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?

Answer
“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.
Next, check with your car insurance 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 car insurance quotes online.
If you want cheap car insurance quotes fast, go to Jerry. This free app can collect quotes from up to 45 top insurance companies in seconds, with loan/lease options included! “
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Shannon Martin
Answered on May 06, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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