With more than 8 million Toyota cars and trucks (including some Lexus vehicles) under recall for a variety of issues that include brake and accelerator problems, insurance claims are all but certain. But how will those claims, and the volume of them, affect your insurance rates?
Dating back to mid-January, Toyota recalled a variety of vehicles in its lineup for faulty brakes, faulty accelerators, floor mat issues and even driveshaft concerns. An estimated three-dozen deaths in auto accidents have been linked to the faulty problems. And while Toyota has a fix for the problems and has recalled the vehicles, it leaves consumers scratching their heads.
What you can do
If you have a recalled Toyota, first thing’s first: Bring it into a dealership and have it serviced for the recall issue. But beyond that, know that you cannot lose your insurance coverage as a result of the recall. And, in theory, the sheer nature of the recall should not increase your auto insurance premiums, because the recall should curb accidents (and thus, claims).
According to insurance industry watchers and analysts, Toyota is the party with the bigger insurance issue. If insurance companies are dealing with a massive amount of claims related to faulty Toyota and Lexus vehicles, they will turn to Toyota to fix the situation, not their customers. To stay safe, remember to get your car serviced and repaired. If you fail to do this, and you are involved in a recall-related accident, you could be responsible for part of the accident because you ignored the recall issue.
This is an interesting blog you have her but I can’t seem to find the RSS subscribe button.
Thanks for the well-thought article. I’m actually at work at the moment! So I need to go off without reading all I’d like. However, I put your blog on my RSS feed so that I can read more.