Insurers stop covering some Kia and Hyundai cars due to theft

Many companies featured on Money advertise with us. Opinions are our own, but compensation and thorough research determine where and how companies can appear. Learn more about how we earn money.

At least two major auto insurance companies are refusing to cover certain Kia and Hyundai models in some locations as authorities report staggering rates of vehicle theft.

Apparently, the increase in thefts is linked to a series of viral online videos that give tutorials on car theft and have inspired hordes of criminals to plug the vehicles. In New Orleans alone, there were more than 1,000 Kia and Hyundai car thefts last year, a significant portion of the 4,400 cars stolen in the city.

Not only do owners of these vehicles have to worry about thieves stealing their cars, but they also have to deal with the new reality that car insurance companies can raise premiums or refuse to insure them.

As reports of auto insurers denying coverage for new policies have surfaced recently, South Korean automakers and the insurance industry have come under fire.

Ads by Money. We may be compensated if you click on this ad.Advertisement

Make sure you’re not overpaying for your car insurance – get a free quote today.

Click on your state to be matched with a top auto insurance provider in your area.

What insurance companies are saying

Money has contacted eight of the largest car insurance companies in the United States to comment on their response to the increase in Kia and Hyundai car thefts – in particular, many models from 2011 to 2021, including Kia Souls and Sorentos and Hyundai Tucsons and Elantras. These vehicles are said to have no immobilizer and can be stolen with just a screwdriver and a USB cable. Read also : Survey: Most Drivers Don’t Understand Their Car Insurance Coverage. Three of the auto insurers (State Farm, Progressive and Nationwide) responded before the publication date.

Kia and Hyundai statements on stolen cars, insurance

In statements, parts of which are identical, Kia and Hyundai said they expect the insurance issues to be “temporary” and are taking detailed steps to improve defenses against theft of their cars. This may interest you : The elderly and their cars: financial protection after an accident. vehicles.

Ads by Money. We may be compensated if you click on this ad.Advertisement

One of the best ways to pay less for car insurance is to compare car insurance quotes

Click below to start finding your lower rate today from Progressive.

Bottom line

Insurance companies could refuse new policies or possibly increase premiums in the future in response to increased Kia and Hyundai car thefts. This may interest you : Comprehensive car insurance: What you need to know.

Insurance companies have broad power to deny coverage, increase premiums or refuse renewals, and Friedlander says the scale of this problem is forcing policyholders to think about these options.

People looking for insurance for affected cars are already having trouble. And because insurance contracts are often only for 6-month terms, even drivers of affected models who have insurance may soon face higher premiums when they next renew.

To celebrate our 50th anniversary, we’ve scoured decades of our print magazines for hidden gems, fascinating stories and vintage personal finance advice that has stood the test of time. Dive into the archives with us.

You will now receive the Money newsletter at

Respond anytime to let us know how we can improve. Enjoy!

Make sure we land in your inbox, not your spam folder. We just sent you a welcome email. Sometimes email clients send our first email to spam or promotions folder. If you don’t see us in your inbox, check these folders, then drag and drop the welcome email into your inbox.

More from Money:

Best car insurance companies of 2023

How much does car insurance cost: average costs

How to change car insurance in 5 easy steps

What years of Kia are easy to steal?

Which Kia are the most stolen? The Kia Sportage is one of the most stolen vehicles right now. The Highway Loss Data Institute (HLDI) compiles a list of the most stolen vehicles.

What cars do Kia boys steal?

You may have heard of a recent spike in thefts at Hyundai and Kia due to viral social media posts about the so-called “Kia Boys”. If not, let me warn you: if you own a Kia or Hyundai SUV with an ignition key, your vehicle is at increased risk of being stolen.

What cars are affected by Kia challenge?

Hyundai and Kia would not provide model years that do not have an immobilizer, but Forbes reports that affected models include 2016-2021 Hyundai Accent, Elantra, Elantra GT, Sonata, Veloster, Venue, Kona, Tucson, Santa Fe, Santa Fe Sport, Santa Fe XL and Palisade as well as 2011-2021 Kias that use a key to start the…

Which Kia models are being stolen?

