Toyota recall and insurance rates

Have you been affected by the recent Toyota recall?  After ensuring your car is safe to be on the road, you are probably asking yourself what will this recall do to your car insurance? Will your insurance rates go up? Is your cover still valid? Will the value of your car decrease?

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 chase for compensation.

You may have to pay he deductible, but experts say Toyota will return part or all of the deductible to you.

State Farm and Allstate, among other companies, have reassured customers their rates will not increase. 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.

The value of used Toyota cars will undoubtedly go down. 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? Compare FREE auto insurance quotes now and see for your self.