[ad_1]
Progressive and State Farm, two of the largest U.S. auto insurers, are refusing to underwrite policies in certain cities for certain older Hyundai and Kia models that have been deemed too easy to steal, the companies say. Several reports indicate that companies have stopped offering insurance on these vehicles in cities like Denver, Colorado and St. Louis, Missouri. The insurance companies did not tell CNN which cities or states were involved. stolen like other vehicles of the same age, as many of them lack the basic automatic theft prevention technology included in most other vehicles of those years, according to the HLDI. Specifically, these SUVs and cars do not have electronic immobilizers, which rely on a computer chip in the car and another in the key that communicate to confirm that the key really belongs to that vehicle. Without the correct key, an immobilizer would have to do just that – stop the car from moving. Immobilizers were standard equipment on 96% of vehicles sold for model years 2015-2019, according to HLDI, but only 26% of Hyundais and Kias had them at that time. Vehicles with push-button start systems, rather than relying on metal keys that must be inserted and turned, have immobilizers, but not all models with turnkey ignitions. The theft of these vehicles became a social media trend in 2021, according to HLDI, as car thieves began posting videos of their thefts and rides and even videos explaining how to steal the cars. In Wisconsin, where crime first became common, Hyundai and Kia theft claims reached more than 30 times 2019 dollar levels. Kia because losses related to the theft of these vehicles have increased significantly,” the insurer said in a statement to CNN. “This is a serious issue that affects our customers and the entire automotive industry. ‘auto insurance.’ Progressive is also reducing insurance for these cars in certain markets, spokesman Jeff Sibel said in an emailed statement. theft for some Hyundai and Kia vehicles more than tripled and in some markets these vehicles are nearly 20 times more likely to be stolen than other vehicles,” he wrote. “As we price our policies based on the level of risk they represent, this explosive increase in theft in many cases makes these vehicles extremely difficult for us to insure. In response, in some geographies we have increased our rates and limited our sales of new insurance policies on some of these models.” Progressive continues to insure those who already have policies with the company,” he said. Progressive also provides advice on how to protect their vehicles against theft. Michael Barry, spokesman for the Insurance Information Institute, said it was highly unusual for auto insurers to simply stop writing new policies for a particular make or model of vehicle. “They generally want to expand their market share based on where they do business,” he said. Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group has a significant stake in Kia and various Hyundai and Kia models. share much of their engineering. Engine immobilizers are now standard on all Kia vehicles, according to a statement from the automaker and the company says it has developed and tested security software for vehicles not originally equipped with an immobilizer. Kia said it has started notifying owners of the availability of this software, which is provided free of charge. Hyundai dealerships are also installing free security kits for vehicles, the company said.
Progressive and State Farm, two of the largest U.S. auto insurers, are refusing to underwrite policies in certain cities for certain older Hyundai and Kia models that have been deemed too easy to steal, the companies say.
Several reports indicate that companies have stopped offering insurance on these vehicles in cities that include Denver, Colorado and St. Louis, Mo. The insurance companies did not tell CNN which cities or states were involved.
The Highway Loss Data Institute has published insurance claims data last september which confirmed what various social media accounts had been saying: Some 2015-2019 Hyundai and Kia models are about twice as likely to be stolen as other vehicles of the same age, because many of them lack some of the basic car theft prevention technology included in most other vehicles of those years, according to the HLDI.
Specifically, these SUVs and cars do not have electronic immobilizers, which rely on a computer chip in the car and another in the key that communicate to confirm that the key really belongs to that vehicle. Without the correct key, an immobilizer would have to do just that – stop the car from moving.
Immobilizers were standard equipment on 96% of vehicles sold for model years 2015-2019, according to HLDI, but only 26% of Hyundais and Kias had them. at this moment. Vehicles with push-button start systems, rather than relying on metal keys that must be inserted and turned, have immobilizers, but not all models with turnkey ignitions.
Stealing these vehicles has become a social media trend in 2021, according to HLDI, because car thieves started posting videos of their thefts and rides and even videos explaining how to steal the cars. In Wisconsin, where crime first became common, Hyundai and Kia theft claims reached more than 30 times 2019 dollar levels.
“State Farm has temporarily stopped writing new business in certain states for certain model years and trim levels of Hyundai and Kia vehicles as losses related to theft of these vehicles have increased significantly,” the insurer said. in a statement sent to CNN. “This is a serious issue affecting our customers and the entire auto insurance industry.”
Progressive is also reducing insurance for those cars in certain markets, spokesman Jeff Sibel said in an emailed statement.
“Over the past year, we have seen the theft rates of some Hyundai and Kia vehicles more than triple and in some markets these vehicles are nearly 20 times more likely to be stolen than other vehicles,” he wrote. “As we price our policies based on the level of risk they represent, this explosive increase in theft in many cases makes these vehicles extremely difficult for us to insure. In response, in some geographies we have increased our rates and limited our sales. new insurance policies on some of these models.”
Progressive continues to insure those who already have policies with the company, he said. Progressive also provides them with advice on how to protect their vehicles against theft.
Michael Barry, a spokesperson for the Insurance Information Institute, said it was highly unusual for auto insurers to simply stop writing new policies for a particular make or model of vehicle.
“They generally want to expand their market share based on where they do business,” he said.
Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group owns a significant stake in Kia, and various Hyundai and Kia models share much of their engineering.
Engine immobilizers are now standard on all Kia vehicles, according to a statement from the automaker, and the company says it has developed and tested security software for vehicles not originally equipped with an immobilizer. Kia said it has started notifying owners about the availability of this software, which is provided free of charge.
Hyundai said it is providing free steering wheel locks to select police departments nationwide to give to local residents who have easily stolen Hyundai models. Hyundai dealerships are also installing free security kits for vehicles, the company said.
.
[ad_2]
news.google.com
