Have you been affected by the recent Toyota recall. After making sure your car is safe to be on the road, you most likely asking yourself what will this recall do to your car insurance? Will there be an increase to your insurance premium? Is your cover still valid? Does your vehicle cost less as a result of the recall?
Insurance companies say that your policy will not suffer as a result of the recall. 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 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.
When your insurance rate is calculated, the type and model of your car plays an important role.Overall, Toyota has a solid reputation for making safe cars and it would be unfair to all Toyota drivers to automatically start paying more.
Without a doubt, the value of your Toyota will go down. But trying to immediately sell it may not be a good idea. Your car may have lost value, but that fact may in fact decrease your insurance.
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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