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Cancellation
When you signed up, OCHO loaned you money to help pay for your insurance. We paid the insurance company directly on your behalf (instead of you paying the insurer).
So if you cancel before the end of your policy, you might still owe OCHO something back. That usually includes the insurance you already used, any fees from your plan, and then we subtract what you’ve already paid. What’s left is your balance.
We're not charging you twice, we’re just settling up the part of the loan that covered your used insurance, which you owe back to OCHO.
Example:
Your policy will be cancelled if a scheduled payment is missed and not resolved during the grace period shown in your Notice of Intent to Cancel. You can usually prevent cancellation by making a payment or setting up a payment extension before the deadline.
You may still see charges after cancellation if there is a remaining balance for insurance coverage that was already paid for and used while your policy was active.
When your policy started, OCHO paid your insurance company in advance so your coverage could begin at a lower cost. If your policy is cancelled later, you may still owe for the days of coverage that were already paid to the insurance company on your behalf.
This is different from paying for future coverage; this is repayment for coverage that was already active and used.
If you’re unsure why you’re seeing a charge, contact us, and we’ll review your account with you and explain exactly what it’s for.
When your policy was purchased, you entered into a Premium Finance Agreement authorizing us to pay your insurance company on your behalf and to collect repayment from you according to the agreed payment schedule.
Because insurance premiums are paid in advance to the insurance company, there will be instances where coverage was provided and paid for before your installment payment was collected. In these cases, payments requested are for used coverage.
We would never charge you for something you didn’t use. Additionally, we have gone to great lengths to make these repayments manageable by splitting them into four installments.
If you dispute a charge with your bank, they will review it. Because you signed a Premium Finance Agreement with us, the charge will be confirmed as valid, as we paid for insurance on your behalf and didn’t receive payment.
It is in your best interests to clear your account with us, as we are legally obligated to report unpaid balances to the credit bureaus, which can result in a negative mark on your credit report.
After a missed payment, you typically have ten days to get your account back on track. If you need more time, you may be able to set up a payment extension before your policy cancels.
If your policy cancels:
- Your insurance coverage stops
- Reinstating or starting a new policy may cost more
- You may still owe for coverage already used
- Your account may be reported to credit bureaus if the balance is not paid
Depending on your situation, you may see:
- Cancellation fees
- Remaining balance for coverage already paid on your behalf
- Unpaid agent fees
In most cases, yes. Letting a policy cancel can lead to additional fees, higher costs to restart coverage, and repayment for coverage already used.
Yes. In most cases, you can prevent cancellation by:
- Making a payment, or
- Setting up a payment extension (if available)
If you’re having trouble paying, contact support as soon as possible.
Sometimes, yes. It ultimately is up to the insurance company, not us. We will always look for other offers for you.
In many cases, yes. If you start a new policy, your remaining balance may be rolled into a new payment plan, which can help reduce what you need to pay upfront.
Since we finance your policy, if a balance remains unpaid, we are legally obligated to report it as unpaid to the credit bureaus, which can negatively impact your credit score. Making payments on time helps ensure your account is reported as paid, and builds your credit score.