How Much Will the Takata Recall Cost Me?
Nothing. If you drive one of the millions of vehicles on the Takata airbag recall list, replacing your defective airbag should not cost you anything. Your local dealership should repair your defective airbag for free. You will not have to pay for parts, labor, or any other fees.
If a dealership charges you at all for the airbag repair, you can file a complaint with the National Highway Traffic Safety Administration (NHTSA).
How Much Will the Defective Airbags Cost Takata?
Airbag manufacturer Takata will pay billions to replace the millions of airbags under recall. In addition, there are more recalls coming. There could be as many as 65 to 70 million affected airbags by 2019, according to the NHTSA.
A review from the New York Times of internal Takata documents reveals each airbag replacement costs Takata about $100, which can push the cost of the recall into the billions.
Further, after discovering Takata had violated conditions in the National Traffic and Motor Vehicle Safety Act, the NHTSA fined the company $200 million in 2015. And in 2017, the airbag maker pleaded guilty and must pay $1 billion in criminal penalties. Executives at the company were charged with conspiracy and fraud.
Takata Files for Bankruptcy
Takata’s many debts and liabilities led the company to file for Chapter 11 bankruptcy in the United States. It also filed for bankruptcy protection in Japan, reports the New York Times. In its filing, Takata reportedly estimated its financial liabilities to be $10 to $50 billion.
To help meets its liabilities, Takata sold assets to one of its competitors for $1.6 billion. The money from the sale will go towards satisfying debts and legal claims. A small segment of Takata will emerge from bankruptcy to continue the recall operations. The bankruptcy will not prevent any consumers from getting defective airbags repaired.
Injury Lawsuits Related to Defective Airbags
Takata airbags are under recall because the inflator may explode with too much force upon deployment, which can shatter the airbag mechanism and forcefully propel metal shrapnel into the passenger compartment. Drivers and passengers have suffered severe lacerations, wounds, torn arteries, skull fractures, and other injuries.
In addition to the cost of repairs, criminal fines, and other liabilities, Takata also faces civil liability for injuries related to the defective airbags. If you think you deserve compensation for injuries you sustained because of a defective airbag, please contact Newsome Melton. Our attorneys handle complex civil cases involving severe or fatal injuries.
Call us today at 888-808-5977.