New York Superintendent of Insurance Howard Mills today announced that the USAA Group will reduce its automobile insurance rates an average of 7.6 percent in 2006, saving its private passenger members more than $14 million in premium payments annually.
USAA exclusively serves members of the military and their families. The USAA Group has about 103,000 New York auto insurance policyholders and is comprised of three companies: USAA, the USAA Casualty Insurance Company (USAA-CIC), and USAA General Indemnity Company (USAA-GIC). USAA members previously realized on average a 3.6 percent rate reduction in 2004.
The new rate structure for all companies in the USAA Group goes into effect in January 2006 for new business and renewals.
The New York State Insurance Department has approved this year a number of auto rate reductions worth almost $400 million. More than 20 auto insurers, including the top three in terms of market share (Allstate, GEICO, and State Farm), are reducing their rates an average of 5 percent in 2005.