SOME Kia’s And Hyundai’s Being REJECTED By Insurance Providers? Looks That Way!

This article was originally published https://www.autospies.com/news/SOME-Kia-s-And-Hyundai-s-Being-REJECTED-By-Insurance-Providers-Looks-That-Way-110961/.


As ABC 7 News Denver reports, owners of some vehicles in Denver, Colorado are reportedly getting a cold shoulder from Progressive Insurance. As the report states, Progressive is declining to offer coverage on some new policies due to the rate some Kia and Hyundai models get stolen. Customers who request a quote are told that based on the vehicle information they provided, Progressive cannot offer a policy at that time.
Progressive has released this statement to ABC 7 News Denver:

“We’re committed to providing affordable insurance solutions for consumers based on the particular level of risk while also ensuring our policies are accurately priced. Due to the theft risk that some Hyundai and Kia vehicles present, in many cases it makes these vehicles difficult to insure, so we have adjusted our acceptance criteria for new business on some of these models. We’ll continue to monitor how this issue plays out, and are hopeful to be able to revisit our decision if the theft risk diminishes and community awareness improves,” the company statement said.

Those who aren’t getting their new policies declined are apparently seeing higher rates. ABC 7 News Denver further explains why this is happening:

Carole Walker with the Rocky Mountain Insurance Association said it’s unfortunate for owners of these vehicles, but insurance companies need to contain risk to keep premium costs low for their other customers.
“They’re also looking at the market that we’re in,” Walker said. “Colorado now tops the list for auto theft. So, your car insurance company is looking at that risk, determining the premium, how much it will cost to repair and replace that vehicle, but also how likely is it to get stolen, and then destroyed or damaged when it is stolen.”

It appears that the insurance struggles of Hyundai and Kia owners aren’t isolated to Denver, either. A Reddit user in Milwaukee noted last year that when they tried to insure a leased vehicle through Progressive, they were told that the insurer could not offer them a policy. Kia and Hyundai owners in these cities have little choice but to shop around. And they may find higher premiums due to these vehicle thefts.

Full article at the link….

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