Have you been affected by the recent Toyota recall. After making sure your vehicle is safe to be on the road, you most likely wandering what will this recall do to your auto insurance? Will there be an increase to your insurance rates? Are you and your family still adequately covered? Will the value of your Toyota go down?
Insurance agents confirm that Toyota's recall will not affect your liability or collision insurance cover. In the unfortunate even of being in an accident, caused by a faulty accelerator, your claim will be paid. Toyota 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.
As for your insurance premiums, insurance companies (including State Farm and Allstate) have stated that there will be no increase.
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.
The value of used Toyota cars will undoubtedly go down. Of course, this doesn't mean that you should sell yours immediately. 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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