Lt. Gov. Tregenza A. Roach Esq., in his capacity as the Commissioner of Insurance, informs all USAA policyholders in the Virgin Islands that a COVID-19 dividend will be paid in the form of a credit to their property and casualty insurance bill.
“We were informed directly by USAA that policyholders will receive the credit as early as April or May, depending on their billing date. If a policyholder has prepaid their premiums in April and May, the credit will be held until their next payment cycle,” said the lieutenant governor.
All policyholders who had a policy in effect during the month of March 2020 are eligible to receive the dividend. It is intended to represent approximately 20 percent of two months of premium, using the March premium as the basis for that calculation. All policyholders will receive the same percentage of premium.
“This dividend amount provided to USAA policyholders serves as a financial relief effort during the ongoing COVID-19 pandemic. Approximately $210,000 will be distributed to policyholders in the Virgin Islands,” said Roach.
“Virgin Islands policyholders should also note that financial assistance in the form of payment arrangements are available. USAA will not cancel auto or property insurance policies or charge fees due to late payments on insurance coverage through June 17, 2020, or as required by each state or territory,” said Roach.
