OCHO car insurance provider was founded in Jan 2021 by three entrepreneurs who have more than 50 years of combined experience in FinTech, Marketing, Technology and more. Specifically, they have huge real experience in serving the underbanked / underserved Hispanic customer who is on the margin of American society. The OCHO offers a variety of car insurance coverage for all age drivers, and they are trying to give you $0 down payment policy coverage—if you are eligible, according to some conditions.
OCHO Car Insurance Reviews
Basically, OCHO is a car insurance agency of your coverage option. It is an intermediary between you and insurance companies. They search for the best and cheap deals from their partner insurance companies and show you as many car insurance policy options as possible. After you choose coverage for your car insurance, OCHO finance the initial payment insurance companies prepared to start your coverage policy. There also offers a 0% APR loan for this upfront policy cost.
0% APR loan means you get a lower down payment. Most of the car insurance companies charge up to 50% of the total policy. Typically the cost of car insurance policies rises day-by-day, once a time it’s a lot of money—Which can make you think deeply. You can less this upfront payment to make it reasonable by OCHO Pay, and in some cases, you can even qualify for $0 down-payment.
You can pay their back in lower amounts, aligned with your paycheck option, to help you budget effectively. OCHO is the first and only car insurance agency where you can build and increase your credit score with every just-time payment you make.
OCHO does this because they feel that coming up with a large lump sum for a down payment can be difficult for everyone. That’s why OCHO wants you to ensure safety and increase your ability to access the car insurance you need.
Type of Car Insurance Policy Coverage by OCHO
- Bodily Injury Liability: If you are at fault for a car accident, this coverage pays for the medical expenses of other injured persons, not including the driver or the policy holder. This also helps cover payment for legal defense in the event you are sued for damages.
- Property Damage Liability Only Insurance: Property damage liability coverage helps you repair damage to another person’s vehicle or property. It typically helps cover the cost of repair if you are at fault for a car accident that damages another vehicle or property such as a fence or building front.
- Uninsured Motorist Bodily Injury Insurance (UMBI): May pay medical bills for both you and your passengers.
- Uninsured Motorist Property Damage (UMPD): May pay for damage to your vehicle. You may have to pay a deductible.
- Uninsured Motorist Bodily Injury (UIM): May pay medical bills for both you and your passengers.
- Underinsured Motorist Property Damage: The UIMPD car insurance coverage may pay for damage to your vehicle. You may have to pay a deductible.
- Collision Insurance: This protects you if your vehicle gets damaged or de-stayed in a crash with something else, like another vehicle or a railing. The coverage might also pay for damages caused by rollovers or hit -and-run accidents.
- Comprehensive Coverage: The coverage covers damage caused by theft, fire, vandalism, severe weather, or falling objects.
- Medical Payments (MedPay): Pays your and your passengers medical bills up to a set limit, no matter who caused the accident. If a car accident injures you as a passenger or pedestrian, it can also provide coverage. *Medical payment coverage is extremely important if you don’t have health insurance. It also comes in different coverage levels from $500-$10,000 in coverage depending on the carrier.
- Roadside Assistance: Is a service offered by insurance companies to help when your vehicle breaks down. It includes towing, flat tire help, battery jump-start, lockout service, and fuel delivery. It’s an optional add-on to your auto insurance.
- Accident Forgiveness Coverage: The insurance coverage helps you to prevent your insurance premiums from increasing, and you cause a road accident. The condition for accident forgiveness insurance may different according to the insurer and where state you live. Typically, the coverage only pays for one forgiven accident per car insurance policy at a specific time, such as: an at-fault accident every 3 years.
- Additional Gap Coverage: It is a short protection for Guaranteed Asset Protection coverage that covers the difference between what you owe on a financed for car insurance and its actual value if it’s stolen and totaled.
- New Car Replacement: The car Insurance coverage compensates for a brand new car if yours vehicle is total damage. But, it must be the brand, make and model. It’s a best of the coverage option for vehicles that quickly depreciate.
