Experiences say that firms like Progressive and State Farm are refusing new insurance policies to Kia and Hyundai house owners
January 28, 2023 at 09:09
by Stephen Rivers
Some Kia and Hyundai house owners have confronted a severe hazard of car theft over the previous couple of years. Now, studies are popping out that even when they’ve prevented theft, they is likely to be up towards a brand new downside: getting insurance coverage protection. Evidently, main insurance coverage firms are opting to refuse protection quite than danger paying out on a stolen automobile.
Final 12 months, posts on social media demonstrating how straightforward it may be to steal some Kia and Hyundai fashions constructed between 2011 and 2021 went viral. Theft charges of the Korean vehicles skyrocketed throughout the nation. In response, police departments, metropolis officers, and others referred to as for motion from each house owners and the automakers themselves.
Two of the states which have been hardest by the spike in thefts are Colorado and Missouri. Now, studies from every state point out that main insurance coverage firms are flat-out refusing to supply protection if the shopper in query has a susceptible Kia or Hyundai mannequin.
Extra: Teams Push YouTube To Take away Movies Displaying How To Steal Hyundais And Kias
First noticed by The Drive, insurance coverage agency Progressive instructed Denver7 Information that it’s “restricted providing protection on new insurance policies within the Denver space on sure fashions of the Korean automakers Hyundai and Kia due to the alarming price by which these autos are getting stolen within the Denver space.”
In response to STLToday, the identical challenge is taking maintain in St. Louis. It says that Progressive “made the choice to cease providing new insurance policies in November” in accordance with Jim Kirn, proprietor of KIRNCO Insurance coverage in St. Louis, which sells Progressive insurance coverage. Josh Franklin, a salesman for State Farm, confirmed that State Farm made an analogous choice in November of final 12 months as properly.
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It’s not simply these two suppliers or new insurance policies which are affected both. Many present policyholders reported dramatic will increase in coverage prices. Premiums have gone up at different insurance coverage firms too and what’s worse is that in some instances, these premiums are rising on autos that aren’t as susceptible.
Only one instance is that of Jay Zunich who instructed STLToday that when his premium went up by about 25 p.c, he began procuring round. The businesses that would offer him with protection charged much more than he was already paying, though his Elantra makes use of a push-button begin which implies that it may’t be stolen as simply as these fashions which are primarily affected by the theft development.