Austin Lonsdale : “High Theft Car Insurance Costs”

Accident – Death – Obituary News : : 1. Car theft insurance rates
2. High theft car insurance

Vehicle theft is a growing problem in Ontario, costing insurance companies millions of dollars each year. Honda CRVs are among the most stolen vehicles, along with Lexus RX series, Dodge Rams, Toyota Highlanders, and Land Rover Range Rovers. Austin Lonsdale, an Ottawa resident, was surprised to receive a letter from his insurance provider demanding a $400 annual surcharge for his 2021 Honda CRV due to its high theft risk. Concerned about privacy issues with the tracking system offered as an alternative, Lonsdale is now considering switching to a different vehicle. Insurance companies are feeling the financial strain of increased theft-related claims, leading to potential premium adjustments.

The Rising Epidemic of Vehicle Thefts in Ontario

Theft of vehicles has become a major issue in Ontario, with insurance companies facing losses of over a billion dollars a year. The bulk of these losses, amounting to several hundred million dollars, are concentrated right here in Ontario.

Ontario’s Most Stolen Vehicles

According to Équité Association, some of the most stolen vehicles in Ontario include the Honda CRV, Lexus RX series, Dodge Rams, Toyota Highlanders, and Land Rover Range Rovers. The numbers are alarming, with an average of five vehicles being stolen in the nation’s capital every single day.

The Impact on Insurance Policies

One Ottawa resident, Austin Lonsdale, recently received a letter from his insurance provider ahead of his policy renewal. His 2021 Honda CRV was identified as being at high risk of theft, leading to a $400 annual surcharge or the installation of a tracking system called Tag.

Privacy Concerns

Lonsdale expressed his concerns about the privacy implications of installing a tracking system. He questioned who would have access to the information and how it would be used, highlighting the potential risks involved.

Insurance Company Response

In response to the growing issue of vehicle thefts, insurance companies like Desjardins Insurance are implementing measures to mitigate their losses. Desjardins Insurance clarified that their tracking system, Tag, is solely used for tracking and retrieving stolen vehicles and not for analysing driving habits or behaviours.

The Financial Impact

The Insurance Bureau of Canada revealed that auto theft-related claims in Ontario have skyrocketed by 329% between 2018 and 2022. This surge in claims costs has put pressure on insurance companies to reassess their premiums and coverage options.

Reconsidering Vehicle Choices

After discovering that his Honda CRV was on the most likely to be stolen list, Lonsdale is now reconsidering his choice of vehicle. He is leaning towards not getting another Honda CRV and exploring other options that are not on the high theft list.

In Conclusion

The epidemic of vehicle thefts in Ontario is a pressing issue that is costing insurance companies and policyholders significant amounts of money. As the number of stolen vehicles continues to rise, it is crucial for individuals to take proactive measures to protect their assets and minimise the risk of theft. Stay informed, stay vigilant, and stay safe on the roads of Ontario.