DUBLIN, Ireland: Toyota Ireland will soon start offering exclusive insurance products to drivers of both Toyota and Lexus models.
The new insurance products will be offered as part of a collaboration between Toyota Insurance Services (originally established in 1999) and German-based Wrisk Europe, a company specializing in bespoke insurance services to car manufacturers and retailers.
Only Toyota and Lexus drivers will have access to the new products. Unlike Toyota Insurance Services' operations in the UK, which allows any car driver to get a quote and cover, in Ireland the insurance will be kept very much in the family.
According to Toyota Ireland, also the best-selling new car brand in Ireland, the new insurance policies will be "built to reflect Toyota's quality standards while offering straightforward access, transparent cover, and competitive pricing for Toyota and Lexus customers in Ireland."
Zoë Bradley, head of marketing communications at Toyota Ireland, added that the insurance product provides a simple, digital, and highly competitive experience that complements the quality of Toyota and Lexus vehicles.
The insurance on offer will include Toyota- and Lexus-specific protections, as well as cover specifically aimed at hybrid and electric car drivers.
Those features include a battery cover, a charging cable cover, and wallbox charger protection, while the cover will also come with a flexible ‘Any Driver' cover, guaranteed repairs using genuine Toyota parts, no-claims bonus protection, and vandalism and uninsured-driver protection.
Despite these extras, Toyota Ireland says it "has been priced to be competitive in the Irish market, with added value for Toyota and Lexus drivers."
However, Toyota Ireland will not offer a one-payment subscription-style service for buying a Toyota or Lexus.
Such subscription services, which bundle car finance, tax, servicing, and insurance into a single monthly payment, have been popular in other countries but have generally floundered in Ireland because of high and unpredictable insurance costs.
However, Toyota Ireland has confirmed that it currently has no plans to introduce such an all-inclusive pricing product.
Such expansion would be welcome, particularly as the Competition and Consumer Protection Commission (CCPC) recently published a report finding that competition in the Irish insurance market has weakened.
The CCPC said, "concentration and average markups have risen in Ireland across multiple industries within the services sector, particularly since 2016." The four largest insurance providers now account for 37 per cent of the overall market—an increase of 12 percentage points since 2018.
The report also noted that, despite repeated calls over the past two decades, meaningful reform of the insurance market has yet to occur.
