McKayla Girardin, Car Insurance Writer
Yes, Toyota does have gap insurance. Toyota gap insurance can help pay the difference between what you owe on your loan or lease and your vehicle’s actual cash value (ACV) if your car is deemed a total loss.
Key Things to Know About Toyota Gap Insurance
- Toyota gap insurance is only available at the time of financing, so you cannot add it on at a later date.
- Gap insurance through Toyota may even cover your deductible in certain states.
- Depending on the customer, the cost of gap insurance could be included in the loan or lease and paid off monthly.
- Toyota gap insurance is available in most states.
Other Ways to Get Gap Insurance
When you’re purchasing or leasing a new car, the dealership or lender may offer to add gap insurance to your loan or lease. This may be a good choice if your existing insurance company doesn’t offer gap insurance, but remember that if the cost is added to your loan or lease, you will pay interest on that charge.
Many car insurance companies also offer gap insurance as an optional add-on to your existing car insurance policy. Purchasing gap insurance through your insurer is usually the cheapest option.
To learn more, check out WalletHub’s guide to gap insurance.
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