Hyundai-Kia cars being rejected insurance due to high theft risk

Other insurance companies seem to have increased premiums, even on vehicles which aren't as vulnerable.

Last year, a social media post went viral demonstrating how easy it was for someone to steal cars from Hyundai and Kia built between 2011 and 2021. The theft of these cars skyrocketed across the USA, with police departments and city officials calling for action from both owners and the carmaker.

The result of this is that most major insurance companies are refusing to offer coverage for such high theft-risk Hyundai & Kia cars. According to media reports, insurance companies in Colorado and Missouri (which had the highest spike in thefts) are flat-out refusing to provide insurance coverage if their customer has a vulnerable Hyundai or Kia model.

Reports state that insurance firm Progressive told a news channel in Denver that they restricted offering coverage on certain models of Hyundai & Kia because of the alarming rate at which these vehicles were getting stolen. The company is said to have made the decision to stop offering new policies to certain models from the Korean automakers in November last year.

A few insurance firms have also been reported to have dramatically increased the prices of their new policies. Other insurance companies seem to have increased premiums, even on vehicles which aren't as vulnerable. These premiums are said to have gone up by around 25 per cent, even for Hyundai and Kia cars which aren't susceptible to theft.

Source: TheDrive