Money has reached out to eight of the largest auto insurance companies in the United States for comment on their response to increased thefts of Kia and Hyundai cars – specifically, many 2011-2021 models, including Kia Souls and Sorentos and Hyundai Tucsons and Elantras.

Are the Kia Boys still stealing cars?

The Kia Boys are teenage boys who have had fun targeting late model Kias and Hyundais due to the relative ease of stealing them. Many teenagers are sharing their ride exploits on video-sharing platform TikTok, which police say has inspired others to follow suit.

What year Kias are being stolen?

Kia vehicles from model years 2011 to 2021 and Hyundai vehicles from model years 2016 to 2021 are particularly vulnerable due to the lack of anti-theft devices that have long been standard for other automakers.

Which Kia models are being stolen?

Money has reached out to eight of the largest auto insurance companies in the United States for comment on their response to increased thefts of Kia and Hyundai cars – specifically, many 2011-2021 models, including Kia Souls and Sorentos and Hyundai Tucsons and Elantras.

What cars do the Kia boys steal?

Car thieves, mostly teenagers, target Kia and Hyundai vehicles because of their security deficiencies. This trend first started on the streets of Milwaukee, where a group of teenagers named “Kia Boyz” began breaking into car security systems and causing damage to public and private property.

Are people still stealing Kias?

Videos circulating on social media show people stealing cars and flying away with them, sometimes driving recklessly through city streets. In Philadelphia, 21% of cars stolen in 2022 were Kias or Hyundais. In Minneapolis, the most recent police data shows that 33% of stolen cars this year are Hyundais and Kias.

Which Kia models are susceptible to theft?

2019-2021 model year Kias and Hyundais have a lower theft rate than 2015-2019 models, but the Kia Rio, Kia Sportage, Kia Sportage 4WD and Hyundai Accent are still on the IIHS list of most frequently stolen vehicles for these model years. .

How to prevent my Kia from being stolen?

Meanwhile, steering wheel locks can prevent Tik Tok-powered thefts. Hyundai and Kia distributed locks to police departments to provide a free deterrent to Hyundai and Kia owners.

Which Kia models are being stolen?

Money has reached out to eight of the largest auto insurance companies in the United States for comment on their response to increased thefts of Kia and Hyundai cars – specifically, many 2011-2021 models, including Kia Souls and Sorentos and Hyundai Tucsons and Elantras.

Why are thieves targeting Kia cars?

The “Kia Boyz” challenge, as it’s called, has thieves targeting certain 2010-2021 vehicle models from manufacturers Kia and Hyundai that use a mechanical key for access instead of a fob or key fob. push access. Thieves would take advantage of a design flaw in these vehicles.

What car has the highest insurance rate?

Maserati Quattroporte The Maserati Quattroporte is a luxury sedan that typically costs upwards of $2,500 per six-month policy period to insure, making this car the most expensive vehicle to purchase auto insurance for in 2021.

Do expensive cars have higher insurance? Because car insurance is designed to protect your vehicle, the high price of a luxury car inevitably leads to higher insurance costs. For the models included in our survey, the average annual insurance premium for a luxury car was about 18% higher than the cost of insurance for a mid-priced sedan.

What color car is the most expensive to insure?

The color of your car does not affect your insurance rate. Instead, your insurance company uses other information, such as your car’s age, location, usage, and driving record, to help determine insurance rates.

Are certain car colors more expensive to insure?

The color of your car does not affect your insurance rate. Instead, your insurance company uses other information, such as your car’s age, location, usage, and driving record, to help determine insurance rates. Learn more about the factors that affect car insurance pricing.

What color car is cheapest?

Some vehicle colors have a higher list price (MSRP), but this will not affect your car insurance rate. Manufacturers tend to offer lower prices on standard vehicle colors like white, black, gray and tan because they tend to be cheaper to make, cheaper to repair and more popular, which makes them easier to sell.

What color car holds value best?

Overall, yellow is the vehicle color that best retains its value, depreciating 70% less than the average vehicle. It’s one of the less popular car colors – but it’s often found on sports cars and low-volume vehicles that generally hold their value relatively well. Orange ranks second, for the same reason.

