Kia And Hyundai Owners Could Be Facing Major Rate Hikes

Kia and Hyundai owners are likely going to face some serious insurance hikes as they continue to deal with recalls related to their vehicles spontaneously bursting into flames. While this is not a new issue, they continued instances and recalls are of growing concern for drivers and insurers alike.

There have been reports of spontaneous fires in Kia and Hyundai vehicles since 2015, but continued issues prompted the National Highway Traffic Safety Administration (NHTSA) to launch an official investigation in early 2019. Both Kia and Hyundai have made it clear that they are full cooperating with the investigation.

According to the NHTSA fire and engine issues have already affected about six million vehicles. Out of those six million only 2.4 million have been recalled. That leaves a lot of vehicles out there that are potentially at risk. As a result, many insurers will likely increase their insurance rates for those vehicles.

An ABC News affiliate based out of Florida spoke with Lisa Miller, Florida’s former deputy insurance commissioner, about these issues. According to Miller “The auto insurance companies are probably watching the car fires closely…You can bet the insurance companies are going to increase their rates if they see this getting worse and worse.”

It is unfair that Kia and Hyundai owners might have to shoulder increased costs due to vehicle defects. Fortunately, not every insurer is hiking rates on those vehicles. That’s why it’s always important to consider your options when it comes to car insurance.

If you want to learn more about your current car insurance policy, or inquire about a new one, we encourage you to reach out to the staff at TGS Insurance. They are experts in their field and are always willing to work with you to find the perfect policy for your lifestyle. Visit www.tgsinsurance.com to learn more.

Sources:
https://www.abcactionnews.com/money/consumer/taking-action-for-you/kia-and-hyundai-fires-could-make-your-car-insurance-rates-go-up

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