Can I get loan/lease payoff coverage for a used Toyota?
I want to finance a used 2019 Toyota Camry. I also want to protect myself financially in case the car is totaled. Would I be able to get loan/lease payoff coverage?
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Having loan/lease payoff coverage is an excellent way to protect your financial interest in the car. It can be harder to get coverage on a used vehicle, but it’s possible.
Since you are buying a used car, it is crucial to discuss your options with the dealer and your insurance carrier.
First, check with the dealership; if they have the option available, it would be good to purchase it directly with them. If you find coverage at a lower price later on, you can cancel the coverage with the dealer.
carrier. Many carriers offer loan/lease payoff coverage, but they have their own guidelines. Some require that you be the first owner of the car, while others only require that the model year be no older than two or three years.
If your carrier doesn’t offer this coverage, consider getting
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.