Insurance companies refusing to carry some Hyundai and Kia models over thefts - Autoblog

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Insurance companies refusing to carry some Hyundai and Kia models over thefts

models, and raising rates for current policyholders that own the two brands. The problem is out-of-control theft rates of Kia models from 2011 to 2021 that are started with a physical key, and Hyundai models from 2015 to 2021 that also use a key. The automakers, both part of the Hyundai Group, did not designed those vehicles engine immobilizers.

In response to the surge, State Farm told CNN"This is a serious problem impacting our customers and the entireindustry," so it"has temporarily stopped writing new business in some states for certain model years and trim levels of Hyundai and Kia vehicles." Progressive told the news channel,"Given that we price our policies based on the level of risk they represent, this explosive increase in thefts in many cases makes these vehicles extremely challenging for us to. In response, in some geographic areas we have increased our rates and limited our sale of new insurance policies on some of these models." Neither insurance company would specify which cities or regions were off limits to this subset of Hyundai and Kia owners.

The Highway Loss Data Institute said engine immobilizers came standard on 96% of vehicles spanning the 2015 to 2019 model years, but only 26% of Hyundais and Kias from the same time. Models with push-button start always included immobilizers and aren't a part of the theft surge. However, comments by various owners say they are having their rates raised as well even though their vehicles aren't part of the trend.

Denver is the only other city in the country where the South Korean brands have become low hanging fruit." That's no longer the case.

 

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