If you are a Toyota owner, you are probably asking yourself a few questions. After ensuring your vehicle is safe to drive, you are probably asking yourself what will this recall do to your auto insurance? Will there be an increase to your insurance rates? Have the terms of your been cover changed? Does your vehicle cost less as a result of the recall?
Insurance companies confirm that Toyota's recall will not affect your liability or collision insurance cover. If a faulty accelerator causes an accident you are involved in, your claim is valid and will be paid. The manufacturer will be the one insurance companies seek compensation from. You will have to pay your deductible and you will receive part or all of it back from Toyota.
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.Toyota has a good reputation overall for making safe cars and the recent recall will not mean that all Toyota owners will automatically start paying more.
Without a doubt, the value of your Toyota will decrease. Of course, this doesn't mean that you should sell yours immediately. Lower car value may mean cheaper insurance when you have to renew your policy.
Wondering how much exactly has your insurance rate actually changed?
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