If you are a Toyota owner, you are probably asking yourself a few questions. After making sure your car is safe to drive, you may be asking yourself what will this recall mean to your auto insurance? Will your insurance rates increase? Is your cover still valid? Will the value of your Toyota decrease?
Insurance companies confirm that your liability or collision insurance will not be affected. Faulty accelerator can cause accidents and if you are in one, your claim will be accepted and paid. The manufacturer will be the one insurance companies seek compensation from. You may have to pay he deductible, but experts say Toyota will return part or all of the deductible to you.
Insurance companies, including Allstate and State Farm, are reassuring customers they won't have to pay more as a result of the recall.
The model and type of car you drive plays an important role when your insurance rates are calculated.Overall, Toyota has a solid reputation for making reliable cars and it would be unfair to all Toyota drivers to automatically start paying more.
Will the value of your Toyota decrease? Yes, it will. But trying to immediately sell it may not be a good idea. Lower car value may mean cheaper insurance when you have to renew your policy.
Wondering how much exactly has your insurance rate actually changed?
Compare auto insurance quotes in Florida now and see for your self.
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