Are you one of the Toyota owners in Florida who has been affected by the recent recall? Apart from making sure you car is safe to drive, you are probably wondering what will the recall do to your car insurance. Are you still properly covered? Will your insurance rates go up? How about the value of your Toyota?
Insurance companies in Florida have confirmed that your liability or collision insurance will not be affected by Toyota’s recall If you have an accident due to a faulty accelerator, your insurance company will pay the claim and chase the manufacturer for compensation. After all, this is the reason you have auto insurance in the first place – unforeseen events. You may have to pay the deductible, but experts say Toyota will return part or all of the deductible to you.
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. 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. Yes, the value of your car may have decreased, but in a way that means you may get a cheaper quote when you renew your Florida No Fault Insurance.
Still unsure if your insurance rate will change? Compare FREE Florida auto insurance quotes now and see for your self.