Toyota has followed Ford, General Motors, Stellantis and even Tesla into the insurance game.
Toyota Insurance Management Solutions established its first branded product, Toyota Auto Insurance, which is designed to offer customers customizable coverage at what the company describes as an 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 said began offering data-based insurance to its customers and this fall GM said it expects is new insurance business will be part of the company’s plans to add revenue from new business lines during the next several years as it expands the bunded 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 polices as part of its effort to increase its revenue from various subscription services. Tesla CEO Elon Musk has long said he expects the company’s insurance business to be a massive profit center.
Flexible polices planned
Toyota Auto Insurance said it offers consumers a flexible policy purchase process through a state-of the-art mobile app, call center agents, participating Toyota dealerships and a website.
Customers will benefit from claims support provided by Toggle, the underwriter, which is part of Farmers Insurance, one of the nation’s leading multiline insurer 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 vehicle Toyota Care Roadside Assistance.
The policies from Toyota Auto Insurance also can be customized based on how customers use their Toyota vehicle, with a wide range of options including coverage for rideshare drivers or pet passengers. Non-Toyota vehicles in the customer’s household can be covered as well.
Insurance business expected to expand
“We are excited to bring our flagship auto insurance product to market. With Toyota Auto Insurance, we can truly enhance the complete Toyota ownership experience for our customers,” said Will Nicklas, chief operating officer of Toyota Insurance Management Solutions.
“We look forward to expanding this product even further, including empowering Toyota owners to seamlessly use their driving data for additional insurance discounts.”
The introduction of Toyota Auto Insurance marks yet another major milestone for Toyota Insurance, which began in 2016 as a tool for customers to compare insurance policies online, the company noted.
Since then, Toyota Auto Insurance expanded to offer a variety of insurance products in addition to auto (including home, renters, recreational vehicle and pet insurance) and is well positioned to continue growing and transforming how people find and select insurance products.