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If a company keeps its rates the same to reflect a higher risk of loss, an increase in the number or frequency of claims could make it difficult for the company to pay claims. Rising claims costs or severity can also put a lot of pressure on loss costs, meaning rates need to change to ensure premiums cover future losses.
The Kia Challenge takes place during a period of high external inflation. This could affect future interest rates in the industry.
How are automakers responding to the Kia and Hyundai Challenge?
If you drive one of the above cars, insurance isn’t the only thing you need to worry about. There are a few more things you need to do to keep your car safe. In a statement, Hyundai said it was making changes to the software. This is to make it harder to steal their car. On February 14, 2023, Hyundai sent software changes to 2017-2020 Elantras, 2015-2019 Sonatas, and 2020-2021 Venues. Kia plans to release its software update by the end of February.
With the update, the car alarm will go off for longer, and the key must be in the ignition to start the car.
Hyundai has expanded a program that sends anti-theft steering wheel locks to police stations so drivers can get them. If you drive one of these cars, you can check with your local police to see if an option is available.
the bottom line
Finally, asking your insurance company is the best way to find out if you are affected. If you already have a policy with one of these companies and drive one of the affected models, you can ask if they plan to renew your policy. If they tell you no, you can start planning to switch to another carrier.
The Kia Challenge isn’t just a car theft craze on TikTok. It also has some serious butterfly-effect ripple effects. The Kia Challenge isn’t just a viral trend. Ultimately, it’s a real-life example of how one thing can lead to another. Ultimately, before you know it, your insurance rates have skyrocketed.
this story Depend on Road Network Reviewed and distributed by Stacker Media.
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