It’s a Greedy Corporation Story, Not A Crime Story

Major insurance companies halt new policies for Kias, Hyundais amid St. Louis-area theft surge:

Greedy insurance companies:

Two major insurance companies have refused to issue new policies on some Kias and Hyundais in the St. Louis region as theft rates of those vehicles remain high following last year’s surge.

In a seemingly unprecedented move, insurance behemoths such as Progressive and State Farm are declining to open new policies on Kias and Hyundais altogether, while drivers with existing plans are stuck paying increasingly high premiums.

“I’ve been in this industry for 15-plus years. It’s hard to call a precedent for this,” said Michael Barry, spokesman for Insurance Information Institute, a consumer education organization.

Cheap automakers:

Rates of stolen Kias and Hyundais exploded last year — a trend also seen nationally because of a viral TikTok video that shows how to break into and drive off in many 2011-21 models of the South Korean-made vehicles using just a screwdriver and a USB charging cable. The method can be used on some models of those cars because manufacturers did not install engine immobilizers, an electric anti-theft security device.

However, it’s more likely attributable to post-2020 explosion in crime surges and Soros-back prosecutors like the one in St. Louis who “reimagine” prosecution:

Rates of stolen Kias and Hyundais exploded last year — a trend also seen nationally because of a viral TikTok video that shows how to break into and drive off in many 2011-21 models of the South Korean-made vehicles using just a screwdriver and a USB charging cable. The method can be used on some models of those cars because manufacturers did not install engine immobilizers, an electric anti-theft security device.

Thefts of Kias and Hyundais jumped 1,450% last year in the city, from 273 to 3,958. The same was true in St. Louis County, where a jump from 140 to 1,621 marked a 1,157% increase.

Four thousand Kias and Hyundais of this type were stolen last year in the city of St. Louis. Four thousand! In a city of under 300,000 people! I am not a statistician, but I am pretty sure that is a hella lot, although it’s possible it’s the same dozen cars stolen every day.

This is a problem with lawlessness, not greedy corporations. Don’t fall for the indictment of State Farm and Progressive here. They’re not in the business of unprofitably underwriting the failures of governance. That’s what the government expects its job is.

(More coverage on the nationwide story at The Drive as seen on the Ace of Spades HQ Overnight Thread.)