By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Finance > Good news about crime…well, except for this crime
Finance

Good news about crime…well, except for this crime

News Room
Last updated: 2023/08/07 at 6:54 AM
By News Room
Share
4 Min Read
SHARE

The Council on Criminal Justice has a lot of good news for Americans but not for car owners. The council warns that drivers need to be on guard even more than usual.

Contents
Auto theft up more than a thirdHyundai, Kia theft trend partly to blame

CCJ has published its midyear update covering crime trends in U.S. cities. It finds that “levels of nearly all offenses are lower, or have changed little, in the first six months of 2023 compared with the same period in 2022. The most notable exception is the large increase in motor vehicle theft.” Nearly all.

“The most notable exception is the large increase in motor vehicle theft,” according to the update.

Auto theft up more than a third

The council says that car thefts were 33.5% higher in the first six months of 2023 than during the same period in 2022.

Its report looks at crime in 37 U.S. cities “selected based on data availability,” not based on size, and not necessarily representative of the country as a whole.

“Some offenses in the sample cities are returning to pre-pandemic levels, and others are not,” the CCJ says. Car thefts were an outlier. “The average monthly motor vehicle theft rate rose and fell cyclically from January 2018 to March 2020,” the report notes. But it rose by over a third in this year’s first half.

Why? “It is likely that much of this increase is the result of thefts of Kia and Hyundai models, but rates were already trending upward before these vehicles became popular targets,” the report says.

Hyundai, Kia theft trend partly to blame

Certain older Hyundai
HYMTF,
-1.57%
and Kia
000270,
-3.72%
vehicles lack an engine immobilizer – a common antitheft device in most modern cars. A series of online videos posted in late 2021 taught viewers how to start the vehicles with nothing but a screwdriver and a USB cable.

The theft wave grew so intense that a 2022 insurance industry report showed that loss claims for Hyundai and Kia models from those years were nearly twice as common as claims for vehicles made by any other manufacturer.

See: Kia and Hyundai settlement: See if you qualify for part of the $200 million payout

Some major insurance companies have begun declining coverage on specific models in some states because the theft risk is high enough to throw off actuarial calculations.

Both companies offer software updates to help make stealing the cars more difficult. The software doesn’t add an immobilizer but somewhat replicates the presence of one by preventing the vehicles from starting unless the car is first unlocked with its keyfob. Both companies also provide free steering wheel locks for police departments to distribute to owners.

Despite those moves, 18 state attorneys general have asked the federal government to order a recall of the cars. So far, the government’s National Highway Traffic Safety Administration has declined to force a recall. The recall process is usually used to correct threats to safety. Hyundai recently began testing mobile software update clinics to address the issue. 

The companies recently agreed to a $200 million settlement to end a class-action lawsuit over the thefts.

This story originally ran on KBB.com. 

Read the full article here

News Room August 7, 2023 August 7, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Yahoo Finance: Market Coverage, Stocks, & Business News

Watch full video on YouTube

How A Million Miles Of Undersea Cables Power The Internet — And Now AI

Watch full video on YouTube

Tesla bull Dan Ives talks why he’s still bullish, AT&T COO talks wireless competition

Watch full video on YouTube

Why The U.S. Is Running Out Of Explosives

Watch full video on YouTube

REX American Resources Corporation 2026 Q3 – Results – Earnings Call Presentation (NYSE:REX) 2025-12-05

This article was written byFollowSeeking Alpha's transcripts team is responsible for the…

- Advertisement -
Ad imageAd image

You Might Also Like

Finance

Should I Keep The Mortgage In Divorce?

By News Room
Finance

What Qualifies As An HSA Eligible Expense?

By News Room
Finance

This Biden Student Loan Forgiveness Opportunity Ends In Just Weeks

By News Room
Finance

What You Really Need To Know

By News Room
Finance

4 Ways To Avoid Fake Shipping Fee Swindles

By News Room
Finance

Dell Supports Endeavor Miami’s Quest To Empower Black Founders

By News Room
Finance

The World’s 10 Most Expensive Cities To Live

By News Room
Finance

Biden Sends Student Loan Forgiveness Emails To 800,000 Borrowers

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?