Canada is now known as a source nation for stolen vehicles: Industry expert Bryan Gast
With vehicle thefts on the rise in Canada, owners of the most frequently stolen car models are seeing their insurance premiums go up as well.
Équité Association’s latest Vehicle Theft Trend Report listed the Honda CR-V, the Lexus RX Series and the Ford F-150 as the most stolen vehicles in Canada.
Those three vehicles are stolen so often that RATESDOTCA’s auto insurance quoter shows their insurance premiums have climbed.
For example, a 35-year-old male CR-V driver in Toronto would have seen the comprehensive portion of his insurance climb by 26 per cent in the last year, according to a recent report from RATESDOTCA. In some cases, the surcharge could be as much as $500.
The report found that thieves stole 4,117 CR-Vs in the last year.
Équité Association’s report found Ontario and Quebec saw a nearly 50-per-cent climb in vehicle thefts year-over-year, while Atlantic Canada saw a 34.5-per-cent climb and Alberta saw an 18.3-per-cent rise.
The association estimates insurers lost more than $1 billion to stolen vehicles in 2022, marking the first year in which losses eclipsed $1 billion.
“There is no doubt that vehicle theft has reached a national crisis in this country,” Terri O’Brien, president and CEO of Équité Association wrote in a news release in June.
“These crimes hurt our communities, and puts Canada in the spotlight internationally as a source country for illegal trade.”
RATESDOTCA said those looking to avoid the surcharge can install an anti-theft device, such as a steering wheel lock, which will often eliminate the charge after providing the insurer with proof of purchase. Alternatively, switching insurers can sometimes help as well, as the list of at-risk vehicles can fluctuate.
“The list of commonly stolen vehicles may vary slightly from insurer to insurer, so if your vehicle is on one insurer’s list, it might not be on another, and you could potentially save money by changing providers,” Daniel Ivans, a RATESDOTCA expert and licensed insurance broker, said in the news release.
“It's always a good idea to check in with a broker to see what options they have available.”