We are currently experiencing unprecedented changes in the insurance world. From rate increases the likes of which we haven’t seen in years to tighter underwriting requirements, it can be challenging when trying to make sense of it all. We are here for you and as your insurance advisor, it is our job to explain these changes during this hard market we are currently working in.
Today, we would like to alert you of a new challenge we are facing as agents that will directly affect the policies of many of our insureds. You may have heard about the thefts impacting many models of Kia and Hyundai vehicles. These thefts are causing record losses to the insurance companies we work with. In the new year, insurance companies are making some pretty hefty changes that will help offset the losses and allow them to remain profitable.
Recently, several of our companies have made the decision to discontinue offering coverage to several models of both Kia and Hyundai vehicles. These changes are primarily focusing on Kia and Hyundai models that are 2015 and newer model years, however, there may be others that are also affected. They are also focusing on particular zip codes that are experiencing the losses so not all zip codes may be included in this new exclusion. A few of our companies have decided to continue allowing us to insure these vehicles, however, they will surcharge them up to 50%. This means when you call to make a policy change your policy may double or you may not be able to insure your new car at all!
We urge you to call, text, or email us when considering adding a Kia or Hyundai to your household so we can discuss your options.