USAA Car Insurance Claims

Though USAA offers a range of financial services, their primary business is insurance to present and former members of the U.S. military. USAA offers personal property and casualty insurance that includes automobile insurance, homeowners insurance, renters insurance, personal property insurance, and even umbrella insurance. In addition, USAA also offers life insurance and annuities. USAA stands out from the crowd of insurance companies when it comes to life insurance by being one of the only companies to not include a war-exclusion clause in their policies.

USAA is one of the few insurance companies that are not publicly traded in the stock market. Instead, USAA returns their profits to their clients through Subscriber’s Savings Accounts. Members are motivated to remain with the company because the longer someone is a member, the more he or she benefits from those returned profits.

Aside from being available throughout the United States, USAA Insurance also has branch offices located in Germany and even England for enlisted forces overseas.

History of USAA

Historically, members of the armed services struggled to find insurance. This was primarily due to insurance companies labeling members of the armed forces as a “high-risk”. To overcome this difficulty in 1922, 25 Army officers decided to pool their resources and insure each other’s vehicles. This is when the San Antonio, Texax insurance company was born. These 25 military officers probably never dreamed that their little insurance company would become a billion dollar corporation that would insure individuals all over America one day.

William Garrison was the first elected President for USAA Insurance in 1922. By 1924, Garrison had announced the company’s slogan “Service to the Services” and expanded the membership to include members of all the military branches. To this day, you must be a member or former member of the United States Armed Forces in order to partake in the benefits that USAA offers. Participants in the ROTC are also eligible to become a member of USAA. By becoming a member of USAA, members of the military become eligible for both financial services as well as insurance services.

The insurance company has gone on to receive numerous awards and is one of the highest ranking insurance companies around. In 2002, USAA received the JD Power Chairman’s Award with ten other companies in the entire nation. Since 2002, USAA has still been ranked on the top of JD Power’s list for personal insurance companies. In March of 2007, USAA was ranked first by Business Weekly amongst competitors like Lexus, Starbucks, and even the Four Seasons Hotel. In May of 2009, USAA was named one of the top-ranked discount brokerage services by Consumer Reports.

In recent years, USAA has made a serious commitment to do its part in protecting the environment. It is USAA’s goal to continue to work efficiently without having an impact on the earth. USAA is the 28th largest purchaser of green power amongst its fellow Fortune 500 companies. As of February 2010, USAA’s main office in San Antonio, Texas operates on 25 percent wind power. USAA requires all employees to recycle, and they constantly rotate more “green” projects into their offices.

Financial Strength of USAA

USAA offers banking, insurance, and other financial services to people and families that currently serve or have served in any branch of the United States Armed Forces. As of 2009, USAA has now over seven million members that consist of active and retired armed services as well as their families.

USAA’s net worth has continued to grow. In 2002, USAA reported a net worth of just over $11 billion dollars. As of 2009, they reported a net worth of $17 billion. Today, USAA Insurance’s total revenue is over $17 billion annually with assets close to $80 billion. They are the seventh largest homeowners insurance company in the United States and eighth largest in auto insurance.

USAA is rated A+ across the board when it comes to reviews such as Standard and Poor’s, A.M. Best Company, Moody’s Investor Services, and Ward’s 50.

Though those 25 Army Officers never dreamed their company would grow from a small office in San Antonio, Texas to a multi-billion dollar corporation, they have succeeded in becoming one of the Nation’s largest and fastest growing insurance companies around.