Auto insurance rates have risen in the past year for everyone, but if your rates are higher than expected, it is likely that you fall into these categories:
a) Low Credit Score: This is the main reason why people have more expensive insurance. 28% of OCHO customers either don’t have a credit score, or not enough data to generate one. For the remaining 72%, the average FICO score is 543. As a result of this, you will see higher rates.
b) Incomplete Insurance History: The majority of OCHO customers don’t have continuous coverage, especially in the last 12 months. This can be from missed payments.
c) A Foreign Driver’s License: Some of our customers hold a foreign or out of state driver’s license. This increases your rate.
It’s important to us that you understand the reasons why your rates are higher than expected. The reasons listed above can all be fixed over time. We want to see that extra money in your pocket, rather than in the hands of the insurance company.