USAA Motorcycle Insurance Policy Review
USAA Insurance has been providing insurance coverage to members of the military and their families since the 1920s. A group of military officers started the company because at the time, it was hard for military personnel to find insurance coverage. For members of the U.S. Military, National Guard or Reserve as well as family members; you have an outstanding option for your motorcycle insurance coverage with this “A++” Superior A.M. Best rated insurance company.
According to the National Association of Insurance Commissioners (NAIC) 2018 Market Share Reports , USAA is ranked as the 8th top Property and Casualty Insurance Company with $21,984,970 in direct premiums written and a 3.23 percent market share. Those company's ranking higher and Travelers top competitors are State Farm, Berkshire Hathaway Group (GEICO), Liberty Mutual, Progressive, Allstate, Travelers and Chubb.
USAA is not a BBB accredited business but it has an “A+” rating with the Better Business Bureau. It has a composite score rating of 3.79 out of 5 stars based on 359 customer reviews. There are a total of 1,477 customer complaints listed on the BBB page for USAA: advertising/sales issues (16); billing/collection issues (290); delivery issues (20); guarantee/warranty issues (36); problems with product/service (1,115). Of these complaints, 453 were closed in the last 12 months and 261 complaints were verified by customers to have been resolved to their satisfaction.
In addition to motorcycle insurance, you can also find coverage for auto, homeowners, life, health, banking, retirement and investment services. The company has also won numerous customer service awards and was listed as a customer service champion in Business Week magazine. USAA Insurance is headquartered in San Antonio, Texas and has a membership base of over 8 million with net worth or over $19 billion.
USAA motorcycle insurance is available to members of the U.S. military, National Guard or Reserve. USAA has begun outsourcing its motorcycle insurance to Progressive Insurance. The policy is a one-year term with many coverage options available:
· Liability: Pays for bodily injury and property damage you cause during a motorcycle accident.
· Comprehensive: Coverage for physical damage to your motorcycle caused by anything other than a collision such as falling objects, fire and weather related events.
· Collision: Physical damage coverage for your vehicle for an at-fault motorcycle accident.
· Custom Parts and Equipment: Coverage up to $30,000.
· Uninsured/Underinsured Motorist: Covers damages you sustain during a motorcycle accident involving an uninsured or underinsured motorist.
· Medical Payments: Pays for medical treatment for you or your passenger regardless of fault.
· Roadside Assistance: This is an optional coverage that will provide assistance to you should your motorcycle break down on the road. It pays for emergency repairs and towing.
USAA provides several convenient payment methods to its customers. You may pay your policy in full or elect to pay in monthly installment payments. You may schedule automatic payments through your checking account or pay by credit card, electronic funds transfer, money order, check, by telephone, by mail, online or through PayPal.
USAA now offers its customers free mobile tools which allow you to pay using Google Pay, Apple Pay, and Samsung Page. You can also add your debit card to your phone and make payment through it. In addition to paying your bill, you can also have access to all your USAA products including insurance, banking and investing services. There are also tools for calculating a loan and to help locate an ATM.
One of the best reasons for members of the military to choose USAA insurance is because of the attractive discounts offered to members. Here is an explanation of some of the USAA discounts available to members:
· Multiple Policy: By insuring multiple lines with USAA such as homeowners and auto, you receive a discount on your motorcycle insurance policy.
· Multiple Vehicle: If you have multiple cycles, you receive a discount for insuring them all through USAA.
· Loyalty Discount: This is a discount upon renewal for keeping your coverage with USAA.
· Defensive Driving Discount: Discount for a USAA approved defensive driving course.
· Driver’s Training Discount: Discount available for completing an approved motorcycle training course.
· Good Student: Available to high school and college student who maintain a high grade point average.
· Family Discount: 10% discount for family members that join and are insured through USAA.
· New Motorcycle: If your motorcycle is 3 years old or newer, you are eligible for the new motorcycle discount.
· Storage Discount: If you put your motorcycle in storage, you qualify for a reduction in your insurance premium.
· Safety Training Discount: 5% discount for taking a USAA approved motorcycle safety course.
· Good Driver Discount: Discount available to members who remain accident-free through the policy period.
· Seasonal Discounts: This discount is available to members based on the season when you drive your motorcycle most.
Other Recreational Vehicle Insurance
In addition to motorcycle insurance, you can also get coverage through USAA for your other recreational vehicles including boat and RV insurance. For boat insurance, you get a 5% policy discount for being a USAA member as well as discounts for an approved safety course and insuring multiple vehicles on one policy. Motorhome insurance also gives a 5% discount for being a USAA member and covers you when you use your motorhome as a temporary vacation residence. You are covered year-round but the policy premium is adjusted based on the typical motorhome use in your state. If you are a safe driver, you could qualify for a $0 deductible.
Pros & Cons
· Superior Financial Strength Ratings
· Excellent Customer Service and Claims Record
· Competitive Insurance Rates for Military Members
· USAA Returns a Portion of Profits to Members
· 24/7 Claims and Customer Service
· USAA Insurance is only available to members of the U.S. Military and their family members.
· Many of the benefits are not explained on the website unless you actually become a member.
To learn more about USAA motorcycle insurance and its other insurance products for members of the military, you can visit the USAA website or call 1-800-531-USAA (8722).
Naic.org. (2019). 2018 Market Share Reports for Property/Casualty Groups and Companies By State and Countrywide. [online] Available at: https://naic.org/prod_serv/MSR-PB-19.pdf [Accessed 29 Sep. 2019].