Toyota Auto Insurance expands to Texas

Toyota Auto Insurance expands to Texas

By Dave LaChance
on
Announcements | Insurance

Toyota Auto Insurance (TAI), the OEM’s branded insurance product launched in December, is now being sold in Texas — the nation’s second largest insurance market, the company has announced. The coverage applies to vehicles built by Toyota and other manufacturers and includes a rider stipulating the use of OEM parts in repairs, when available, unless the customer opts out.

TAI described the news as a “major milestone” for the product, which is now available in eight states: Illinois, Indiana, Ohio, South Carolina, Arizona, Missouri, Tennessee, and Texas.

“Not only is Texas the nation’s second most populous state, it’s also home to Toyota’s North American headquarters and Toyota Motor Manufacturing, Texas (TMMTX),” the company said in a press release. The San Antonio factory produces the Toyota Tundra full-size pickup truck and Sequoia SUV.

When the product was launched, Vincent Bray, a vice president with Toyota Financial Services, told Repairer Driven News that the use of OEM parts “is one of the key benefits of Toyota Auto Insurance and is particularly appealing to customers. When customers contact us, this feature is something we highlight as one of the many great reasons to select this product.”

Bray said customers are quoted a starting price that includes the OEM parts endorsement for vehicles 10 years old and newer. The customer has the choice to remove the endorsement, as well as the choice to add it to non-Toyota vehicles that are less than 10 years of age, he said.

Without the endorsement in effect, the standard policy states that payment will be made for “like kind and quality parts,” which might come from “other sources such as manufacturers or suppliers of rebuilt parts, quality recycled (used) parts suppliers and

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15 practical ways Canadian drivers can lower car insurance premiums

But each province and territory implement different auto insurance systems, which results in varying levels of protection and premium prices for motorists across the nation.

For those living in British Columbia and Manitoba, car insurance is regulated by government-owned organizations, the Insurance Corporation of British Columbia (ICBC) and Manitoba Public Insurance (MPI). Auto insurance in Saskatchewan is also run by a Crown corporation, Saskatchewan Government Insurance (SGI), but motorists can purchase additional coverage through private insurers. 

In Québec, the Société de l’assurance automobile du Québec (SAAQ), another public institution, handles minimum limits for bodily injury, while private companies offer third-party liability, property damage, and additional protection. Drivers in the remaining provinces and territories can purchase car policies from private carriers.

Read more: Where can you find the cheapest car insurance rates in Canada?

What does car insurance cover?

Provinces and territories have their own rules and regulations when it comes to mandatory coverage, but there are similarities. These are:

  • Third-party liability: This covers the cost of lawsuits if a motorist is responsible for an accident that causes bodily injury, death, or property damage. The minimum amount varies depending on the location but is typically pegged at $200,000.
  • Uninsured automobile/motorist: This coverage kicks in if the policyholder or their passenger is injured or killed by an uninsured driver or in a hit-and-run incident. It also covers damages to the vehicle.
  • Accident benefits: This pays out for medical treatment and income replacement if the policyholder is injured in an accident, regardless of who is at fault. It also covers funeral expenses should the driver succumb to their injuries.
  • Direct compensation property damage (DCPD): Applicable in Ontario, Québec, Nova Scotia, New Brunswick, and Prince Edward Island, this policy covers damages to the vehicle and its contents resulting from
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This is Why Your Car Insurance is So High (Plus Tips to Save Money on Your Policy)

If you’re looking at a recent bill and wondering why your car insurance is so high, you’re not alone. Although auto insurance rates naturally tend to increase from year to year (the motor vehicle insurance index recently increased 4.1%), there are other reasons car insurance costs can go up too.

In order to help you wrap your head around the reasoning for these seemingly random changes, we’ve compiled this list of the 16 factors that affect car insurance rates — plus we’ve included details on how to save money on car insurance, including shopping around for the best auto insurance policy.

Because car insurance premiums are mostly based on risk, many of the factors that go into determining the cost of your auto coverage has to do with how risky an insurance provider believes you to be. Surprisingly, this sometimes has less to do with your actual driving record and more to do with your profile — things like how long you’ve been driving, where you live, how much you drive, etc.

So whether you’re a new driver shopping for car insurance or just looking to save money on your car insurance, here are 16 of the top factors insurance companies look at when determining what they charge you.

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1. Age

Unfortunately, age isn’t just a number when it comes to auto insurance companies. Older drivers with more experience tend to get into fewer accidents. So the older you are, the less you’ll likely pay for coverage. The same can be said in reverse. Very young drivers or adults sharing a policy with drivers under the age of 25 can expect to pay higher premiums on their auto coverage.

If you’re a young driver or plan to add one to

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Does a Fender Bender affect car insurance rates? – South African Magazine

Many people would consider car insurance as the necessary evil; no one likes to pay for the expensive premium rates but at the end of the day, you need auto insurance to assure that you won’t have to spend hundreds of thousands of dollars on car accidents.

