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Article: Insurance Firm USAA Switching Texas Drivers to Unregulated Subsidiary.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- June 26, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Claudia Grisales, Austin American-Statesman, Texas Knight Ridder/Tribune Business News
Jun. 26--The USAA insurance company is transferring 144,000 of its Texas auto insurance customers to an unregulated subsidiary that doesn't have to adhere to state rate limits.
Austinite Mike Koeth saw his insurance premium shoot up 30 percent after USAA moved him to its unregulated subsidiary. Koeth has been a USAA customer for 11 years, but he's now shopping for a new insurer.
He found out about the increase last week when he got his renewal notice.
USAA notified the Texas Department of Insurance last fall that it would be moving customers ...