Similar here. Dad was Army officer, survived by my unmarried widowed mother. As a subscriber member account holder, Mom has an allocated portion of surplus about $9,000 that goes to her estate someday (or to her if she leaves USAA)… if USAA doesn’t claw it back before then to pay a class action settlement or other expenses. The surplus can be thought of as overpayment of premiums that could have been lower at other insurers.I qualified due to my father’s WWIi service so I got a quote. They wanted $5,000. My current carrier is charging me only $4,000. When I told them I wasn’t interested they said “Oh, but our claims service is better”. Thanks but no thanks.
Dad enrolled me as a (nominal, by being his child) “member” and always encouraged me to compare insurance premium rates to USAA but they are never the least expensive option for my policy needs. USAA no longer even writes new homeowners policies in my state but mom’s homeowner policy (in same state) is grandfathered in, at least until they pull out of the state altogether.
And reading about the suit makes me realize I would never have been entitled to a surplus balance. I’m not going to mention the suit to mom because it would only annoy her and the surplus will not have significant effect on her material circumstances either way.
Statistics: Posted by Mr. Buzzkill — Sat Sep 14, 2024 1:31 am — Replies 5 — Views 604