Compare OCHO Car Insurance with others Marketplace
If you are looking for car insurance coverage in the market? Navigating a lot of options can be an overwhelming and confusing situation. Whether you are a skilled insurance subscriber or a first-time buyer, you can compare to choose your desired coverage plan and insurer from below details and table.
It’s more important than ever to buy a car insurance policy, as rates, average cost and down-payments to start your coverage policy continue to rise. According to our analysis, the average initial quote for newbie buyers looking for basic “liability only” coverage increased by 46% from $746 in January to $1087 in August last year.
Basically, OCHO is a popular and largest car insurance marketplace, they offer benefits that others marketplace easily don’t. Go to the comparison OCHO with another’s providers below table.
OCHO | Other Marketplace |
OCHO offers lower down payment for all age and type policy holders. | Limited lower down payment options. |
You only have to enter your info in once: They prefill most of your information to make their quote process quicker and easier than most companies. | You have to re-enter your information every time you want to get an initial quote from a different insurer, and they can be more inaccurate from the first quote to the final quote. |
OCHO syncs to your payroll and offers flexible insurance payments every 2 weeks. | Other marketplaces don’t offer any payment terms, you are handed over to an insurance company who mostly only accept monthly payments. |
OCHO never shares customer data, and uses bank-level encryption to keep your information safe. | You can receive spam or a lot of calls and emails trying to pressure you into buying insurance. |
Increased flexibility with payment timing. | Other marketplaces don’t offer any payment terms, they hand you over to the insurance company who you then deal directly with. |
Communication on your terms: We provide a fully digital and in-app experience, or if you prefer, we are still available on the phone. No high pressure sales tactics – ever. | Other marketplaces differ, some agents use phone and chat, which can lead to sales pressure or a lack of trans- patency. |
We’re bilingual: English & Spanish | No other marketplace is fully bilingual! |
OCHO provides more coverage than you need to protect your family than most agencies. | You may be provided with the legal bare minimum insurance, which may not give you enough coverage if you have an accident. |
Initial quotes provided 24/7 – we work with some of the best insurance providers in the industry. | You may have to apply only within working hours. |
Flexible identification accepted – multiple types of licenses and identification accepted; State Drivers License, Foreign, State ID, Matriculate, Passport. You don’t have to have a Social Security Number. | You may have to provide a US Driver’s License and Social Security Number. |
Car Insurance Discounts by OCHO
Most of the car insurance companies offer a variety of discounts that may significantly affect your premiums rates. Notable among them some of the common discounts include:
- Multi-Policy: Bundling one more than policies, such as: auto life, and home insurance, with the same providers can lead to sufficient savings.
- Multi-Vehicle: If you have multiple vehicles, so you can Insure more than one vehicle with the same provider, as the results—you can get discounted rates.
- Good Driver: If you are maintaining a clean driving record with no accidents or traffic violations in the last 60 months, then you can make yourself qualify for lower premium rates.
- Good Student: Students who get high grades may get a car insurance discount.
- Safety Features discount: If you install safety features in your car, such as anti-theft alarm devices, Hydrologic break or driver-assistance technology. So you can get lower premium rates.
By applying the advantages to get your car insurance discounts, can significantly reduce your car insurance premiums rate.
Compare Car Insurance Average Cost of Companies
Most affordable car insurance coverage average costs $41 per month from Erie Insurance. In addition, a cheap car insurance company is available in the market.
A minimum-coverage policy is the cheapest policy that you can buy first-buy. It only meets the minimum requirements for an auto insurance coverage policy in that state, where you live.
A full-coverage auto insurance policy costs on average two and a half times more than the minimum coverage. Among these full-coverage includes liability protection and comprehensive and collision coverage.
