Progressive continues to insure those who already have policies with the company, he said. In response, in some geographic areas we have increased our rates and limited our sale of new insurance policies on some of these models.” “Given that we price our policies based on the level of risk they represent, this explosive increase in thefts in many cases makes these vehicles extremely challenging for us to insure. “During the past year we’ve seen theft rates for certain Hyundai and Kia vehicles more than triple and in some markets these vehicles are almost 20 times more likely to be stolen than other vehicles,” he wrote. Progressive is also cutting back on insuring these cars in some markets, spokesman Jeff Sibel said in an emailed statement. “This is a serious problem impacting our customers and the entire auto insurance industry.” “State Farm has temporarily stopped writing new business in some states for certain model years and trim levels of Hyundai and Kia vehicles because theft losses for these vehicles have increased dramatically,” the insurer said in a statement provided to CNN. In Wisconsin, where the crimes first became prevalent, theft claims of Hyundais and Kias spiked to more than 30 times 2019 levels in dollar terms. Stealing these vehicles became a social media trend in 2021, according to HLDI, as car thieves began posting videos of their thefts and joyrides and even videos explaining how to steal the cars. Vehicles that have push-button start systems, rather than relying on metal keys that must be inserted and turned, have immobilizers, but not all models with turn-key ignitions do. Immobilizers were standard equipment on 96% of vehicles sold for the 2015-2019 model years, according the HLDI, but only 26% of Hyundais and Kias had them at that time. Kia, Hyundai are easy targets for thieves, insurance data confirms Photographer: SeongJoon Cho/Bloomberg via Getty Images SeongJoon Cho/Bloomberg/Getty Images who have shunned its sedans and compact cars, Hyundai has said it will bring eight new or redesigned crossovers or SUVs by 2020. Santa Fe sport utility vehicle (SUV) is seen during a launch event for the updated vehicle in Goyang, South Korea, on Wednesday, Feb. Without the right key, an immobilizer should do just that – stop the car from moving. Specifically, these SUVs and cars don’t 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. The Highway Loss Data Institute released insurance claims data last September that confirmed what various social media accounts had been saying: Some 2015 through 2019 Hyundai and Kia models are roughly twice as likely to be stolen as other vehicles of similar age, because many of them lack some of the basic auto theft prevention technology included in most other vehicles in those years, according to the HLDI. The insurance companies did not tell CNN which cities or states were involved. Several reports say the companies have stopped offering insurance on these vehicles in cities that include Denver, Colorado and St. Progressive and State Farm, two of America’s largest auto insurers, are refusing to write policies in certain cities for some older Hyundai and Kia models that have been deemed too easy to steal, according to the companies. See your participating Hyundai dealer for details. Dealer contribution may vary and could affect actual monthly payment. This incentive is for a limited time offer on select 2018-2023 Hyundai Certified Used SONATA, KONA, SANTA FE, IONIQ EV, IONIQ 5, and IONIQ 6 vehicles and may not be combined with other special offers except where specified. Finance contract must be signed and dated no later than. Different rates available for different terms. Higher rates apply for qualified buyers with lower credit ratings. For well-qualified buyers not all buyers will qualify. 4.99% Annual Percentage Rate (APR) financing for 48 months is $23.03 per month per $1,000 financed. Customers must take delivery from a participating dealer and from retail stock between and to be eligible for this offer. Offer available on select 2018-2023 Hyundai Certified Used SONATA, KONA, SANTA FE, IONIQ EV, IONIQ 5, and IONIQ 6 vehicles purchased from dealer stock and financed through Hyundai Motor Finance (HMF).
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