Ford has agreed to pay USD299.1m to settle US consumers' economic loss claims related to Takata airbag recalls over faulty inflators.

The settlement, filed in federal court in Miami Monday, reimburses consumers for out-of-pocket expenses and provides free loaners for owners or lessees of Ford vehicles who are waiting for their airbags to be fixed, according to the pact.

Ford's settlement in the US follows similar ones involving customers of other carmakers including Toyota, Mazda, Nissan and BMW.

The massive Takata airbag recalls led Takata to bankruptcy in 2017.

"These settlements are proving to be vital in protecting consumers from dangerous Takata airbags," Peter Prieto, lead counsel for the plaintiffs, said in a statement.

The proposed settlement covers only economic issues discussed in the class-action lawsuit.

More than 100m vehicles have been recalled worldwide over the last four years because of Takata's faulty airbag inflators which have been linked to 17 deaths and numerous injuries worldwide.