Company | Minimum-Coverage | Full-Coverage |
USAA | $34 | $100 |
Erie | $41 | $106 |
Auto-Owners | $43 | $141 |
Farm Bureau | $46 | $161 |
State Farm | $50 | $124 |
American Family | $61 | $160 |
Geico | $61 | $161 |
Progressive | $66 | $169 |
Travelers | $70 | $160 |
Nationwide | $80 | $185 |
Allstate | $96 | $217 |
Farmers | $99 | $258 |
Average Car Insurance Costs by Driver Age
Young drivers pay higher premium rates than older drivers for car insurance coverage, because rates are affected by the driver’s age and experience in major factors.
Because, new and young drivers tend to take high risks and get in accidents more than older drivers, which is why they may have higher auto insurance premium rates. Typically, an 18-year-old or teen driver pays more than 3-times as much for car insurance as a up to 30-year-old driver.
As auto insurance providers think older drivers as both less risky and less likely to file a claim, then car insurance average annual costs start dropping quickly between the ages of 25 and 30. Average auto insurance rates drop smoothly per year between the ages of 25 and 55.
Driver Age | Average Full-coverage Rate |
16 | $613 |
17 | $542 |
18 | $481 |
19 | $365 |
20 | $329 |
21 | $274 |
25 | $200 |
30 | $179 |
35 | $175 |
45 | $171 |
55 | $165 |
65 | $162 |
75 | $188 |
85 | $227 |
Car insurance Average Costs by Gender
Age of 30 or older drivers, car insurance premium rates vary slightly by gender. But for drivers 18, teen and younger, men drivers pay 10% more than female drivers.
Age | Male | Female | Difference Level |
16 | $640 | $586 | 9% |
17 | $568 | $515 | 10% |
18 | $505 | $457 | 11% |
19 | $383 | $346 | 11% |
20 | $345 | $312 | 11% |
21 | $285 | $263 | 8% |
25 | $202 | $197 | 3% |
30 | $178 | $179 | -1% |
Conclusion
Choosing car insurance can seem a bit overwhelming, but don’t worry! Compare quotes, compare discount options, and finalize your coverage needs. This way you can find affordable car insurance rates, which will give you the protection you need
Be sure to periodically review your policy to ensure it still meets your needs and remains competitive in the market.
By providing accurate information along with a proactive approach, you can select affordable car insurance, giving you peace of mind on the road.
OCHO stands out from other marketplaces, offering benefits that other providers don’t. Our commitment to reducing payments, simplifying the quoting process, protecting your data and providing flexible payment options sets us apart.
FAQ of OCHO Car Insurance
What is OCHO Plus?
OCHO Plus is the cheap and basic insurance package by OCHO insurance agencies, but it is different from the state Liability only or minimum-coverage.
What documents are required to apply at OCHO?
OCHO car insurance requires a policy coverage: State Driver’s License, State ID, Foreign Driver’s License, Matriculate Consular and Passport. In addition, a driver’s license from the state where you live, Social Security Number, Credit Score, but these are not compulsory.
Is OCHO determined car insurance rates?
No. OCHO is not determined by any kind of insurance policy rate. It is also not an insurance company that is an agency.
How does OCHO offer a $0 down payment?
There are many reasons why a $0 down decision is awarded, it can be different for each applicant. Customers who make an average upfront payment under $100. This amount is less than half of what they would have paid without using OCHO’s services (OCHO Pay). Sometimes the insurance company may even ask for 50% of the total premium.
Is OCHO insurance legit?
Yes. But it is not an auto insurance company. It is a referral company or a support service provider in the auto insurance insurance industry that sends or refers you to insurance companies.
Daniel Jack is a senior finance and insurance writer and analyst at The US Pedia. For more than 8 years, he has been helping consumers learn about the finance, insurance and banking related. Daniel enjoys translating the complexities of insurance into easy-to-understand advice and tips to help consumers make the best choices for their needs. He completed his MBA (Master of Business Administration) from the University of Chicago.