Are you a Toyota owner? Than you are probably asking yourself many questions after the recent recall. After ensuring your car is safe to be on the road, you are probably asking yourself what will this recall do to your auto insurance? Will your insurance premium increase? Is your cover still valid? 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. 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. After paying your deductible, experts suggest that Toyota will in fact return part or all of it to you.
State Farm and Allstate, among other companies, have reassured customers their rates will not increase.
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. Your car may have lost value, but that fact may in fact decrease your insurance.
Still unsure if your insurance rate will change?
Compare auto insurance quotes in Florida now and see for your self.
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