Are you a Toyota owner? Than you are probably asking yourself many questions after the recent recall. After ensuring your vehicle is safe to be on the road, you may be asking yourself what will this recall mean to your car insurance? Will there be an increase to your insurance premium Are you and your family still adequately covered? Does your car cost less as a result of the recall?
Insurance agents confirm that your policy will not suffer as a result of the recall. In the unfortunate even of being in an accident, caused by a faulty accelerator, your claim will be paid. The manufacturer will be the one insurance companies chase for compensation. 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. When your insurance rate is calculated, the type and model of your car plays an important role.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. The value of used Toyota cars will undoubtedly go down. 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?
Want to know exactly by how much your insurance rates have changed? Compare FREE auto insurance quotes now and see for your self.