Progressive and State Farm are taking action to protect their customers against car theft. And this is by refusing to write policies for particular older Hyundai and Kia models deemed too easy to steal.
State Farm and Progressive have said that the decision to stop offering insurance was based on data from the National Insurance Crime Bureau (NICB). The data suggest that these models are easy targets for car thieves. The companies also cited high repair costs when repairing or replacing parts stolen from these vehicles.
The companies have identified cities with this problem and will no longer offer coverage in those areas. Affected vehicles include older models of the Hyundai Elantra, Sonata, Tucson, and Santa Fe, as well as Kia Optima, Soul, and Sorento. The insurance companies made this decision out of an abundance of caution since the vehicles identified as vulnerable are desirable targets for thieves. However, the trend of vehicle theft quickly spread across the US, with Hyundai and Kia models as primary targets. Reports claimed that the most commonly stolen cars were the Hyundai Elantra and Kia Soul, both midsize sedans.
By limiting the availability of auto insurance, Progressive and State Farm hope to minimize the risk of their customers’ stolen vehicles. However, this may leave some people needing access to car coverage. Therefore, it’s essential for drivers affected by these changes to understand why they’re occurring, so they can explore other options if necessary.
Double Action
In response to this sudden rise in car thefts, police departments have implemented various measures to help combat this issue. Law enforcement has been utilizing undercover operations and increased patrols in areas where these types of thefts are prevalent. Additionally, auto manufacturers have added security features to new vehicles to make them harder to steal. In addition, tracking systems allow authorities to locate a missing car quickly.
In response to this news, owners of these vehicles should know that they may experience higher premiums if they purchase an auto policy through State Farm or Progressive. However, other providers may still offer competitive rates on insurance coverage for these vehicles.
Vehicle owners may want to invest in extra anti-theft devices or alarms to protect their cars from theft. That and to reduce the risk of premium increases due to the decision made by State Farm and Progressive.
Also, all drivers need awarenss of the potential risks associated with their vehicle and the potential cost savings when purchasing auto insurance. Being informed can help drivers make the best decisions regarding protecting their cars and ensuring they have adequate coverage.
Be Proactive
The NICB is urging car owners to be proactive in protecting their vehicles against theft and is continuing to work with State Farm and Progressive to track auto thefts around the country. Until then, drivers should take extra precautions when securing their cars from theft. This includes parking in well-lit areas and using anti-theft devices or alarms. It’s important to check the vehicle condition report of the vehicle before buying to know if it has anti-theft system. If it doesn’t have any vehicle condition report, have an inspector cars to check the car. It is also essential for drivers to report any suspicious activity around their vehicle or neighborhood as soon as possible. Taking these steps can help reduce the risk of theft and ensure that drivers have the coverage they need if an incident does occur.
