Debunking traditional thinking about what impacts your auto insurance rates

This blog post came about through a conversation with Jaime Gutiérrez OCHO Co-founder, Jaime Gutierrez has mexican origins and he understands very el what it means to make a new beginning in the United States, helping out others in this situation has been a great driving force for the creation of OCHO here we can read about some tips to have better insurance prices and life opportunities through his experience. 

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Do you really know what affects how much you pay for your auto insurance? Most people think it’s how you drive, your car, etc. But in reality it’s much different. Three things that you can control matter most especially for Latinos.

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1. Your prior insurance. Did you have insurance before, then miss a payment and it was canceled? And then you drove around for a while without it and later got insured again? This off and on behavior is called spotty prior insurance and DOES NOT help you reduce your rates. It's very important that you STAY INSURED and do not get canceled for missing a payment. Having consistent prior insurance is the #1 variable to reduce your auto insurance.

OCHO helps you with this by allowing you to make smaller payments every two weeks matched to your paycheck cycle. The idea is to stay insured and never miss a payment. And if you absolutely have to miss because you lose your job or have a family emergency, then make sure to reinstate your insurance. Most carriers give you 30 days after you are canceled to reinstate. That is your last chance but usually you have to catch up on all your payments to do so. It’s worth it because reinstating is like you were never canceled. But it comes with a cost. All carriers charge a fee to make a reinstatement and most brokers do as well. The best thing is to avoid a fee and to just keep paying without being canceled. That’s #1 to lower your rates.

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2. Credit score, all your financial behaviors are registered. This is a reference to see how responsible you are in your economic life. This is how financial institutions decide how risky it is to give you financial opportunities. If you are a person who always complies, you will have an excellent credit score and the opportunities that come to you will be more and better, that is, you will be able to obtain more loans with lower interest rates. Since you have the confidence and it is not risky to bet on you so that you grow your heritage and can offer a better life to your loved ones. It is for this reason that OCHO is focused on helping you build your credit score and grow with you. Read more about credit score HERE.
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3. What ID do you have? Do you have a state driver’s license or do you have a foreign ID? Can you get a state issued DL? If so, you should try…..

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