You really only need to insulate the POSITIVE terminal. The negative is already connected to the car body through the side negative. I agree with all who mention that a sealed battery can leak around the terminals if unusual stress in applied to them. I have always used those red and green felt washers on the terminals just to deal with whatever acid might weep out of the terminal area on an older battery. Walmart has them fpor a buck and "change". Well worth it. And a big + to Toyota for using terminals one can be unbolted from the battery wires and replaced if the usual lack of attention covers them with corrosion to the point they can't be cleaned up.
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