Top insurers State Farm and Progressive are refusing to provide insurance coverage for certain models made by South Korean car firms Kia and Hyundai, with reports claiming that the vehicles are easier to steal due to a lack of proper anti-theft technology like electronic immobilizers.
“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 to CNN. “This is a serious problem impacting our customers and the entire auto insurance industry.”
Meanwhile, Progressive claimed that certain car models of the brands have seen theft rates more than triple in the past year. “In some markets, these vehicles are almost 20 times more likely to be stolen than other vehicles,” the insurance company said in a statement to the outlet….