Some insurance companies are raising rates if your car is at higher risk of being stolen
CTV
The insurance industry lost one billion dollars to auto theft last year, with $700 million in losses in Ontario alone.
The insurance industry lost one billion dollars to auto theft last year, with $700 million in losses in Ontario alone.
With no signs of theft slowing down, some insurance companies are adding surcharges if you drive a vehicle at risk of being stolen.
According to RatesDotca, some insurance companies are raising premiums if your vehicle is considered a higher risk of being taken by thieves, partly due to covering massive insurance losses.
"In some cases, we are seeing as much as $500 if your vehicle is on their list of being most stolen," said Daniel Ivans, an insurance expert with RatesDotca.
"I'm angry, I'm frustrated, and these car thieves seem fearless when they are taking your vehicle," said Sunil Patel of Scarborough, who had his Lexus SUV stolen from his driveway earlier this month.
Patel had a video security system with an audio feature that alerted the thieves they were being recorded and to leave his home. Still, it didn't seem to phase them as they stole his car, even though Patel said they had to cut through his steering wheel to remove a steering wheel lock.
Patel said his stolen vehicle has still not been replaced, and he has been told his insurance premiums will be going up $2,300 a year when he gets a new car.
