How Does OCHO Work?

How Does OCHO Work?

Get an overview of OCHO, OCHO Pay, pricing, down payments, and how OCHO ensures you get the lowest rates.

What is OCHO?

OCHO is a car insurance agency with a difference. We're like a bridge between you and insurance companies. 

This is how we simplify your insurance experience:

We search for the best deals from our partner insurance companies and show you as many policy options as possible. After you choose your coverage, we finance the initial payment insurance companies need to start your policy. We provide a 0% APR loan for this upfront cost.

Why is that so good?

  • It means you get a lower down payment. Many insurance companies charge up to 50% of the total policy. With the cost of insurance policies rising generally, it’s a lot of money - it makes you think twice about buying insurance. With OCHO Pay, you can lower this upfront payment to make it manageable, and in many cases, you can even qualify for $0.
  • You pay us back in smaller amounts, aligned with your paycheck cycle, to help you budget effectively.
  • Even better - we are the first and only car insurance agency where you can build your credit score with every on-time payment you make. 

We do this because we know how hard it can be to come up with a big lump sum for a down payment. We want you to stay safe and have the ability to access the car insurance you need.

What is OCHO Pay?

At a glance: OCHO Pay is the name for our car insurance financing. 

➡️ As a marketplace, we offer our customers the best car insurance options from our selected insurance companies. 

➡️ ️Once you choose an option you like and sign the paperwork, we pay for your insurance with a 0% APR loan. 

Because it’s a 0% APR loan, we can offer you incredible benefits, only available at OCHO:

➡️ We lower the down payment for everyone. Insurance companies usually need a down payment of up to 50%.

➡️ You can pay us back in smaller payments that match your paycheck to help you budget. 

➡️ We report your payments to the credit bureau. This is how we give you the tools to build your credit score, provided you make your payments on time.

Is OCHO an insurance company?

No. OCHO is not an insurance company that sets your car insurance rate. These rates are beyond our control; the prices you see are from the insurance companies we work with.

Instead, OCHO is an insurance agency or “broker” committed to finding you the lowest price and best option. 

Here's the most exciting part: OCHO is the only agency that offers to reduce your down payment, and we lower it for 100% of our customers. You won't be able to find a lower auto insurance down payment anywhere else.

Why didn’t I get a $0 down payment?

Some of our customers were successfully approved for and received a zero-dollar down payment

There are many factors that go into making a $0 down decision, so it will differ for each applicant. What makes OCHO special is that no one loses! The remaining customers made an average upfront payment below $100. This amount is less than half of what they would have had to pay without using OCHO's services (OCHO Pay). Sometimes insurance companies even ask for 50% of the total premium. 

OCHO's mission is to make insurance more accessible for everyone, and this includes you.

How does OCHO help me get the lowest rates?

First of all, OCHO is different. 

To apply for car insurance, you give information about yourself, your car, and your driving history. Then, you get a quote. Based on this first quote, you select the quote you like and you are redirected to that insurance company’s website to input more information. 

Eventually, you receive one final price from that specific insurance company. If satisfied, you make a down payment and start your policy. Yet, if you dislike the final price, you must start over with a new carrier and re-enter your information. 

It's frustrating, right? In this process, you are only comparing insurance companies based on their first quote, not their final prices. 

At OCHO, you can compare insurance prices twice and choose the best carrier for your final price. This process makes sure you see accurate prices from all carriers, not just one.

And, if you still don’t like your final price, OCHO allows you to run another final price on a 2nd insurance company. You then get to select the best of both options. OCHO’s unique process produces real savings for its customers.