Car accidents are more common than you think. The chances of you getting in a road accident is higher than any other form of transport (unless you do competitive speed boating). With a high number of accidents, car insurance rates are bound to increase.

We know that getting in a car accident will increase your insurance rates, sometimes even if the accident was not your fault. But what about minor car accidents, like a fender bender? Does a fender bender affect car insurance rates? As with all the other questions about auto insurance, this one needs a little explanation too. 

Car Accidents and Insurance Rates

Auto insurance rates are very sensitive to multiple factors. Your driving record, past insurance claims, age, gender, location, the state you live in, etc affect your car insurance rates. This is because insurance companies assess everything that shows how likely you are to get in a car accident. 

So think about it, if you get in a car accident, you become a high-risk individual to the auto insurance company. Not just that, but many car insurance companies do extensive research about the accident to find out different factors such as:

  • Any tickets you received before the accident
  • Your speed before the accident
  • The type of accident (whether it was reckless driving or a genuine mistake)
  • Your past accident record 

All these things show how likely you are to get into another car accident. Statistically, a person who has been in a car accident (and the accident was

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Toyota Auto Insurance Is Now Available In Texas

After introducing its new insurance product in 2021 to select markets,  Toyota is now offering Toyota Auto Insurance to customers in Texas.  Toyota says expanding into the Lone Star State is a major milestone for Toyota Auto Insurance.  We can see why.   Texas is home to Toyota’s North American headquarters and Toyota Motor Manufacturing, Texas (TMMTX).  Toyota builds the new Toyota Tundra full-size pickup truck and Sequoia three-row SUV at its truck plant in San Antonio.

The automaker says Toyota Auto Insurance offers customers “quality, customizable coverage at affordable rates.” Toyota Auto Insurance is a partnership with Toggle, part of Farmers Insurance, one of the nation’s leading multiline insurer groups. Toyota says customers also receive an immediate upfront 5% discount and options like Toyota Genuine Parts for repairs when available. The insurance also works with Toyota Certified Collision Centers to get customers back on the road as quickly as possible. It also seamlessly integrates with Toyota vehicle benefits such as ToyotaCare Roadside Assistance, so customers can avoid paying for something their Toyota may already provide.insurance–texas-credit-toyota.jpg” alt=”toyota-insurance-texas-credit-toyota” width=”300″ height=”180″ style=”height: auto; max-width: 100%; width: 300px; float: right; margin: 0px 0px 0px 10px;”/

You can look at policy options multiple ways: via Toyota’s mobile app,  a call center agents, a participating Toyota dealerships or via ToyotaAutoInsurance.com. 

Toyota says customers can customize their plan based on how they use their Toyota vehicle and their lifestyle.  A wide range of options includes coverage for rideshare drivers or pet passengers. Non-Toyota vehicles in the customer’s household can be covered as well. Toyota Auto Insurance is underwritten in Texas by Texas County Mutual Insurance Company.

“We’re thrilled to expand Toyota Auto Insurance to customers in our home state,” said Rob Spencer, Toyota Insurance chief operating officer.

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Gallagher on what’s needed for correction in commercial auto insurance

There was some brief respite in auto insurance during the COVID-19 pandemic. As explained in Gallagher’s Spring/Summer Insurance Market Report, claims in auto associated with pandemic shutdowns were down in 2020, with the biggest reduction in commercial auto.

Through Q1 of 2022, total miles driven was almost back to pre-pandemic levels, and claims in auto returned to more or less “normal” levels. But the current risk landscape is anything but standard for commercial auto carriers.

“On the liability side, we continue to see challenges around social inflation, which is leading to larger and catastrophic claims,” said Linton “B” Puckett, VP, market relations leader for Gallagher. The Gallagher Spring/Summer Insurance Market Report states that, in particular, large jury awards in commercial auto insurance (in excess of $10 million) are becoming increasing prevalent.

“As the courts have reopened post-COVID, we haven’t seen any signs of social inflation or the rise in large jury awards slowing down,” said Puckett. “This is particularly challenging for companies with large fleets.”

Read next: Nuclear jury verdicts here to stay in commercial auto

Today, there are also challenges around inflationary trends impacting loss costs, which will ultimately be felt through the premiums that carriers are charging. Supply chain disruptions and a labor shortage triggered by COVID have made it hard for automakers and repair shops to meet demand. Prices for both new and used vehicles have skyrocketed, driving up claims costs and auto insurance rates.

Companies with large fleets or poor loss history may experience more significant rate increases in the coming months, according to Gallagher. The brokerage also warned that carriers insuring large commercial fleets are looking to attach excess layers above $1 million.

So, despite a brief breathing period during the pandemic, the commercial auto market remains challenging. Puckett explained why: “I think the

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