It’s quick to arrange and should you need to claim, could provide a valuable benefit to you.
The current Market Value† is likely to be less than the amount you paid for the vehicle and if you have finance it could be less than any outstanding finance settlement.
This could potentially leave you with the problem of having to find extra funds to get you back into the driving seat of a new Toyota or pay off your finance agreement.
As illustrated in the graph, if your vehicle costing £15,000 is written off at 36 months, your motor insurance company may only pay out the current Market Value† which might only be £8,000.
In this case you would be left with a shortfall of £7,000.
How would you cover this shortfall and find the funds to buy a new Toyota or settle off any outstanding finance?
† Market Value means the greater of: a) The value of the Insured Vehicle (excluding contents) at the Date of Loss as assessed by the insurers of the Motor Insurance; or b) The Market Value of the Insured Vehicle (excluding contents) as at the Date of Loss by reference to Glass's Guide Retail Value.
* Net Invoice Price - the amount that you have paid, as it relates to the vehicle itself, it does not include non-dealer fitted options and extras such as the road fund licence, or negative equity.
Both of the customers cars are written-off and both go on to purchase a new Toyota, so where is the difference?
Customer 1 receives £7,000 from Toyota Purchase Protection, to purchase a new Toyota vehicle. Customer 2 has to take the £7,000 out of their savings.
We think you will agree it all adds up!
Contact your nearest dealer for more information on pricing
Purchase Protection enables you to purchase a similarly priced vehicle or alternatively pay off the amount outstanding on your finance agreement.
What’s more, even if the finance settlement amount is greater than the Net Invoice Price*, you don’t need to worry as purchase protection will cover this additional amount.
Our cover protects the vehicle you have purchased for a maximum of 36 months
The cover applies to all Toyota vehicles with a Net Invoice Price* of up to £65,000
There is no maximum claim limit up to the Net Invoice Price* of your vehicle
Returns you to the Net Invoice Price* of your vehicle (which can be used to pay off any outstanding finance on your vehicle)^
Benefit up to the Net Invoice Price* of your vehicle.
Maximum Period of Cover
Toyota Financial Services can offer you Purchase Protection, for up to 36 months from the start of the policy this could pay the difference between the Net Invoice Price* and the Market Value of the vehicle.
^Should the finance settlement figure be greater than the Net Invoice Price* the benefit will be calculated as the difference between the finance settlement figure and the market value and will be paid direct to your finance company on your behalf.