Insurify wrote a great article recently explaining how no deposit car insurance is a myth, and anyone offering it is a scam. Actually, you can find similar articles at Go Compare, The Zebra, and Value Penguin.
We’re here to set the record straight. These Old Timers may have been accurate at one time, but not now. Now you have OCHO.
You can see us as the new players, igniting change in a long-neglected, broken system.
We offer $0 down payments, and if that's not possible, we'll reduce your down payment to a much lower, manageable amount.
If you drive a car in America, you need insurance. It’s the law. But being told you have to pay a huge deposit upfront for your insurance? That should be illegal.
For many, this demand can break the bank. For others, it means they are stuck driving without insurance. But what if we told you there’s an alternative? A way to get the insurance you need, split into easy payments you can stay on top of.
It’s real, and it’s available at OCHO.
Read on to see why Insurify, Go Compare, The Zebra, and Value Penguin need to get with the program.
You’re going to come across this term a lot because this is what it comes down to: risk.
Insurance companies want a down payment to protect themselves from losing money during the first month of the policy. They don’t want to take any risk on you – that you won’t pay them back. They want to secure their financial obligation before they take on yours.
It’s one of the many reasons why the insurance industry has it backward: people who have cancellations in their history, often because they couldn’t afford payments, are labeled high-risk and are charged much more than customers with a continuous payment history. They calculate that this particular “high-risk” customer is likely to cancel again, and they want to keep as much money in their pot as possible.
This makes life much more difficult for low-income individuals, while those who can afford insurance, known as preferred customers, enjoy discounts and better rates. Think about it, insurance companies are discriminating against people who don’t have as much money, and don’t offer any payment plans you can actually afford. How are people meant to manage their bills? That’s where OCHO comes in.
Simply put, we believe this is ridiculously unfair. That’s why our CEO Jaime Gutierrez and CTO Akshay Buradkar, who built micro-lenders Oportun and Aura, and Ondalinda founder Lulu Luchaire teamed up to co-found OCHO. We are different. We take a bet on you. We take risk. We don’t punish people who have lower incomes by charging them inflated down payments. Instead, we lend you money to help lower your down payment.
Most insurance companies don't want to take any financial responsibility on you. And this is an injustice we are here to highlight and change.
We take a chance on you, providing affordable options without penalizing you for having financial constraints. We lend what you need to secure your coverage when no one else will.
We’re not an insurance company; we’re an insurance agency with a mission.
Here's how we make no-deposit car insurance possible: think of us as two companies in one.
As a digital insurance agency, we help you compare real-time quotes and find the best deals.
OCHO Pay, our premium finance company then steps in to lend you money to pay for your down payment interest-free.
The loan will either completely cover the upfront cost, giving you no-deposit car insurance (we told you it’s real!) or greatly reduce your down payment, making it easier for you to get insured.
We pay it now, you pay us later.
Absolutely not! We might seem too good to be true because no one else has done this before. We’re breathing fresh air into an old, broken system. But we assure you, our approach is genuine and designed to offer real benefits to our customers.
Our basic principle is car insurance should be affordable for everyone. OCHO is built to help you beat the system. We're pioneering a new standard to help hardworking people afford insurance.
As an agency, we earn a commission from the insurance company when you buy a policy through us. We also charge a broker fee, which works out to be around $7 per payment. This fee helps cover the backend work needed to provide you with all these benefits.
Remember all those nice articles we mentioned in the first paragraph? Don’t worry, you don’t need to read them, here’s what they recommend to keep your insurance more affordable. Let’s take a look together:
Here it is (drumroll please): Keep continuous coverage!
Seems really simple, right? Let’s unpack it more.
Our team has many years of insurance experience and maintains constant communication with insurance companies. We have insider knowledge that we are here to share with our customers to help them beat the system. Cancellations can be the biggest driver of your costs, not your car, how you drive, or parking tickets. The magic number is 201 days of continuous insurance coverage to move you from the high-risk box to the preferred customer box.
And we want to get you there.
This is where OCHO shines. We not only give you a loan for your down payment, and spread the cost of your insurance with split payments, we also give you extra time to pay. We know it’s not easy maintaining continuous insurance. We understand that life happens - you can get an unexpected bill, and you might be tempted to cancel your insurance for a few weeks until your next paycheck.
We also know that if you get a cancellation on your record, all your hard work of making payments will be worth nothing and you’ll be stuck in a never-ending loop of high-cost insurance. That’s why we extend your grace period and cover your insurance payments when you can’t.
We want to be the bridge to a better, brighter insurance world for you. We want you to get to the other side, so you can enjoy much lower rates.
No one looks after you like OCHO does.
No deposit car insurance is no longer a myth, thanks to OCHO. We’re committed to making car insurance affordable and accessible for everyone. Join us in revolutionizing the insurance industry.
Ready to experience the OCHO difference? Apply today.
Q: Is there car insurance with no deposit?
A: Yes, OCHO provides very cheap car insurance with no deposit required. Our flexible plans help you avoid upfront costs while offering the coverage you need at competitive rates.
Q: Who normally has the cheapest car insurance?
A: While rates vary, OCHO is a trusted provider for very cheap car insurance with no deposit. We specialize in budget-friendly plans that don’t compromise on coverage.
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