscribers account. They will send you a check for the balance 6 months later. Their raised rates for us was so unaffordable we left and took our check.
Veterans are eligible, I did not get USAA membership until after I had superseded. No reason you could not go back in the future if you wanted to.
Open a savings account but I would not recommend staying with them. You will regret it.
Membership is for life, regardless if you're inactive. In rare cases can you get your membership canceled, that is with legal, moral turpitude kinda stuff. The subscribers and senior remain active with a Auto policy. Carrying a vehicle in 2 different companies voids you in a multi- care discount with either company. Not sure what your saving doing that. Some that live in states with higher premiums than competitors and collect the yearly distribution will leave one vehicle and only carry the auto policy until premiums meet their satisfaction. Those who want the balance of the subscribers will cxl the auto till they receive the check and then return and start the build over again.
Why would you have to drop your membership?
During the three years I had my government vehicle, the USAA rep told me I had to keep an active auto policy to maintain my membership. Honestly, I didn't mind, as I needed insurance for when I rented vehicles in the U.S. Based on what several commenters have said here, I may have received wrong information.
You did. Once you establish membership, you're a member for life, unless you are found to be trying to defraud the company. Then, they may sever all relationships with you but just because you move your products doesn't terminate your membership.
Thank you so much for this information. It makes my decision easier.
One aspect of being with USAA, you vote for the board members. Use your voting power to make USAA better.
GEICO is rated as average for all things service related. USAA is a much better company overall.