Another Auto Co. Launches Its Own Insurance Product
In another sign of the growing integration of insurance into the auto industry, Toyota Insurance Management Solutions announced this month that it has launched its first branded product – Toyota Auto Insurance. According to the company announcement, the new insurance product “…offers Toyota customers quality, customizable coverage at affordable rates.” While not currently available in Massachusetts, the new Toyota Auto Insurance is now available in Arizona, Illinois, Indiana, Ohio and South Carolina, with plans to add Georgia, Missouri, Tennessee and Texas shortly. More states are also scheduled to be adding later this year.
“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.”
Farmers Insurance’s Toggle is underwriting the new product
Toyota’s new auto insurance product is underwritten by Toggle Insurance Company, a part of the top 25 insurer, Farmers Insurance. Focused on a younger demographic, the Toggle platform offers renters, pet, and side hustle insurance in addition to auto.
As the underwriter of Toyota’s new Auto Insurance product, it will allow the car company to offer customers options such as “Toyotally Awesome” discounted pricing and Toyota Genuine Parts for repairs whenever possible. Toyota Auto Insurance also works with Toyota Certified Collision Centers and Rent-a-Toyota programs to get customers back on the road as quickly as possible.
Similar to Tesla’s insurance offerings, Toyota Auto Insurance also offers the seamless integration with Toyota vehicle benefits such as Toyota Care Roadside Assistance, so customers won’t pay for something their Toyota already provides. The product is also customizable based on how customers use their Toyota vehicle and their lifestyle, 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.
Toyota Insurance Management Solutions rapid growth
Launched as an independent insurance agency in 2016, Toyota’s exclusive independent insurance agency has been created with the sole purpose of providing Toyota customers with “…a seamless way to compare and buy car insurance policies online and find their best usage-based insurance options using data-driven recommendations and a personalized purchase experience.” In addition to providing auto insurance, the agency also offers potential insureds an array of additional coverages including home, renters, recreational vehicle, and even pet insurance.
So far in 2021, the company has been quickly implementing this vision. In May of this year, Agency Checklists reported that Toyota Insurance Management Solutions had opened its first “brick and mortar” location in Plano, Texas. The new announcement came just a month after, Agency Checklists had reported its new partnership with Cambridge-based Insurify, to help the company “revolutionize its insurance shopping options for Toyota customers.” With this latest integration, the company continues to expand its insurance integrations across the industry landscape, by offering a blended approach to auto insurance.