What car costs $3 million dollars?

Powered by a twin-turbo V8, the Venom F5 delivers an incredible 1,800 hp and can reach a top speed of 249 mph. Production is set at 24 cars, and if you want to be a proud owner of this American beauty, the asking price is $3 million.

What is a 5 million dollar car?

It might also be the most expensive with a price tag of $5 million. The 1600 horsepower W-16 Mistral was revealed to the public in Carmel, California. According to Bugatti, only 99 will be made and they have all been sold! Bugatti did not specify what the expected top speed of the Mistral might be.

What is the most expensive car in the world 2022?

Here are the 10 most expensive cars sold at auction in 2022.

• 7: 1960 Ferrari 250 GT SWB. …
• 6: 1937 Bugatti Type 57SC Atalanta. …
• 5: 1937 Talbot-Lago Teardrop Coupe. …
• 4: 2003 Ferrari F2003 GA driven by Michael Schumacher. …
• 3: 1955 Ferrari 410 Sport Spider. …
• 2: 1998 McLaren F1. …
• 1: 1955 Mercedes-Benz 300 SLR Coupe Uhlenhaut

What car cost $2000000?

Koenigsegg Gemera | $2,000,000 The Koenigsegg Gemera is a hybrid in more ways than one. It’s a hybrid in the sense that it relies on three electric motors and a twin-turbocharged 2.0-liter I-3 to pump out a total of 1,677 hp.

Why do luxury cars cost more to insure?

Luxury and high performance vehicles cost more to insure as they will have higher repair costs. If you are involved in an accident, it will cost the insurer more to have your car repaired.

What car brands are considered luxury for insurance?

Luxury auto insurance covers vehicles that are high in cost and performance and made by a luxury manufacturer, such as BMW, Mercedes-Benz, and Lexus.

Is car insurance higher on luxury cars?

Insurance for luxury cars is generally more expensive than coverage for a standard vehicle. Several factors contribute to its higher premium, such as higher repair costs and increased likelihood of theft.

What are the cons of having a luxury car?

Luxury cars are built with quality in mind. It’s part of their appeal. But quality has a price. While high-end components used in luxury cars generally last longer than mass-produced parts used in economy models, the cost to repair or replace them is often much higher when they eventually fail.

Is Kia and Hyundai owned by the same company?

And while Hyundai isn’t the parent company of Kia Motors, Hyundai does hold a bit of Kia ownership. Kia and Hyundai are headquartered in South Korea. So, are Kia and Hyundai the same company? No, but Hyundai owns 33.8% of Kia Motors.

Are Hyundai and Kia made in the same factory? Technically, no. Kia and Hyundai are not the same manufacturer. They are more like sister companies, with Hyundai Motor Group being the parent company.

Which brand is better Kia or Hyundai?

Hyundai reliability – According to the J.D. Power 2022 U.S. Vehicle Reliability Study, Kia was the highest-ranked manufacturer for reliability in the United States, with the fewest problems per 100 vehicles. Hyundai is close, winning bronze, but for the current model year, Kia takes gold!

Is Kia more luxury than Hyundai?

What is the difference between Kia and Hyundai? Kia designs its vehicles with a sporty aesthetic, while Hyundai offers a more luxurious and fluid design. Reaching a wider target market with a slightly more diverse selection of vehicles, Kia’s lineup includes a minivan, the Sedona.

Are Kias better than Hyundai?

So the verdict is in – while Kia and Hyundai offer similar vehicles, Kia models offer better value and quality, with bolder styling and a more dynamic driving experience. Simply put, Kia vehicles are better vehicles no matter what you value most about your car.

Is Kia the luxury brand of Hyundai?

No, but Kia and Hyundai are linked! Kia filed for bankruptcy in 1997 after being its own independent entity. Hyundai Motor Group decided to buy the car business in 1998 to keep it afloat. Kia and Hyundai Motor Group operate independently, but Hyundai is the parent company of Kia Motors.

What is the difference between a Kia and a Hyundai?

