Toyota has followed Ford, General Motors, Stellantis and even Tesla in the insurance game.
Toyota Insurance Management Solutions has created its first branded product, Toyota Auto Insurance, which is designed to provide customers with customizable coverage that the company describes as affordable.
Toyota auto insurance has been approved by regulators in Arizona, Illinois, Indiana, Ohio, and South Carolina, and will soon be offered in Georgia, Missouri, Tennessee and Texas. Future states will be added in the coming months, Toyota said.
Earlier this year, Ford says it has started offering data-driven insurance to its customers and this fall GM said it expects new insurance business to be part of the company’s plans to increase revenues from new business lines over the next several years as that it broadens the range of services and subscriptions offered to customers.
Stellantis CEO Carlos Tavares said last week The world’s fourth-largest automaker planned to offer usage-based insurance policies as part of its efforts to increase revenue from various subscription services. Tesla CEO Elon Musk has long said he expects the company’s insurance business to be a huge profit center.
Flexible policies planned
Toyota Auto Insurance said it offers consumers a flexible policy purchasing process through a state-of-the-art mobile app, call center agents, participating Toyota dealers and a website.
Customers will benefit from claims assistance provided by Toggle, the underwriter, which is part of Farmers Insurance, one of the nation’s leading multi-line insurance groups.
In addition, Toyota Auto Insurance works with Toyota Certified Collision Centers and Rent-a-Toyota programs to get customers back on the road as quickly as possible. The service is integrated with Toyota Care Roadside Assistance for Toyota vehicles.
Toyota Auto Insurance policies can also be personalized to suit how customers use their Toyota vehicle, with a wide range of options including coverage for carpool drivers or pet passengers. Non-Toyota vehicles in the customer’s household may also be covered.
Insurance activity is expected to grow
“We are delighted to bring our flagship auto insurance product to market. With Toyota Auto Insurance, we can truly improve the full Toyota ownership experience for our customers, ”said Will Nicklas, COO of Toyota Insurance Management Solutions.
“We look forward to expanding this product even further, including allowing Toyota owners to seamlessly use their driving data to earn additional insurance discounts. ”
The introduction of Toyota Auto Insurance marks another milestone for Toyota Insurance, which debuted in 2016 as a tool for customers to compare insurance policies online, the company noted.
Since then, Toyota Auto Insurance has grown to offer a variety of insurance products in addition to automobiles (including home, renters, RVs, and pet insurance) and is well positioned for continue to grow and transform the way people find and select insurance products.