Insurance Expert: Auto Rates Could Rise After Kia, Hyundai Fires
FLORIDA – According to an online news story posted at abcactionnews.com, an insurance expert says that auto insurance rates might rise in the face of investigations into Kia and Hyundai vehicle fires. If the problem continues, drivers might see an increase in their premiums.*
Several Kia and Hyundai models are under investigation by the National Highway Traffic Safety Administration (NHTSA) due to reports of spontaneous, non-crash-related vehicle fires. Lisa Miller, the former deputy insurance commissioner for the state of Florida, says the insurance industry is likely paying attention to this investigation and the claims from vehicle owners to see if rates need to go up.
“The auto insurance companies are probably watching the car fires closely,” Miller said. “You can bet the insurance companies are going to increase their rates if they see this getting worse and worse.”
The premium increases would be in response to high-cost claims turned in from Kia and Hyundai owners whose vehicles have caught on fire, Miller said.
“This trend is scary, and the more it occurs, it affects every one of our pocketbooks,” she said.
According to NHTSA, the agency has received more than 3,000 reports of fires in Kia and Hyundai models, including more than 100 reports regarding injuries sustained in the fires. NHTSA has opened an investigation into the following models:
- 2011 – 2014 Hyundai Santa Fe
- 2011 – 2014 Hyundai Sonata
- 2011 – 2014 Kia Optima
- 2011 – 2014 Kia Sorento
- 2010 – 2015 Kia Soul
The current investigation involves more than 3 million vehicles. A recall could be warranted after the conclusion of the investigation.
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