Auto insurers pledge to take on auto theft

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As the auto theft situation shows no signs of relief, the group representing auto insurers announced its members are taking steps to better protect consumers and their vehicles.

At the same time, the Insurance Bureau of Canada is calling on government, law enforcement and auto manufacturers to come forward and help as they “have a critical role to play and must take immediate steps to address the auto theft crisis,” said Amanda Dean, interim vice-president of the group’s Ontario division.

Canadian insurers paid out more than $1 billion in claims for stolen vehicles in 2022 with the Toronto area representing half that.

An announcement from IBC noted that insurers are subsidizing costs associated with the installation of approved aftermarket tracking devices, usually costing about several hundred dollars per vehicle. Many insurers are waiving the surcharge if the policyholder takes proactive steps, outlined by the insurer, to better protect their vehicle.

“It’s clear that government action is required to combat auto theft in Canada. But empowering drivers with information on the steps they can take to protect themselves is also important,” Dean said. “Whether it be installing anti-theft or tracking devices, or simply buying or leasing vehicles that are harder to steal in the first place, drivers can take action to keep themselves from being victims of auto theft and to reduce their auto insurance premiums.”