USAA Insurance Company
Company Type: Private
CEO: Josue Robles Jr.
Headquarters: San Antonio, TX
Number of Employees: 21,800+
A.M. Best Financial Stability Rating: A++
In 1922, 25 army officers came together to insure one another’s vehicles, in the process founding USAA. The company’s first insurance policy was underwritten to Major Walter Moore for $114.74. Throughout the 1920s, the Great Depression of the 1930s and the following decades, USAA continued to grow.
Since its founding, USAA has expanded its insurance offerings to all current and former members of the United States’ Armed Forces and their families. Today, USAA serves more than 10.3 million members and is:
- Ranked among the Fortune 500
- Consistently one of Fortune’s “Best Companies to Work For”
- Highly rated by A.M. Best Company, Moody’s Investor Service, Standard & Poor’s and Wards 50 for its financial stability
- Regularly receives awards for excellent customer satisfaction
USAA Insurance offers a host of products and services. Members enjoy access to retirement planning and real estate advice, and they can set up investment accounts or procure mortgages through the company. USAA also offers checking and savings accounts, credit cards, loans, and certificates of deposit (CDs) available for members.
In addition to its financial services and products, USAA provides members with a variety of insurance products. Specific offerings vary from state to state, but some of the company’s insurance products include:
- Auto insurance
- Motorcycle, boat and RV insurance
- Renters insurance
- Rental property insurance
- Life insurance
Members can also purchase a USAA homeowners insurance, umbrella insurance, and small business insurance. USAA even has travel, pet and special event insurance policies.
Many claims, including claims on USAA homeowners insurance and auto insurance, can be filed on the company's website. The process reportedly takes less than five minutes, and a USAA representative will contact you after the initial claim is made on the website.
To file some claims, however, members must call USAA Insurance. The claims that must be called in are generally either ones that involve more details or ones that require immediate assistance, such as emergency roadside service calls. Members with routine auto and homeowners claims can also call those in, if they prefer.
USAA offers many discounts on their insurance products. While the discounts available may change at any time, some discounts either offers now or has offered in the past include lower rates for:
- Having multiple insurance products with USAA
- Being a long-time member of USAA
- Remaining accident-free
- Qualified defensive-driving courses
In an effort to serve military personnel, USAA also gives active-duty members of the military an additional discount.