What’s the link between car theft and insurance pricing in Ontario?
What’s the link between car theft and insurance pricing in Ontario? | Insurance Business Canada
Motor & Fleet
What’s the link between car theft and insurance pricing in Ontario?
Cities with highest premiums revealed
Motor & Fleet
By
Terry Gangcuangco
Insurance comparison service MyChoice has examined the link between car thefts and insurance pricing in Ontario.
The team looked at the carjacking rates in Ontario cities with a population of over 100,000 and compared them to the monthly insurance premiums in the same cities.
It found that rate of car thefts in the province averages 2.69 per 1,000 people and $1,673 for auto insurance premiums.
City
Rate of car theft per 1,000 people
Average 2024 premium
North York
5.42
$2,202
Brampton
5.25
$2,922
Etobicoke
4.96
$2,030
Scarborough
3.84
$2,710
Vaughan
3.69
$2,447
Ajax
3.61
$2,104
Mississauga
3.59
$2,315
Toronto
3.32
$2,139
Richmond Hill
2.61
$2,248
Markham
2.25
$2,447
Ontario is confronting a rise in auto theft. Toronto’s police chief has said that carjacking cases three months into 2024 have doubled last year’s figures.
According to the Insurance Bureau of Canada, auto thefts cause car insurance premiums to rise by an average of $130 annually for Ontario drivers.
“As carjackings escalate, so does the urgency for comprehensive insurance coverage,” MyChoice chief executive Aren Mirzaian said.
“At MyChoice, we aim to empower our users with thorough insights into how such alarming theft rates can affect their insurance costs.”
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