With all the budget cuts, every military member seeks to cut costs wherever possible. Especially if they're overpaying for their auto insurance or home loans. If you go out and ask military members and veterans who are their favorite insurance providers, you'll likely hear these 4 insurance providers.
Most days, members of the military have their hands full. From physical training and long duty hours to extended training cycles and deployments, service members can use any break available to save them time and money. Thankfully, there are few great insurance companies out there that put the needs of service members, veterans, and their families first.
What Needs Covering?
Though the woes of the Affordable Care Act’s individual mandate are not troublesome because of Tricare medical coverage, service members and veterans are not immune to government insurance requirements in the way of automobile liability coverage. Thankfully there are a number of great insurers that love serving those that serve.
Along with car insurance, another popular military insurance need is renter’s insurance. This type of coverage helps protect the property of a junior-enlisted soldier in the barracks and the household goods of a married family living in rented civilian quarters.
Although most military personnel take advantage of Service Member’s Group Life Insurance, a low-cost, government-backed life insurance program, many members of the military choose to supplement that coverage in order to protect their families from tragedy in such a dangerous line of work. It can still be expensive, but there are companies there to help with military life insurance.
So, who are the most military-friendly providers of these services?
When service members and vets think insurance, they think USAA first. Any insurance product that a service member may wish to purchase is available through USAA. While USAA does claim an unbelievably high customer satisfactions rating, it is important for USAA members pay very close attention to the terms of their insurance.
USAA does offer extremely low rates to members of the military for insurance products, but in some cases, that price stems from very strict terms in the insurance contracts. USAA members are encouraged to read and understand their insurance documents very thoroughly before deciding on those products.
Another company serving members of the military and veterans, similar to USAA, is Navy Federal Financial Group. They offer a wide range of insurance and banking products, but they boast a significantly higher rating from their customers on actual insurance products used.
Whereas USAA has taken quite a beating from their customers on the internet in the bad review department, Navy Federal customers with positive reviews of the company after using their insurance products overwhelm internet review sites. While all customer review data must be taken with a grain of salt, the majority of positive review statistics for Navy Federal provides a compelling argument in favor of the company.
Staffed by veterans, Geico’s Military Center is a whole section of their company dedicated to providing exceptional service to military personnel and veterans. One of the simplest and main features provided by Geico is a significant discount on all of their insurance products for service members.
In this way, no specific types of cheaper policies are drawn by the insurer. Some believe this gets military customers a better product at a cheaper price than dedicated military-friendly companies like USAA.
While online shopping for insurance may not be the first place service members look, web-based companies like Progressive can be great spots for members of the military to find coverage at affordable prices. With search tools that provide Progressive’s rates matched with competitors’ rates, more options for coverage are made quickly and easily available.
The real drawback to finding coverage from Progressive’s website can be local insurance agents. Service members inevitably move often and at great distances. Having a local-based insurance agent on the other side of the country or world can make simple transactions or claims more challenging than necessary.