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Triple-I Blog |  Online promotion of auto theft techniques adds to upward pressure on insurance premiums

Triple-I Blog | Online promotion of auto theft techniques adds to upward pressure on insurance premiums

admin by admin
January 24, 2023
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Three organizations against crime I have asked youtube remove all videos teaching people how to steal kia and hyundai cars. The organizations, the National Insurance Crime Bureau (NICB), the Coalition Against Insurance Fraud and the International Association of Special Investigation Units (IASIU), made their request in response to a rise in thefts from these vehicles.

The Highway Loss Data Institute (HLDI) reported late last year that bargain-priced Kia and Hyundai vehicles were being stolen at rates similar to muscle cars and SUVs, according to an analysis of 2021 insurance claims. The spike is due, in part, to the fact that Stolen models do not have electronic immobilizers that prevent thieves from evading the ignition.

Some thieves have even made instructional videos, shared on platforms like YouTube and TikTok, on how to perform the theft procedure with just a screwdriver and USB cable. Since these videos began appearing on social media, US police departments have reported drastic increases in Kia and Hyundai thefts.

In Chicago, for example, where only 328 Kias were stolen in 2021, more than 3,500 were stolen last year. CBS Chicago reported.

“Everyday consumers fall prey to criminals using social media platforms to learn their latest illegal tricks and techniques,” said David Glawe, NICB President and CEO. “Some platforms are not doing enough to protect innocent victims from unnecessary harm.”

Celeste Dodson, IASIU President, added: “When a vehicle is stolen, it is often not the end of the crime but rather the beginning. Vehicle thefts are associated with a multitude of criminal activities, including insurance fraud. The cost of these crimes is then passed on to consumers through higher premiums.”

Private passenger auto insurance premium rates are experiencing upward pressure due to a variety of factors, including:

  • Increase in insurers’ losses due to increased frequency and severity of accidents;
  • More deaths and injuries on the road, leading to greater involvement of lawyers in claims;
  • Ongoing supply chain issues, leading to increased costs for cars, replacement parts, and labor; Y
  • More expensive car repairs due to safer and more technologically sophisticated vehicles.

Thefts of vehicles or components like catalytic converters only add to that pressure to raise rates.

The only way to reduce that pressure is to reduce claims and losses by reducing accidents and theft. Making it harder for people to learn how to break the law and cause harm by watching video online would be a small but necessary step in that direction.

Tags: addsautoBloginsuranceOnlinepremiumspressurePromotiontechniquestheftTripleIupward
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