Insurance is high on frequently stolen vehicles. Here's how to reduce your premiums
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Looking for a break on car insurance premiums is often top of mind for drivers. And finding ways to reduce that figure is especially important now, when rampant thefts have led to higher insurance costs.
Looking for a break on car insurance premiums is often top of mind for drivers.
And finding ways to reduce that figure is especially important now, when rampant thefts have led to higher insurance costs.
Experts say installing a tracking device and parking in a garage are among the actions that could help lower insurance costs.
Generally, a whole host of factors determine insurance premiums -- driving history, type of vehicle and location, among others, said Matt Hands, vice-president of insurance at rate comparison website Ratehub.ca. But as car thefts rise, he added, some car owners are likely to see an insurance surcharge.
"When you see the price as a consumer, you might go: 'Oh, wow, that's quite expensive,"' he said. "A good broker is going to walk you through why it's the price and is largely out of their control."
The sticker shock on insurance is more likely to happen for vehicles more susceptible to theft as insurance agencies pay more on claims. Honda CR-Vs, the latest Dodge RAM 1500 series and Ford F150s were the top three most stolen vehicles in 2022, according to insurance fraud prevention group Equite Association.
In some cases, companies refuse to insure those particular vehicles. Others do charge higher premiums, but there are still ways to lower that amount a little.
