The cost of your car insurance may climb this year and for some drivers those hikes won’t be your fault at all. For some, the hike is because their vehicle is more likely to be stolen. Certain makes of Kia and Hyundai have deficiencies that are allowing would be thieves to ride off in your car.
Tutorials and viral videos are still all online. They not only show these thefts taking place, but some even tutor people on how to commit the crimes. Some insurance companies are no longer taking on customers who have the vulnerable vehicles.
State Farm has issued a statement:
State Farm has temporarily stopped accepting new customer applications in some states for certain model years and trim levels of Hyundai and Kia vehicles because theft losses for these vehicles have increased dramatically. This is a serious problem impacting our customers and the entire auto insurance industry.
We take seriously our responsibility to manage risk and the impact of excess claim costs on all our customers. In this case, it became necessary to take action to protect our policyholders and our business. We are monitoring this situation very closely and will adjust our approach as appropriate.
Drivers who already have insurance may notice an increased cost, with the likelihood of your vehicle being stolen playing a definitive factor.
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