HomeBusinessSome auto insurers are refusing to cover some Hyundai and Kia models

Some auto insurers are refusing to cover some Hyundai and Kia models


The two largest auto insurers in the U.S., Progressive and State Farm, have taken out policies in certain cities for some older Hyundai and Kia models that were deemed too easy to steal, according to the companies. refusing to tie.

According to some reports, companies have stopped offering insurance for these vehicles in cities including: Denver, Colorado When St. Louis, Missouri. The insurer did not tell CNN which cities or states were involved.

Published by Road Loss Data Institute Claims data last September See what the various social media accounts were like Say: Some Hyundai and Kia models from 2015 to 2019 are about twice as likely to be stolen as other vehicles of the same age. because Many of them lack some of the basic automotive anti-theft technology that was included in most other vehicles of the time. According to HLDI.

Specifically, these SUVs and cars do not have electronic immobilizers. It relies on a computer chip in the car and another in the key to communicate to make sure the key really belongs to that vehicle. Without a suitable key, an immobilizer would have to do it. In other words, stop the movement of the car.

According to HLDI, 96% of vehicles sold between 2015 and 2019 models had immobilizers as standard, compared to only 26% of Hyundai and Kiaz. At that time. Rather than relying on a metal key that you have to insert and turn, vehicles with push-button start systems have immobilizers, but not all models with turnkey ignition do.

stealing these vehicles According to HLDI, social media trends for 2021 include: Car thieves began posting videos of thefts and pranks There’s even a video explaining how to steal a car. In Wisconsin, where crime was first rampant, Hyundai and Kia theft claims surged in dollar terms more than 30 times what he did in 2019.

In a statement provided to CNN, the insurer said, “State Farm has temporarily increased theft losses for certain model years and trim levels of Hyundai and Kia vehicles in some states. “This is a serious issue affecting our customers and the auto insurance industry as a whole.”

Progressive is also cutting insurance on these cars in some markets, spokesman Jeff Sibel said in an email.

“In the past year, theft rates for certain Hyundai and Kia vehicles have more than tripled, and in some markets, these vehicles are almost 20 times more likely to be stolen than others.” he wrote. “Considering that we price insurance based on the level of risk, in many cases it is very difficult to insure these vehicles as thefts have exploded. In response, we have increased rates in some regions and limited the sale of new policies on some of these models.”

Progressive continues to insure people who already have policies with the company, he said. Progressive also offers advice on how to protect your vehicle from theft.

Insurance Information Institute spokesman Michael Barry said it’s very rare for auto insurance companies to simply stop creating new policies for a particular make or model of vehicle.

“They generally want to increase their market share depending on where they are doing business,” he said.

Although Hyundai Motor and Kia Motors operate as separate companies in the United States, Hyundai Motor Group owns a significant stake in Kia Motors, and various Hyundai and Kia Motors models share much of their engineering. increase.

An engine immobilizer is now standard on all Kia vehicles, the automaker said in a statement, and the company is developing and testing security software for vehicles that were not originally equipped with an immobilizer. Kia said it has begun notifying owners that the software is being offered for free.

Hyundai said it is offering steering wheel locks free of charge to some police stations nationwide. simply Stolen Hyundai model. Hyundai dealers are installing free security kits for their vehicles, the company said.



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