Canadian car theft rates accelerate

Canadian car theft rates accelerate | Insurance Business Canada

Motor & Fleet

Canadian car theft rates accelerate

Key factors behind spike revealed

Motor & Fleet

By
Miko Pagaduan

Auto theft rates in Canada continue to rise, with thefts occurring on a daily basis in many cities across the country.

According to recent data, from January to April 2023, the number of vehicles reported stolen increased by 26.5% compared to the same period in the previous year. Organized crime rings are behind many of these thefts, with the stolen vehicles often sold for parts or shipped overseas.

While local law enforcement agencies are working to catch these criminals, Canadians are increasingly concerned about the possibility of their own vehicles being stolen. A recent survey conducted by Leger on behalf of RATESDOTCA and BNN Bloomberg found that 27% of Canadians who own a car are worried about auto theft, with 5% of respondents indicating that they are “very worried”.

The survey also found that those who earn less than $60,000 per year are most concerned about auto theft. This group may be particularly worried about the cost of replacing their vehicle given today’s high new and used car prices.

However, comparing car insurance rates can help individuals find the best possible rate for the insurance they require, which can provide some peace of mind.

Most Canadians take some precautions to prevent their vehicles from being stolen, with 85% of respondents indicating that they do.

Of this group, 30% use some sort of security technology, such as GPS trackers or alarm systems. While some anti-theft devices can lower car insurance premiums, it’s important to speak with an insurance broker to determine which devices may be eligible.

Unfortunately, 13% of Canadians with a car do not take any precautions to prevent their vehicle from being stolen.

Of these individuals, 91% are not worried about theft. While comprehensive car insurance can provide coverage in the event of a theft, it’s still recommended that individuals take some basic precautions to protect their vehicle, such as parking in a well-lit, secure location and storing keys in a Faraday box or RFID-blocking device.

As auto theft continues to be a problem in Canada, it’s essential for all Canadian drivers to review their insurance coverage and take steps to prevent their vehicles from being stolen.

Insurance brokers can help individuals find the right coverage for their specific vehicle, make, model, and year, at the best possible rate.