look out! Driving these vehicles may increase your insurance premiums by 37%

Recently, the problem of car theft in Canada has become increasingly severe, not only causing headaches for stolen car owners, but also affecting those whose vehicles are intact and undamaged. According to the Insurance Bureau of Canada (IBC), in 2023, insurance companies paid compensation of up to CAD 1.5 billion for car theft, a 254% increase from CAD 440 million in 2018!

The reason for the increase in premiums is obvious: insurance companies have to raise insurance premiums for customers, especially those who drive cars that are prone to theft, in order to make up for huge losses. Daniel Evans, an insurance expert at RATESDOTCA, pointed out in an interview with CTV News that the rise in car theft rates has directly pushed up insurance premiums, and insurance companies are trying to balance this unprecedented claim cost.

Which car models are most affected?

According to RATESDOTCA data, if you are driving a Honda Accord, CR-V, Civic, or a Ford F-150, Toyota Highlander, or RAV4, your insurance premiums may be 37% higher than the average! This is not a small amount!

Faced with this severe challenge, the government is also taking action. In February of this year, the federal government announced that it would invest nearly 43 million Canadian dollars to combat car theft. Public Safety Minister Dominic Lebron emphasized the crucial role of supporting local police departments in combating car theft.

Liam McKinley, Vice President of Strategy at IBC, also expressed concerns about the car theft crisis, pointing out that as theft incidents increase, the related costs are also rising, and the problem of car theft cannot be ignored.

It is worth noting that the majority of car theft cases occur in Ontario. In 2022, the province's car theft claims amounted to nearly CAD 700 million, an increase of nearly 300% compared to 2018. In 2023, Ontario became the first province to have a car theft claim amount exceeding 1 billion Canadian dollars.

To address this issue, the Ontario government announced in May 2023 that it will provide $51 million in funding to help police dismantle organized crime networks that are behind car theft.

How can Cover Right Insurance help you cope?

At Cover Right Insurance, we deeply understand the importance of cars to everyone. Therefore, we not only provide comprehensive car insurance services, but also tailor the most suitable insurance plan according to the specific needs of each customer. No matter what type of car you are driving, we will do our best to provide you with the most suitable insurance plan.

Our team is composed of experienced brokers and industry experts who are always ready to answer your questions, provide professional advice and support. We are well aware that in this process, what you need is a trustworthy partner, not cold terms and regulations. Therefore, Cover Right Insurance is committed to becoming your strongest support in Ontario.

Contact us quickly:

Phone:+ 1(647)308-6931

Email: info@coverright.ca

Website: https://coverright.ca/?lang=zh -hans

Reference:

https://www.ctvnews.ca/autos/drive-one-of-these-vehicles-you-may-pay-37-per-cent-more-than-average-insurance-costs-due-to-thefts-1.6906181