USAA Insurance Seeks Approval for 22 Percent Rate Decrease

August 4, 2006

  • August 4, 2006 at 2:21 am
    Compman says:
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    There goes my lunch again! Everytime I read about Quackamendi. Maybe he didn\’t realize that USAA\’s rates were 25% higher than the rest of the companies, so they had to lower there rates to be competitive. I love how he always takes credit for things totally outside of his control. What a maroon!. Plus, how does he decide what excessive means. I can hardly wait until he is out of office.

  • August 4, 2006 at 2:47 am
    skip says:
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    what is a maroon?

  • August 4, 2006 at 4:33 am
    Adjuster says:
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    Funny, I\’ve had USAA for 15 years in two different states and their HO and Auto rates are far lower than other carriers. They have a pretty well defined policyholder base which is primarily middle class and college-educated, which tends to hold their claims down. I suspect they now have the lowest rates in CA. However, if you\’re not a military or ex-military officer or the offspring of one, you cannot get a policy.

  • August 4, 2006 at 5:10 am
    Isn\'t that discriminatory? says:
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    Isn\’t restricting your client base to \”college educated\”, military, etc. unfairly discriminatory? Seems Quackamendi doesn\’t want to look into that. Oh, and a moroon is a commissioner that talks out his butt all the time.

  • August 4, 2006 at 5:36 am
    E says:
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    no shirts, no shoes, no service.

    I have USAA and very happy about it, there rates are the lowest, banking is great, and customer service is helpful. Its not discriminatory to concentrate on military officers, there is no rule that they have to issue a policy to anyone especially since so many insurers are out there. That and USAA is member owned, so its differnt than other insurers.

  • August 5, 2006 at 11:53 am
    Piebald Mantle says:
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    Discrimnatory: Nope, member owned. Was started in the 50\’s when it was the military who was discriminated against — as they moved every 2-3 years, they couldn\’t establish credit ratings (under the old rules) and no one would insure them.

    Was originally just for officers, and originally just Army and Air Force. So, yeah, at first they discriminated against swabbies and marines. But no court in the land would fault them for that. (ha)

    But new rules allow for all military (officer and NCO) and the children of current members, regardless of their military affiliation.

    Lesson: Sometimes a dependable, sustainable middle-of-the-road approach beats high growth and high risk. USAA insured lower-middle to upper-middle class, so they couldn\’t exploit either end of the spectrum. But they also knew that very, very few of their customers (members, really) would skip a payment, skip town, or otherwise stick it to them. Also have just about the lowest fraudulent claim rate. Because no one wants to tell anyone that USAA wouldn\’t take them. Would lead to \”what\’s wrong with that guy?\” comments from peers.

  • August 6, 2006 at 2:53 am
    Fred DiMeo says:
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    My dad was in the U.S. Air Force and as a dependent, I have enjoyed USAA services for many years; however, I must say that their HO-3 form and endorsements are below average. I am an independent insurance agent and when I compare my USAA policy to Travelers Prop/Cas, Unitrin Kemper, Nationwide Allied, Safeco and Mercury, they fall short. Their standard form only gives 50% of Cov. A. for Personal Property and they have a moratorium for new business in my county of Santa Clara not to mention many more in N. California. I cancelled with USAA and went with Travelers. Rate reduction is good but they were double the price of Travelers….sorry USAA, maybe another day



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