Insurance companies issue surcharge for 'high theft' vehicles
CTV
Vehicle thefts continue to explode and some insurance companies are looking at more direct ways to recoup their losses, issuing a surcharge for cars at greater risk of being stolen.
It's an epidemic across the country and it's costing insurance companies over a billion dollars a year with the bulk of that, several hundred million, right here in Ontario.
Vehicle thefts continue to explode and some insurance companies are looking at more direct ways to recoup their losses.
According to Équité Association, Honda CRVs are at the top of the list of the most stolen vehicles in Ontario, followed by the Lexus RX series, Dodge Rams, Toyota Highlanders and Land Rover Range Rovers. An average of five vehicles are stolen in the nation's capital every day.
One Ottawa resident was shocked when a letter arrived from his insurance provider ahead of his policy renewing.
"I said, well, I really don't feel like paying this extra $400 a year or purchasing this tracker because of privacy concerns," said Austin Lonsdale.
His provider, Desjardins Insurance, said because his vehicle was a 2021 Honda CRV, it was identified as being at a high risk of theft and he had to pay a $400 annual surcharge or install a tracking system called Tag.
"Well, it does have privacy issues to me. I mean, I've been thinking about it and I mean, you know what? What would these people be doing? Who's going to be tracking the information or what are they going to be using it for? So there are privacy concerns there for sure," he said.
