What Insurance Company Is Better Than USAA? (2024)

FAQs

What Insurance Company Is Better Than USAA? ›

Our analysis found that Nationwide is the best car insurance company overall, followed closely by USAA, Travelers and Erie. We evaluated insurers across the country based on costs, coverage options, complaints and claims processes.

USAA competitors include Progressive Insurance, MetLife, Allstate, GEICO and State Farm Insurance. USAA ranks 1st in Overall Culture Score on Comparably vs its competitors.

Both USAA and State Farm are among the top-rated auto insurance companies. While USAA may have better ratings and cheaper rates overall, it's exclusivity means that State Farm is likely to be a better match for a broader selection of drivers.

Disadvantages of USAA home insurance include limited extra coverage options and availability since the company only writes policies for homeowners with military affiliations.

USAA is the fifth-largest car insurance company, with a 5.92% share of the auto insurance market. It's known for its cheap car insurance rates, strong financial strength rating and excellent performance in J.D. Power customer surveys.

Navy Federal is better for in-person banking, with 350 branches worldwide compared to just four financial centers operated by USAA. That said, USAA's network of over 100,000 preferred ATMs with up to $10 in refund per statement cycle for non-preferred network ATMs is larger than Navy Federal's 30,000+ fee-free ATMs.

USAA Insurance Reviews: J.D. Power Ratings

It also received the second-highest score of all large insurers on the J.D. Power 2023 U.S. Insurance Shopping Study℠ with 874 out of 1,000 points. USAA also scored higher than all other insurance companies except in California on the J.D. Power 2022 U.S.

Both Bank of America and USAA savings accounts feature low interest rates, although USAA's accounts have fewer fees. Both banks offer CDs, although you generally need to commit to a higher balance with Bank of America to earn competitive rates.

USAA has the cheapest car insurance for veterans and their families on average, according to NerdWallet's January 2024 minimum rates analysis.

USAA is often the cheapest option even though it offers fewer car insurance discounts in total. Keep in mind that car insurance costs are highly variable and depend on factors like your vehicle, location, credit score, driving history, deductible and more.

Why does USAA have an F rating? ›

A check of the BBB website provides a few answers. The failing grade is due to two stated reasons. The first is that the company agreed this year to a $15 million settlement with the U.S. Consumer Financial Protection Bureau over how USAA's banking arm mishandled thousands of personal checking accounts.

USAA CEO Wayne Peaco*ck said the company dealt with record inflation and supply chain problems in 2022. SAN ANTONIO – For the first time in over 100 years of operation, financial services giant USAA posted losses on its annual balance sheet.

A car accident claim with the United Services Automobile Association (USAA) can take only a few weeks or as long as a couple of years to finalize. Generally, USAA auto insurance accident claims are paid quicker than accident insurance claims against other insurance companies.

Progressive: home insurance rate comparison. USAA's average homeowners insurance rate is around $127 per month while Progressive comes in slightly cheaper at about $113 per month. Similar to auto insurance quotes, each company has its own underwriting methods for homeowners insurance.

1. State Farm. State Farm is the largest car insurance provider in the US, accounting for almost 17% of the overall market.

High Standards of USAA

They provide an exceptional range of coverages that protect against numerous perils, often surpassing the standard offerings of other insurance companies. This excellence, while attracting many homeowners, contributes to the higher cost of their insurance policies.

“USAA's low cost structure, high customer retention, effective use of technology and exceptional customer service capabilities have enabled it to build a sustainable competitive advantage in the personal lines sector.

Last year, USAA eliminated almost 1,000 jobs. In May, 300 jobs were eliminated as part of “necessary adjustments to run a healthy business.” In April 2023, 475 jobs were cut, which represented just over 1% of the organization's total workforce.

The United Services Automobile Association (USAA) is an American financial services company providing insurance and banking products exclusively to members of the military, veterans and their families.