Toyota Purchase Protection

Toyota Purchase protection covers the investment you make on your car in the unfortunate event that it’s written off.

Want peace of mind?

If your car is written off as a result of an accident, fire or theft, chances are your insurer will only pay out the current market value of your vehicle. This will undoubtedly be less than what you originally paid. It means if you took out finance, you may end up paying for a car that you no longer own.

Toyota Purchase Protection gives you peace of mind because it is designed to cover the difference between the market value that your insurer pays out and what you originally paid for the car in the event that it is written off.

What's included?

  • Up to 36 months cover
  • Up to £65,000 Net Invoice
    Price covered*
  • No maximum claim limit up to the
    Net Invoice Price of your vehicle

* 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.

† 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.

Example

For example, if you bought a car on finance for £15,000, and within 36 months it is written off, your insurer might only offer to cover £8,000 (the market value of the vehicle).

With Toyota Purchase Protection, we cover the difference between what you paid for the car and the amount your insurer pays out, so we'd give you £7,000 so that you can replace your Toyota.

Summary of Benefits

Insurance payout covers

£8,000

Toyota Purchase Protection covers

£7,000
Original purchase price£15,000
value of car at the time it's written off£8,000
insurer pays£8,000
toyota purchase protection pays£7,000
customer pays£0*

* Your motor insurer may charge you an excess when you make a claim on your motor insurance policy.

More Information

Find a Dealer

Toyota Purchase Protection is available from your local Toyota dealer, who will be happy to answer any questions you may have.

Summary of Benefits

This summary does not contain the full Terms and Conditions of the Insurance – these will be supplied to you immediately after you purchase cover, together with your Certificate of Cover. If you wish to read a full Summary of Cover and inspect a specimen policy before you purchase cover, please ask your Toyota Centre to arrange this.

Your Insurer

Aioi Nissay Dowa Insurance Company of Europe Limited (abbreviated to Aioi Nissay Dowa Europe), 5th Floor, 11 Old Jewry, London EC2R 8DU. Registered in England and Wales No. 5046406. Authorised and regulated by the Financial Conduct Authority No. 401084.

Administrator

This Policy is administered by Abraxas Insurance Administration Services Ltd, Abraxas Insurance Administration Services Ltd, PO Box 520, Bristol BS34 9BW.

Type of Insurance, Cover and Significant Features and Benefits

Definition of 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.

Definition of Net Invoice Price means the price paid by the Insured for the Insured Vehicle including all factory - or dealer-fitted options specified in the Insured Vehicle’s manufacturer’s price list, and any discount given but excluding the price paid for accessories and extras, road fund licence, new vehicle registration fee, fuel, paintwork and upholstery protection kits, insurance or warranty premiums (including the premium for this policy) and any Negative Equity.

If the vehicle you are buying is later the subject of accidental damage, fire or theft and ‘written off’ by your Motor Insurer, you could be faced with a financial ‘gap’ between the Market Value of your written off vehicle and the Net Invoice Price. If the settlement figure on the finance agreement is greater than the Net Invoice Price the benefit will be calculated using the finance settlement figures and this will be paid direct to your finance company on your behalf (Purchase Protection), or Purchase Protection offers cover for this risk.

− It covers the ‘gap’ between the Net Invoice Price or finance settlement (whichever is greater) and the Market Value. Cover lasts for up to 36 months. The Net Invoice Price will be shown on the Certificate of Cover. It may not be the same figure as the total 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.

If you wish to understand more about the way in which the ‘gap’ is calculated, you should read the definitions section of the Terms and Conditions.

Transferring your policy

If the insured vehicle is written off within 12 months of the start date of your Purchase Protection policy, and your motor insurer provides you with a replacement vehicle, you may transfer your policy to the replacement vehicle, subject to conditions and an administration fee (Please see the Terms and Conditions).

Payment of Premium

You can choose how you pay your Purchase Protection premium:

  • either one single payment for the total amount, or
  • 12 monthly payments, at no extra charge.

Significant and Unusual Exclusions

The cover under the Insurance cannot be transferred by you to any subsequent owner of your vehicle.

Your claim will not be covered if:

  • the driver does not have fully comprehensive insurance
  • the vehicle does not become the property of your Motor Insurer following a ‘write-off’
  • your vehicle is stolen by a person who has access to its keys.

The Policy does not cover:

  • any amount carried over from your previous agreement (negative equity)
  • any excess deducted under your motor insurance.

The Policy is not renewable.

Certain vehicles cannot be covered by this Insurance (see Terms and Conditions for a definition of ‘Eligible Vehicle’).

If the risk covered by the Insurance is also covered by any other insurance the Insurer will pay only its fair proportion of any claim.

If the Insured declines the offer of a replacement vehicle under the terms of the Motor Insurance then the Insurer reserves the right to settle the claim based on the cost of a brand new replacement vehicle as at the date of loss by reference to Glass’s Guide Retail value.

For the full list of exclusions and limitations to the Insurance cover you should read the Terms and Conditions, particularly the sections headed ‘CONDITIONS’ and ‘EXCLUSIONS’.

Early Termination and Right to Cancel

Upon purchase you have 14 days to cancel this policy and receive a full refund of premium provided no claim has been incurred. If you cancel later than 14 days after receipt of your policy, you will receive a partial refund of premium on a pro rata basis. To administer the refund, an administration fee will be deducted from the premium refund.

Claims Notification

If you need to make a claim under this Insurance, ask for a claim form from the GAP Claims Department, Abraxas Insurance Administration Services Ltd, PO Box 520, Bristol BS34 9BW Tel: 01454 616000

Complaints

If you wish to make a complaint you should in the first instance contact the Administrator, Abraxas Insurance Administration Services Ltd., PO Box 520, Bristol BS34 9BW

Or write to: Head of Compliance, Aioi Nissay Dowa Insurance Company of Europe Limited, 5th Floor, 11 Old Jewry, London EC2R 8DU

If you remain dissatisfied, you may refer the matter to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR Tel: 0845 080 1800

Compensation

Aioi Nissay Dowa Europe is covered by the Financial Services Compensation Scheme. This provides compensation in case Aioi Nissay Dowa Europe is unable, in specified circumstances, to meet any valid claims under its policies. Further information can be obtained from the insurer or the Financial Services Compensation Scheme.