When you’re trying to keep your car insurance rates as low as possible, you need to look at all the possible factors that can affect the price you pay. In this post, we’re going to look at vehicle theft in particular and the effect it can have on your premiums.

Your car

As we all know, different cars can be more or less enticing to thieves. Some cars are valuable to thieves because of their resale value when exported. Others have parts that when stripped and resold make them a lucrative target. Check out the top 10 most stolen vehicles in Ontario for 2021 to get a sense of which cars thieves are on the look out for. 

And it doesn’t just come down to a fancy sports cars being more valuable and thus more of a target than your standard sedan. A car that is easy to steal relative to other vehicles is often a target for example.

When it comes to setting insurance rates, different makes and models of cars are all rated in terms of the likelihood of their being stolen, which is then reflected in the final price you pay for insurance. Click here to learn more about how vehicles are rated in Canada.

Your address

Your address affects your insurance rates for different reasons and vehicle theft is one of them. If you happen to live in a neighbourhood where the incidence of car theft is high, this will translate into higher costs for coverage as the insurance provider assumes that because of where you live and where your car is parked, the likehood of your car being stolen is higher than in other communities. Learn more here.

Does a theft itself affect rates?

You might be wondering whether when you car gets stolen if that will affect your premium. Typically, the answer is no. However, if you do experience a theft more than once for example and have to make several claims, there could be some repercussions, on your rates and fees. It’s best to discuss with your insurance broker how vehicle theft affects your specific coverage and what types of scenarios would result in a shift in premiums. Your broker can also help you to understand additional optional coverage you can add, such as comprehensive coverage which specifically addresses theft.

Prevention is always the best medicine, so be sure to do what you can to prevent theft in the first place. You can check out this post with some tips for doing just that.

Have more questions about vehicle theft and cheap car insurance rates? Want to get a better understanding of how your current plan addresses theft? Get in touch with us today and someone from our team will be happy to discuss further.

Image source: FreeDigitalPhotos.net  | Toa55