Auto Theft Insurance Claims in Canada Reach Record $1.5 Billion, Putting Pressure on Drivers’ Premiums

Auto theft is a growing concern in Canada, with insurance claims for stolen vehicles reaching a record-breaking $1.5 billion last year. This alarming trend not only impacts drivers’ insurance premiums but also has broader implications for criminal activity both domestically and internationally.

According to the Insurance Bureau of Canada (IBC), luxury and high-end vehicles from Canada are particularly desirable in illegal international markets, making them lucrative targets for thieves. In many cases, stolen vehicles are exported by criminal organizations to finance activities such as drug trafficking, arms dealing, and even international terrorism.

The province hit hardest by auto theft is Ontario, where claim costs have skyrocketed by 524% between 2018 and 2023. This data underscores the urgent need for action at the federal level to address the auto theft crisis. IBC is calling for modernizing Canada’s vehicle safety standards, which have not been updated since 2007, and implementing measures to prevent the outflow of stolen vehicles from Canadian ports.

As the auto theft problem continues to escalate, it is clear that more needs to be done to protect Canadian drivers and combat criminal activity associated with stolen vehicles. Stay informed about this issue and take steps to safeguard your vehicle from theft. Together, we can work towards a safer and more secure future on the roads.