Lawsuit claims USAA Bank benefitted from ‘excessive premiums’ amid pandemic

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A lawsuit from a USAA Bank member in California claims the insurer profited off “excessive premiums” during the COVID-19 pandemic. Here’s what you need to know.

USAA member Philip Johnson filed a class-action lawsuit last week in Southern California seeking over $5 million in damages from the San Antonio-based insurance and banking giant USAA, the Express-News reports. The lawsuit claims that USAA Bank profited unfairly during a time where most people were ordered to stay home amid the pandemic, leading to a decrease in vehicle claims.

“USAA is confident that our auto policy dividends and premium credits, along with a range of other financial relief efforts to help members, were appropriate,” the company said in an emailed statement sent to the Express-News.

Johnson cites Consumer Federation of America in the lawsuit, saying that consumers were entitled a 30% minimum average premium refund from mid-March through April 2020.

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