Higher Risk of Car Theft May Increase Your Insurance Premiums: What You Need to Know

Some insurance companies in Ontario are increasing premiums for cars at higher risk of being stolen, as the industry faced $1 billion in auto theft losses last year. Certain companies are adding as much as $500 to the annual rate if your vehicle is on their “most stolen” list.
Vehicle owners are finding these rate hikes to be a significant burden. One individual, who had his Lexus SUV stolen, was informed that his new insurance premiums would go up by $2,300 a year when he replaces his vehicle.
Options like installing tracking systems are being offered by some insurance companies as an alternative to raised premiums. It’s advised to consult with an insurance broker and explore different providers if you’re hit with a high-risk vehicle surcharge.