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Posts Tagged ‘Property Casualty Insurance’

Insurance Companies Suing Toyota

January 4th, 11

Seven insurance companies have filed lawsuits against Toyota Motor Corp. According to various news outlets, the companies are looking to get back some of the money they paid out in crashes they say were caused by sudden acceleration. According to the LA Times, the seven companies involved in the lawsuit are:

* American Automobile Insurance Co.

* Fireman’s Fund Insurance

* National Surety Corp.

* Ameriprise Insurance

* IDS Property Casualty Insurance

* Motorists Mutual Insurance

* American Hardware Mutual Insurance

The companies are looking to be refunded more than $230,000 for 14 crashes that happened across the US. The insurance companies say Toyota did not install an override system in its cars that would cancel out the sudden acceleration system. If installed, an override system would have pushed the car into an idle when the brake and gas were engaged at the same time. The insurance companies say there were 725 crashes caused by sudden acceleration.

Toyota says the claims are false and their product is not faulty. “We look forward to the time when they are compelled to specify exactly what is defective, backed up by scientifically reliable proof rather than speculation,” Toyota spokesman Mike Michels told the LA Times.

Tags: Toyota Motor Corp., Property Casualty Insurance, insurance, sudden acceleration, Financial institutions