Toyota Recall Has Toyota Owners Worried About Their Car Insurance Rate

By Patrick Cooper Posted in Car Insurance News

Do you own a car that is manufactured by Toyota? The auto maker recently announced a recall of some of its automobiles. The Toyota vehicles have accelerator issues which can cause the accelerator to become stuck which is a huge safety issue. If the vehicles cannot stop then they could cause car accidents which would injure or kill people. Toyota has issued a voluntary recall for the 2010 Prius, Camry, and the Lexus HS 250 h due to sticking acceleration pedals and floor mat pedal entrapment.

Will Toyota Suffer In The Long Run With Consumers

Consumers cannot afford to have their monthly car insurance premiums go up right now. The economy is in turmoil right now and people want reliable cars that have relatively low insurance premiums. Many consumers purchased the Toyota Prius because it is an economical car that is a hybrid and saves them money on gasoline. If their insurance rates increase because they own this type of vehicle then consumers might be enticed to go and trade their car for a different brand of hybrid or automobile to save money. This would really hurt Toyota’s bottom line.

Insurance Companies Can Raise Rates If They Deem It To Be Necessary

Because car insurance companies are like traditional insurance companies; they look for reasons to increase insurance rates. It is common knowledge in the media that specified Toyota cars have a defect that can cause accidents. Because people are going to keep driving these cars even after the problem is fixed; the insurance companies want to protect themselves financially. This means that consumers will have to face premium increases if they own this brand of vehicle to cover the additional costs caused by the claims that will be filed. In order for consumers to be helped, the government should consider doing safety tests on these vehicles with the advised safety modifications to see how safe they are. Then, the insurance companies can see if they can justify increasing insurance rates for their customers.

Related posts:

  1. Toyota Recalls Again: This Time It’s The Corolla
  2. Toyota News Conference: Prius Incident Can’t Be Replicated
  3. What Type Of Car Has The Best Insurance Rate?
  4. How Do You Get Cheap Car Insurance For Young People?
  5. Which Cars Are The Lowest Cost To Insure?

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