diff --git a/texmathp.el b/texmathp.el
index f13e237..6280231 100644
--- a/texmathp.el
+++ b/texmathp.el
@@ -172,7 +172,7 @@ customize (customize calls it when setting the variable)."
 		  (mapconcat 'regexp-quote switches "\\|")
 		  "\\)")
 	  texmathp-toggle-regexp
-	  (concat "\\([^\\\\\\$]\\|\\`\\)\\("
+	  (concat "\\([^$]\\|\\`\\)\\("
 		  (mapconcat 'regexp-quote togglers "\\|")
 		  "\\)"))))
 
@@ -285,7 +285,10 @@ See the variable `texmathp-tex-commands' about which commands are checked."
     (if (not math-on)
 	(save-excursion
 	  (goto-char (cdr match))
-	  (while (re-search-forward texmathp-toggle-regexp pos t)
+	  (while (and (re-search-forward texmathp-toggle-regexp pos t)
+		      ;; Check if the toggle is un-escaped.  Use the same test
+		      ;; of `TeX-escaped-p'.
+		      (save-excursion (zerop (mod (skip-chars-backward "\\\\") 2))))
 	    (if (setq math-on (not math-on))
 		(setq sw-match (cons (match-string 2) (match-beginning 2)))
 	      (setq sw-match nil)))