USAA Banking and Insurance Review

I guess that's a bit of hyperbole. But I can't think of any organization I have dealt with that is more entitled to a rave.

I became a member of USAA when I was an officer in the US Air Force in the late 1950s. 50+plus years has given me ample opportunity to test the performance of USAA. They have never let me down.

USAA was founded as an insurance exchange to cover the needs of US military officers. The premise appeared to be that the risk of coverage on military bases, where insurance coverage is otherwise difficult to arrange or unreasonably expensive, could be balanced out by the clean-living of military officers.

In subsequent years, coverage was extended to the offspring of officer members and, through satellite commercial companies, other family members.

Coverages include auto, home, liability, windstorm and personal property. Rates are consistently so favorable that I long ago stopped responding to the those "personal" mailings that claim they can save me money on auto insurance.

Since, USAA is an association, savings on premiums in excess of claims go into a savings account. A portion of the amount is distributed to members each year.

So, let's see - great service, low rates and cash-back - what else can there be? Well, USAA also offers investment products that are among the safest yet most productive available.

I mentioned service. How about claim service? Several years ago, we were put through a hurricane that we were naively unprepared for. It knocked out our power for a week. It also knocked out the food supplies in our refrigerator and freezer. A call to USAA claims service ended up with a payment for my blue-sky estimate of the value of the loss. No questions. The check arrived in a week.

A year later when a second hurricane lingered off shore, we used the forewarning to work down the contents of our appliances. Nevertheless, the resulting power outage lasted a week and all that was left was lost. This time, when I called for claims service, I proudly announced that we had reduced the size of the claim and estimated a smaller amount. The claims service person walked me through the likely total value based on a category-by-category estimate. It came out higher than my original estimate and the higher amount was the amount they paid. Who would have thought?

Another benefit of USAA is in auto insurance. You have an accident. You call it in. They send you to local, prequalified body shop or glass repair company. You pay the company the amount of your deductible and all is square.

No three estimates. No delays. No quibbles.

This is a fantastic company and it's no fantasy.

If you are qualified to join, I fervently recommend that you do.