Kia and Hyundai Motor Group operate independently, but Hyundai is the parent company of Kia Motors. The difference between Kia and Hyundai is that both companies have their own brand philosophies to produce their vehicles in unique ways.

Are Hyundai and Kia the same quality?

Both Kia and Hyundai have solid track records when it comes to reliability. In fact, both brands rank above average in most major surveys. However, Kia has a slight advantage when it comes to reliability. Kia vehicles are known to have fewer issues and longer lasting components than Hyundai vehicles.

Are Hyundai and Kia engines the same?

Yes, many engines used in Hyundai models are also used in Kia vehicles, and vice versa. Here are some examples: The Kappa G3LA/G3LC engine is used in the Hyundai Kona, Hyundai i20, Kia Ceed and Kia Stonic.

Which is more reliable Hyundai or Kia?

J.D Power’s Hyundai reliability ratings reveal an undisputed winner: Kia. In fact, Kia beat all other automakers in 2022 with a score of 145 PP100 (Problems per 100 vehicles). Hyundai completes the top three with a score of 148 PP100.

Is Hyundai good for insurance?

Hyundai models are generally not expensive to insure. A 30-year-old driver can expect to pay an average of $1,993 per year for comprehensive insurance on a Hyundai.

Why is Hyundai insurance expensive? Some models like the Ioniq are more expensive to insure than other models for several reasons. High MSRP and high repair costs are just some of the factors that increase Hyundai insurance costs for a specific model.

Which company gives cheapest car insurance?

State Farm and Geico are the cheapest major car insurance companies in the country. State Farm offers an average rate of $41 per month for a minimum liability policy, which is 29% cheaper than the national average. Geico also offers cheap car insurance quotes at around $52 per month.

Who is cheaper Geico or Progressive?

Is Progressive cheaper than Geico? Both Geico and Progressive offer inexpensive car insurance to drivers nationwide. Geico’s rates are generally lower overall, but Progressive tends to offer better prices for those who have recently had a DUI, at-fault accident, or speeding ticket on their driving record.

What car insurance company is usually the cheapest?

Cheapest car insurance company overall: car owners. Least expensive car insurance for military coverage: USAA. The cheapest car insurance company for bad credit: Geico.

Which insurance company has lowest prices?

According to our analysis, USAA, Geico, and State Farm consistently offer some of the cheapest annual rates on average, including policies tailored to specific needs, such as for a teenager or for a driver with a blemish on their driving record like a speeding or traffic accident.

Which is the best company to buy car insurance?

• Companies. ICICI Lombard car insurance. HDFC Ergo car insurance. Reliance car insurance. Digital car insurance. United car insurance. New car insurance in India. Sundaram Royal Motor Insurance. Kotak car insurance. Future Generali Auto Insurance. …
• Cashless garages.
• Estimate.
• Renewal.
• Premium calculator.
• Complaint Settlement.

Who is the number 1 auto insurer in the US?

Progressive However, claims satisfaction ratings and coverage options are average. Progressive is the nation’s largest auto insurance company and was established in 1937.

Which insurance company has the highest customer satisfaction?

U.S. News Rating USAA is the top insurance company in our ratings. According to our 2023 survey, USAA customers report the highest level of customer satisfaction and are the most likely to renew their policies and recommend USAA to other drivers.

Is Hyundai high on insurance?

How much does it cost to insure a Hyundai Elantra compared to other cars? Hyundai Elantra insurance rates are pretty cheap at $1,282 per year on average. This cost is $146 cheaper than the average price of all models in MoneyGeek’s study.

Are Hyundai cars more expensive to insure?

Hyundai models are generally not expensive to insure. A 30-year-old driver can expect to pay an average of $1,993 per year for comprehensive insurance on a Hyundai. That’s $159 less per year than the cost of a Honda. One of the reasons for Hyundai’s affordable insurance rates is its low theft rate.

Is it smart to buy a Hyundai?

Many Hyundai models are on Consumer Reports’ “recommended” list, for good overall scores in reliability, customer satisfaction, safety features and road test results. Hyundai also ranks well in terms of reliability with RepairPal.