Toyota has decided the time is right to enter the Irish insurance market and will begin offering exclusive insurance products to drivers of Toyota and Lexus vehicles.
The new insurance offering is being introduced through a partnership between Toyota Insurance Services, which was originally set up in 1999, and German-based firm Wrisk Europe, which specialises in tailored insurance solutions for car manufacturers and retailers, reports Breaking News.
The products will be available solely to Toyota and Lexus drivers. Unlike Toyota Insurance Services in the UK, where drivers of any car can seek a quote and cover, the Irish offering will be restricted to the brand’s own customers.
Toyota Ireland said 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,” reports Breaking News.
Zoë Bradley, head of marketing communications at Toyota Ireland, said: “This tailored and comprehensive insurance product provides a simple, digital and highly competitive insurance experience that complements the quality of Toyota and Lexus vehicles,” reports Breaking News.
The insurance package will include a number of protections specific to Toyota and Lexus models, including cover designed for hybrid and electric vehicle owners.
These features include battery protection, charging cable cover and wallbox charger protection, along with flexible ‘Any Driver’ cover, guaranteed repairs using genuine Toyota parts, no claims bonus protection, and vandalism and uninsured driver cover, reports Breaking News.
Despite the additional benefits, Toyota Ireland said the insurance “has been priced to be competitive in the Irish market, with added value for Toyota and Lexus drivers,” reports Breaking News.
However, the move will not, at least for the moment, allow Toyota Ireland to offer a single-payment, subscription-style service for purchasing Toyota and Lexus vehicles.
Such subscription models, which combine car finance, tax, servicing and insurance into one monthly payment, have proven popular in other countries but have largely failed in Ireland due to high and unpredictable insurance costs, reports Breaking News.
While it might appear to be an obvious next step, Toyota Ireland has confirmed that it currently has no plans to introduce such an all-inclusive pricing model.
The development does mean there is a new entrant to the Irish insurance market. Sebastian Hartmann, director of business development at Wrisk Europe, said the launch “marks a significant milestone for Wrisk as we expand our presence in the European market”, reports Breaking News.
That expansion is likely to be welcomed, particularly after the Competition and Consumer Protection Commission (CCPC) recently published findings showing a decline in competition within the Irish insurance market.
The CCPC found that “concentration and average markups have risen in Ireland across multiple industries within the services sector, particularly since 2016” and that the four largest insurers now control 37 per cent of the overall market, an increase of 12 percentage points since 2018, reports Breaking News.
The report also noted that, despite repeated calls over the past two decades, meaningful reform of the insurance sector has yet to be delivered. CCPC chair Brian McHugh said the findings showed: “an increase in concentration and average markups, meaning the promotion of strong competition has never been more important,” reports Breaking News.
Tell us your thoughts in the Facebook post and share this with your friends.
