This week Toyota reluctantly agreed to pay over $1 billion dollars in their efforts to resolve a huge class action lawsuit by owners of Priuses and other Toyota vehicles who claim to have suffered pain, suffering and economic loss due to their vehicles accelerating without their control or consent.
What Will Toyota Do Now?
Thanks to the resolution of the class action lawsuit Toyota has agreed to install a new system that will override the brake, in Priuses, Camry’s and other Toyota vehicles that have had their accelerators stick to their floor mats, while being driven, without their owners intention.
Toyota is also going to take their efforts a step further, to make things right with Toyota owners, who suffered economic losses or reduction in the value of their vehicle, by setting up a fund, with the value of $250 million dollars that will compensate those owners for loss of value to their vehicles due to negative publicity.
How Many Toyota Owners Affected?
Speculation has run rampant online as to how many Toyota owners have been affected due to the faulty accelerators in their Toyota vehicles but many industry experts estimate that up to 20 million people could have been affected.
Toyota’s Still Safe?
In spite of the negative publicity that Toyota has received over the last two years the car maker has rebounded from the negative publicity by fixing defects in their vehicles; these changes have enabled Toyota to have a big year in 2012 and they expect an even bigger year in 2013 as positive economic forecasts show that there will be more people planning on buying, trading in for or leasing new vehicles.
To learn more about what it will cost to insure a new Toyota vehicle, contact the Farnsworth Agency today by calling (541) 318-8835.