Have an exploding airbag? You might get $500

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Here's what a Takata airbag explosion looks like

tens of millions of automotive homeowners whose vehicles were outfitted with misguided Takata airbags could soon obtain some type of compensation — probably a take a look at for as a lot as $ 500.

A settlement reached Thursday between four car corporations and hundreds of thousands of affected drivers covers an estimated 15.eight million vehicles from Toyota, Subaru, BMW and Mazda. It awaits last approval from the courts sometime this year.

The deal — which comes greater than eight years after initial reports of the don’t forget first emerged — stipulates that the carmakers pays $ 553 million. How so much every automotive owner is paid will differ, relying upon their circumstances. And one of the vital agreement will go towards attorneys’ fees, but those funds have not been labored out yet.

related: U.S. agency is frontrunner to purchase afflicted airbag maker

And no longer all of that money will go to affected automotive homeowners. some of these dollars will go toward a application aimed at getting more owners to have their recalled cars fastened, the victims’ attorneys said Thursday. That effort will contact affected automotive owners often via mail, phone and social media.

The selection of drivers which have repaired their airbags continues to be stubbornly low.

simply over 30% of Toyota (TM) and Subaru automobiles were fixed, and that number is underneath 20% for Mazda and BMW, in line with the national freeway visitors security Administration.

different carmakers including Ford (F), GM (GM), Honda (HMC) and Nissan had been also plagued by the Takata don’t forget, but those cars are not covered with the aid of this settlement.

related: Three Takata executives indicted over exploding airbags

The airbags at issue can explode and ship shrapnel into drivers and passengers. the issue has been linked to at least 11 deaths in the U.S. and one hundred eighty accidents.

The don’t forget has sent Takata (TKTDY) to the brink of bankruptcy. Its shares have plunged eighty four% prior to now three years.

In January, the company pleaded responsible to company criminal fees and agreed to pay a $ 1 billion fantastic. Most of that money went to carmakers who’ve been dealing with the airbag repairs.

CNNMoney (new york) First published may 18, 2017: three:33 PM ET

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