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I saw an ad for Otto claiming I could get insurance for as low as $35 a month. My current insurance is around $180. I figured it was worth a shot, but after entering my details, I was connected with a bunch of different agents. None of them could even come close to $35. The cheapest offer was around $160, and the agent admitted that the “$35” rate is for people with the absolute minimum coverage, perfect driving records, and other very specific circumstances that hardly anyone meets.
Someone I know clicked on an Otto ad that looked very similar to the T-Mobile app. They thought they were on the T-Mobile website and entered their information. Within minutes, their phone started ringing non-stop with insurance agents. They were paying $250 a month before, and after all the calls, the best quote they found was $235, hardly a significant saving, and they regretted giving their information out so freely.
I work in a body shop, and we often see customers with various insurance providers. While I don’t have direct insight into their initial savings, I can say that we’ve definitely seen some of these “budget” insurance companies, including those you might find through a service like Otto, try to appraise vehicles $1000-$5000 lower than their actual value when there’s an accident. So, even if someone initially saved a bit on premiums, they might lose much more if they ever have to file a claim.
Before I learned what Otto really was, I considered using them to compare my current insurance cost of $150 a month. However, after reading online reviews and seeing that they primarily sell your information, I decided against it. The risk of getting bombarded with spam calls and emails, without any guarantee of actually finding a better rate or a reliable insurance company, just wasn’t worth the potential small saving. I’d rather stick with a reputable company even if it costs slightly more.
I was paying around $90 a month for bare-bones liability insurance on an older car. Otto’s ads made me think I could get even cheaper coverage. After submitting my information, I got a flood of calls, and the absolute lowest quote I received was $85 a month, again for minimal coverage. The “savings” of $5 a month was negligible, and the sheer volume of spam calls I received in exchange made it a terrible experience. I ended up staying with my original insurer.
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