Ottawa, Ontario — With the recent increase in automobile theft in Canada, Canadian auto insurers are taking proactive steps to better protect consumers and their vehicles.
“Fighting auto theft requires a whole-of-society approach–and Canada’s insurers are proudly doing their part,” according to Amanda Dean, interim VP, Ontario, Insurance Bureau of Canada (IBC). “While insurers are taking proactive steps to better protect their customers, our industry cannot combat auto theft alone. All stakeholders, including governments, law enforcement and auto manufacturers, have a critical role to play and must take immediate steps to address the auto theft crisis.”
As revealed in a recent media release by Équité Association, 2022 marked the first time in history that Canada’s insurers paid over $1 billion in claims for stolen vehicles.
Areas in Canada that are at a higher risk for auto theft include those with a greater population density such as the Greater Toronto Area (GTA), which is responsible for $500 million of the total $1 billion.
In Ontario alone, theft claim payouts have increased by 329 percent, and insurers are incentivizing consumers to take steps to protect their vehicles from theft while also managing their premiums.
Some steps that Canadian insurers are taking to arm against auto theft include: subsidizing the costs associated with the installation of approved aftermarket tracking devices, typically priced in the hundreds of dollars per vehicle; applying a surcharge on vehicles at higher risks of theft but then waiving this amount if policyholders take proactive steps, as outlined by the insurer.
“It’s clear that government action is required to combat auto theft in Canada. But empowering drivers with information on the steps they can take to protect themselves is also important,” added Dean. “Whether it be installing anti-theft or tracking devices, or simply buying or leasing vehicles that are harder to steal in the first place, drivers can take action to keep themselves from being victims of auto theft and to reduce their auto insurance premiums.”
IBC and its members are continuing to work with all levels of government, Équité Association and other key stakeholders to address the ongoing auto theft crisis in Canada. As criminals constantly evolve their techniques to steal vehicles, it is incumbent on every stakeholder to take immediate action to protect Canadian drivers.
