22 February 2010

Toyota recall - Will your car insurance premium go up

Have you been affected by the recent Toyota recall. After ensuring your vehicle is safe to drive, you may be wandering what will this recall do to your auto insurance? Will there be an increase to your insurance premium? Are you and your family still properly covered? Will the value of your car go down?

Insurance companies confirm that Toyota's recall will not affect your liability or collision insurance cover. 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 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.
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 safe 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. 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 auto insurance quotes in Florida now and see for your self.

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