You’ve probably heard about the TikTok-inspired uptick in Hyundai and Kia thefts, where the lack of an immobilizer has given thieves an open invitation. Beyond the stress that your car could be stolen at any time, insurance companies now appear to be less willing to cover the vehicles.
The Drive spoke with Progressive Insurance, which said it had stopped issuing new policies to some Hyundai and Kia vehicles. A spokesperson told the publication that “due to the theft risk that some Hyundai and Kia vehicles present, in many cases, it makes these vehicles difficult to insure, so in certain areas of the country, we have adjusted our acceptance criteria for new business.”
The changes do not affect existing policyholders, but it certainly puts a damper on anyone hoping to grab a used car and get it insured. The Drive’s staff reached out to several other insurers in different areas of the country, discovering that several were unwilling to issue new policies. Progressive denied policies for a Kia Soul in Denver, and news outlets in other cities have reported similar outcomes.
Those that don’t deny insurance coverage outright charge much more for the privilege. One driver told his local newspaper in St. Louis that Progressive would cover his car but would charge $350 monthly.
[Image: Hyundai]
Become a TTAC insider. Get the latest news, features, TTAC takes, and everything else that gets to the truth about cars first by subscribing to our newsletter.
via Autobuzz Today
Comments
Post a Comment