Did you know Canada’s auto theft industry is a $1 billion business? According to the Insurance Bureau of Canada, a vehicle is stolen every six minutes in Canada. Many of these stolen vehicles end up being shipped abroad or broken down for auto parts. In a report by Equité Association, a national organization founded to reduce and prevent insurance fraud and crime, Toronto and Montreal are listed as the main hubs of auto thefts in Canada.
Is your vehicle at risk?
Annually, Equité Association publishes a top 10 list of stolen cars in Canada. Being aware of whether your vehicle has landed on this list can help you assess your risk level and determine what preventative measures you need to take. Recently they released the results for 2021 and we’ve listed the top 10 stolen vehicles below.
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Honda CR-V (2016-21)
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Lexus RX Series (2016-21)
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Ford F150 Series (2015-20)
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Honda Civic (2016-21)
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Toyota Highlander (2013-19)
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Ram 1500 Series (2011-18)
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Chevrolet/GMC Silverado/Sierra 1500 (1999-06)
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Honda Accord (2018-21)
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Jeep Grand Cherokee (2011-20)
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Toyota RAV4 (2013-18)
The data has exposed some trends in vehicle thefts
Regardless of manufacturer, all high-end vehicles are targets, including pick-up trucks, SUVs, and luxury cars. Technology has become the downfall of many of these vehicles and thieves can easily exploit it. Keyless entry creates a security vulnerability and is among several of the top auto theft trends noted in 2022. It’s important to learn and understand the steps you can take to protect yourself from threats like keyless auto theft.
The impact on your insurance premium
In the market for a new vehicle? Contact your insurance broker before you make the purchase. A vehicle with an increased chance of theft, could result in a higher premium. The cost of insurance is important to incorporate into your budget. If you’re shopping for auto insurance, contact an OTIP broker at 1-888-892-4935 to get a free quote. Or, if you’re a current OTIP policyholder, call 1-833-494-0090 to review your policy and inquire about your coverage options.
Related articles: 4 ways to protect your car from vandalism and theft, A new way to protect your car from theft, Protect yourself from keyless auto thefts, and Securing what matters – 4 security tips to make your car theft proof