Hyundai and Kia’s fraud entered the insurance industry and testing

Analysts say some companies are refusing to cover more stolen vehicles, with higher premiums and lower test prices.

This is the latest number of Hyundais and Kias reported stolen in the City of St. Louis. Louis so far this year as of Thursday.

It was 1,783 eight days ago.

This means that on average, about 23 Hyundais and Kias have been stolen in the city every day for the past eight days.

Cities across the country are also reporting an unprecedented number of thefts involving some models of Hyundais and Kias as police fire officials say it’s easy for thieves to get distracted by using a USB cable.

The problems caused by the theft epidemic are everywhere, including in the insurance industry and auto inspection.

When cars are stolen, and often broken into or damaged, insurance companies are weighing whether to insure them and increase premiums for their owners, according to Roy Bent Jr., an auto analyst and insurance expert in Houston. .

“They have every right to do that,” Bent said. “They have to protect themselves and their law enforcement officers.

“You don’t want the insurance company to start increasing your premiums because of the number of cars that are continually stolen, and everyone sits down, and the premiums go up.” You don’t want that, and neither do they, so they have every right to refuse those types of cars. It is their right.”

Bent said Hyundai and Kia owners who want to get rid of their cars to prevent them from being stolen or increase their insurance premiums should think twice.

“You’re going to be losing market value because these cars are stolen all the time,” Bent said.

Demand for ignition systems and rear windows – which thieves break to steal cars – is also high, and supply is limited, so insurance companies also have to save on rent and delays for other car owners who have cars to repair. , said Bent.

Here’s the Q&A the I-Team had with Bent:

Q: What should Hyundai or Kia owners do?

A: You can have a car alarm. There are many car alarms on the market that work. You need something that makes a lot of noise so your neighbors, or anyone near your car, can hear your alarm. You should also lock your doors. Some people leave the doors unlocked, and that’s the easiest way for a thief to get into your car. Control locks are old school and old school always works. When you place the Club there, it will start, triggering the same thief to move. It’s a lot of work trying to cut the thing. And if you’re good at cutting it, when it’s time to cut it, the owner will be looking at you, and you’ll be looking at his 12 gauge shotgun.

Q: If a Hyundai or Kia owner gets an insurance check on their car, and it’s not where they think it should be, what can they do?

A: Read your policy. You don’t have to accept a lowball insurance company offer. You can order an Appraisal, and hire an independent appraiser to help you determine the market value. In most cases, what happens when a person requests a trial decision, the insurance company will write their independent work. You are responsible for hiring an independent appraiser, and the two appraisers will come up with a price on your car. The insurance company’s appraiser may come up with the same lowball offer, and if the two can’t agree on the price, they may have to choose what’s called a third party appraiser, or, in law, an arbitrator or arbitrator. They will review all the appraiser’s reports, and they will find the information that agrees with both, and, in most cases, if you request an appraisal, there is a cost associated with ordering an appraisal, and you have to pay that to your appraiser.

Q: What will it take to get things back to normal for the consumers who own these cars, as well as the insurance companies and general testing?

Answer: These car thefts need to be stopped. If you can afford a Club, get one. It’s a lot cheaper than a car alarm because, with a car alarm, you have to take it to the store, you have to install it, and then they test it. But with the Club, you just open it. You reach for the steering wheel, lock it, and then you’re off. You can see that there is a Club on your steering wheel, and that will be a big obstacle.

Here are some of the other issues the I-Team has covered that have stemmed from the theft epidemic.

Car rental companies are still renting out Kias and Hyundais despite the increase in thefts.

Auto parts stores may not stock steering locks if The Club is included.

Lawsuits against car manufacturers are on the rise across the country.

The mayor of St. Louis Tishaura Jones is threatening to sue car manufacturers over the theft epidemic.