How to Prevent Auto Theft and Reduce Your Insurance Premium
Has the rise in auto thefts in Canada left you feeling anxious about the safety of your vehicle, and if you are at risk, what can you do about it?
Auto theft-related insurance claims costs were "approximately $700 million in 2022, up from approximately $160 million in 2018, a staggering 329% increase" (Insurance Bureau of Canada). And that's just within Ontario!
Insurance companies are trying to offset this statistic through various incentives. For example, some consumers may receive auto insurance premium discounts if they install an anti-theft security tracking system (called Tag) in their cars. Conversely, some insurers might apply a premium surcharge for those who own high-theft vehicles or neglect installing anti-theft devices.
Let’s explore some steps you can take to prevent your vehicles from theft so you can stay safe, protect your assets, and manage your premiums.
Top 5 Most Stolen Vehicles in Ontario:
According to the Équité Association, specific types of vehicles are more prone to auto theft than others. These vehicles will likely have a premium surcharge if they do not have an anti-theft device. The top 5 most stolen cars in Ontario include:
Lexus RX Series (2016-2021 models)
Honda CR-V (2016-2021 models)
Ford F150 Series (2015-2020 models)
Honda Civic (2016-2021 models)
Toyota Highlander (2013-2019 models)
So, what can you do if you own one of these cars or want to prevent yours from being stolen?
Step 1: Invest in Anti-Theft Devices
Installing anti-theft devices in your vehicle is one of the most effective ways to deter thieves. These can include:
Car Alarms: Audible alarms can scare off potential thieves and draw attention to the situation.
Steering Wheel Locks: These devices prevent the steering wheel from being turned, making it extremely difficult to drive the car.
Ignition Kill Switches: These switches disable the vehicle's ignition system until a hidden switch is activated.
GPS Tracking Systems: GPS trackers can help law enforcement locate and recover your car quickly if it's stolen.
Many insurance companies offer discounts to policyholders who have anti-theft devices installed, specifically the Tag tracker. Some incentives include free Tag installation, which can save you a few hundred dollars. Make sure you inform your insurance broker about these devices to see if you qualify for a potentially lower premium.
Step 2: Park Wisely
Where you park can significantly affect your car's vulnerability to theft. Follow these guidelines:
Secure Parking: Whenever possible, park your vehicle in a safe, well-lit area, such as a garage or a monitored parking lot.
Lock Your Car: Always lock your car when you leave it, even if it's for a brief moment.
Use Visual Deterrents: Utilize visible deterrents like steering wheel locks, even when parking in a safe area.
Park Strategically: Park your vehicle with the wheels turned toward the curb, making it more difficult for thieves to tow it away.
Step 3: Keep Valuables Out of Sight
A vehicle filled with valuable items can attract thieves. To protect your belongings and deter theft:
Store Valuables Securely: Keep valuables out of sight or in the trunk.
Remove Key Fobs: Don't leave key fobs or spare keys in the car, making it easier for thieves to steal.
Install Window Tint: Tinted windows can obscure the view of your car's interior.
By reducing the temptation for theft, you decrease the likelihood of filing a claim, which can lead to a lower insurance premium.
Step 4: Stay Informed
Stay updated on local crime trends and vehicle theft statistics in your area. Being aware of potential risks allows you to take extra precautions when necessary.
Community Watch Programs: Join local community watch programs to stay informed about neighbourhood safety.
Report Suspicious Activity: If you see something unusual or suspicious, report it to the authorities.
Being proactive and engaged in your community can contribute to overall safety and help reduce the risk of theft.
Step 5: Review and Update Your Insurance Policy
Regularly review your auto insurance policy to ensure you have the coverage you need and are taking advantage of any available discounts.
In today's world, car theft is an unfortunate reality that can happen to anyone. By taking preventive measures and staying informed, you can enjoy peace of mind while avoiding insurance premium surcharges. Remember that a secure vehicle is a wise financial decision and contributes to a safer community for everyone.
Speak with one of our insurance brokers to learn more about what you can do to manage your auto insurance premiums. We can also review your existing policy with you to ensure you're adequately covered. Visit our Auto Insurance page or contact our team at 613-342-1405 or info@burgessinsurance.ca.