Why It’s Difficult to Find Affordable Theft Insurance for Old Cars

Why is it so Difficult to Find Affordable Car Theft Insurance for Kia and Hyundai Vehicles Over 5 Years Old?

Many Hyundai and Kia owners are frustrated and searching for answers because they cannot find appropriate auto insurance coverage at reasonable rates. Understanding the reasons behind this difficulty can help vehicle owners navigate the insurance landscape more effectively.

Increased Theft Rates

One of the primary reasons for the difficulty in finding affordable car theft insurance for older Kia and Hyundai models is the increased theft rates associated with these vehicles. This surge in theft rates has led insurance companies to classify these vehicles as high-risk, resulting in higher premiums for policyholders.

Due to increased thefts during the past few years, some insurers no longer offer coverage for specific Hyundai and Kia models. Hyundai and Kia vehicles produced between 2015 and 2021 may not have engine immobilizers as standard equipment, making them more likely to be stolen. Hyundai owners with auto policies in force may have difficulty renewing their coverage or face higher premiums.

Cost of Repairs and Replacements

Another factor contributing to the high cost of car theft insurance for older Kia and Hyundai vehicles is the expense of repairs and replacements. When a car is stolen and recovered, it often sustains damage that requires costly repairs. The insurance company must also cover the replacement cost if the vehicle is not recovered. Older vehicles may also have parts that are harder to find or more expensive to replace, further driving up the cost of claims.

Insurance companies consider these potential costs when determining premiums. The higher the anticipated cost of a claim, the higher the premium. This translates to higher insurance rates for older Kia and Hyundai vehicle owners as insurers seek to mitigate their financial risk.

Contact Us

Contact Festival Auto Insurance to learn more about Kia and Hyundai insurance near you. Our team can help you compare Kia and Hyundai quotes from reputable Texas insurers.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.