Recently, auto theft has reached an all-time high throughout the province. According to Toronto Police Services, over 12,000 vehicles were stolen in 2023 alone. Nowadays, a car is stolen roughly every 40 minutes in Toronto. Cars are becoming easier targets by the minute as numbers and frequency build, along with the sophistication of theft technology and criminal activity. Not only does this pose a high risk to each driver, but also to auto insurance providers. With pressure to replace vehicles at an exponentially growing rate for clients, it is safe to say that auto theft is a significant issue for everyone involved. Let’s examine what anti-theft tags are, who offers them, and what constitutes a high-risk vehicle.
The anti-theft alarm system is an electronic identification system that tracks your vehicle using its anti-theft tag technology. This is more efficient because a potential thief can’t tamper with the system. The system will remain online even if thieves cut wires or antennae within the car. Most thieves are less likely to target your vehicle because of the driver’s and passenger’s side windows logos, which showcase your vehicle’s protection.
Presently, as the crisis of auto theft and its connection to organized crime is worsening, insurance companies are compelled to act. In many cases, insurance companies have introduced a surcharge on drivers with the most stolen vehicles. However, there is a way to remove this surcharge. This is by installing an anti-theft tag on your car.
The technicians with the company install multiple nearly nanoscopic tracking devices around the vehicle. Each device has its serial number, and in the event of the car being stolen. The devices will identify each part as stolen, making it more challenging to buy and sell. Once you advise the company of the theft (who are on call at all times), they will dispatch retrieval vehicles that are ground-based or light aircraft. However, while retrieval may take longer, stolen cars are usually found within an hour of the initial alert. While the Tag technology is transferable, there are conditions. For more information, visit their website.
What is a high-risk vehicle?
The reason we are continuing to see a rise in auto thefts is that sophisticated, organized crime groups carry out that crime. These groups identify cars that are low-risk with high rewards. These are vehicles that are relatively easy to steal but yield a high profit when sold overseas. In past years, SUVs have become a prime target for auto theft, with 68% of total vehicles stolen in the province being made in 2017 or newer. Therefore, understanding which vehicles are more commonly stolen in Ontario can help you take preventive measures to protect yourself.
This partnership enables auto insurance distributors to offer an anti-theft tag, valued at $400, at no additional cost. However, there are conditions. This only applies to those who own cars that are statistically at higher risk of auto theft. In addition to being eligible, owners must also reside in areas that are notable “hot spots” for auto theft. Let’s take a look at the current most stolen vehicles for the past year:
- 2020 Honda CR-V
- 2020 Lexus RX Series
- 2022 Dodge RAM 1500 Series
- 2021 Toyota Highlander
- 2020 Land Rover Range Rover
- 2020 Ford F-150 Series
- 2021 Jeep Grand Cherokee
- 2021 Jeep Wrangler
- 2019 Honda Civic
- 2021 Acura RD
Which insurers are offering the Tags?
Many auto insurance providers are taking strides to help lower the curve. As a mutually beneficial solution, Aviva Insurance and Traders General Insurance Company have partnered with Tag, one of North America’s leading stolen vehicle tracking and recovery systems, utilizing their auto-theft tags.
Auto-theft and the insurance industry
Rising vehicle theft poses a risk not only to individual drivers but also to the broader community. With this, the rise in robbery also puts added pressure on insurance companies to intervene and avoid replacing high volumes of vehicles for insured customers. This is because losses determine insurance premiums, and when these losses increase, companies must account for them accordingly.
In the long run, this results in increased premiums. Commonly, insurance costs include replacing stolen or repairing damaged vehicles. In some cases, it may consist of healthcare costs if the vehicle’s owner is injured, as well as judicial expenses. A common way insurance companies recoup their claim losses is by adding a surcharge on auto insurance policies of high-risk vehicles, therefore increasing your premiums. This surcharge can be as high as $500.
Remember, safety should always be your top priority when it comes to your vehicles, especially in high-risk areas or when driving. Here at isure, your safety is our top priority. For more information on who is eligible for anti-theft tags or to submit a claim, please get in touch with us or request a quote today.
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