Insurers aim to recoup claims linked to Toyota

[Omaha Steve]

Source: AP

By Curt Anderson and Ieva M. Augstums

MIAMI - Insurance companies are gearing up to recoup from Toyota Motor Corp. money they paid for claims in crashes involving sudden acceleration, the subject of major safety recalls by the Japanese automaker. It could also mean money back for some drivers who paid deductibles on the claims.

At least six major insurers, including State Farm Insurance Cos., Allstate Corp., and Geico, have begun examining past claims involving the recalled vehicles, which number about six million in the United States and eight million around the world.

Insurers can request that Toyota pay them for the claim if a vehicle defect is proven to be a key factor in a crash, a long-standing industry practice known as subrogation. Many insurers have begun notifying Toyota that they will do just that.

"We're seeking to have them share in some of the financial liability, because part of it is their fault," State Farm spokesman Phil Supple said.

Read more: http://www.philly.com/inquirer/business/20100424_Insurers_aim_to_recoup_claims_linked_to_Toyota.html