Comprehensive Motor Vehicle Insurance*
Be sure to insure!
Imagine the inconvenience of being without your vehicle. Could you afford costly repairs, or replacing your vehicle altogether?
At Toyota Insurance we understand that your vehicle is a critical part of your life. You can choose from two levels of motor vehicle cover:
- Comprehensive, or
- Third Party, Fire and Theft
Our Comprehensive Motor Vehicle Insurance* policy will replace your Toyota if it is a total loss, so long as it is less than 3 years old and it has travelled less than 100,000kms. If your vehicle is not a Toyota we will replace it with a new vehicle of the same make and model if it becomes a total loss within the first 12 months of its registration as a new vehicle.
In addition, for all Toyota vehicles covered by the policy, we provide a Genuine Toyota parts guarantee and a lifetime guarantee on all repairs, provided you remain the owner of the vehicle.
With Comprehensive cover we can also help you with:
- Car hire for up to 14 days if your vehicle is stolen;
- Emergency travel and accommodation expenses;
- Protection of your 'no claim bonus' if you are not at fault;
- No fault excess benefit with nothing payable if you are not at fault and have provided us with full details of the other party;
- Protection of your legal liability and help with legal costs for damage to other people's property up to $20,000,000;
- Cover for your personal items in the vehicle up to $500;
- Cover for baby seats and capsules in the vehicle up to $500;
- Transfer of cover if you replace your vehicle;
- Optional windscreen cover and no-claim bonus rating one protection
Out of Pocket Solutions! (OOPS!)
It’s great to have the comfort of knowing that if your vehicle is ‘written off’ due to an accident or theft, it will be replaced by your insurance company.
But what happens to all the other expense incurred as a result of a total loss?
Typical costs associated with the total loss of a vehicle
Initial deposit paid or equity in a written off vehicle
On road costs
$3,000 Cash Benefit
$4,000 Cash Benefit
$5,000 Cash Benefit
Why is Asset Protection important?
A persons car, which has been financed, has been stolen, or damaged beyond repair. In other words it is a total loss. The comprehensive motor insurer pays the market or agreed value, but another $7,000 is needed to settle the loan in full.
Asset protection is designed to assist in this event. Cover is provided for ‘The Gap’ between the insurance payout and the loan balance up to $15,000 and the option of extra cover up to $3,000, for any additional costs due to the inconvenience of the total loss.
Why does the ‘gap’ occur?
Two factors are involved: borrowing to pay for various costs associated with buying a car (eg. Registration, on road costs, insurance premium etc), and the value falling faster than the loan balance.
How long is there a ‘gap’?
Generally, the maximum exposure to ‘the gap’ will occur from the day of delivery to perhaps the end of the second or third year of the loan and depends upon the term of the loan.
Is the premium payable each year?
No, there is only one premium to pay which will then provide cover for the duration of the term of the loan.
Payment Protection Insurance (PPI)*
Provides security and peace of mind.
Many customers find being off work due to an illness or injury means loan payments may be difficult to make. In the event of unforeseen death, a typical persons financial security may be affected.
Payment Protection is an insurance policy that pays or helps to pay loan repayments in the event a person cannot work due to an accident or sickness, involuntary unemployment or death.
Benefits when off work due to an illness or injury:
- Loan payments taken care of
- Avoids potential loss of vehicle
- Assists in protecting credit rating
- Assists in reducing financial burden
Benefits in the event of untimely death:
- Helps provide remaining family with financial security
- Helps remaining family retain the vehicle
Please contact our Business Managers for a Product Disclosure Statement (PDS) for exclusions and limitations of cover prior to making a product decision.
*Terms and conditions apply. This advice is general in nature and does not take into account your objectives, financial situation or needs. Before making a decision to purchase any of the insurance products you should consider the appropriateness of the advice taking into account your own objectives, financial situation and needs and refer to the current PDS for the relevant product available from participating Dealers, via our website at toyotainsurance.com.au or by calling 137 200. Toyota Insurance is issued by Toyota Finance Australia Limited ABN 48 002 435 181, AFSL and Australian Credit Licence 392536. The insurer is Aioi Nissay Dowa Insurance Company Australia Pty Ltd ABN 11 132 524 282, AFSL 443540 (Adica). For Finance Protection Insurance Adica accepts liability for the benefits for which it is the Insurer. Adica acts under its own Financial Services Licence and under agreement with AIA Australia Limited ABN 79 004 837 861 AFSL 230043 when providing financial services on behalf of AIA Australia Limited concerning life cover. Our warranty insurance policies do not change or take away your rights under the Australian Consumer Law. Your right to claim under our warranty insurance policies for the benefits covered is in addition to other rights and remedies you have under the law in relation to your vehicle. However, you can choose to make a claim under any of our warranty insurance policies even if you have rights under the law.