Insurers sue Hyundai and Kia over costs of easily hot-wired vehicles
The widespread theft of vulnerable older Hyundai and Kia models not equipped with a crucial anti-theft device could end up costing the US insurance industry up to $600 million.
Liberty Mutual, Nationwide, American Family and 65 other auto insurers, which comprise only a fraction of the country’s insurance companies, estimate that just their portion of the payout to owners who have been affected by the social media-driven crime wave could top $300 million .
The insurers, who filed a lawsuit in US District Court in Orange County, Calif., in March, say they have already paid out $190 million. They are…
Continue reading