Auto Insurance Rates and Auto Theft: What You Need To Know!

Auto Insurance Rates and Auto Theft: What You Need To Know!

It is commonly thought that high-end luxurious and expensive cars are much more expensive to insure, while cheaper family cars are much more affordable to insure. At face value, this makes sense. More expensive cars are more eye-catching for thieves, usually have more expensive parts and accessories in the case of repairs or damage, are faster and more risky vehicles, and generally are not easy to replace if there is significant damage.

However, you may actually be surprised to know that often there isn’t as much of a price difference between insuring a cheaper car vs. a more expensive car, or a car that has a high risk of being stolen vs. a low risk of being stolen.

In 2006, according to the Insurance Bureau of Canada (http://ibc.ca/), while there was over $540 million dollars in costs for auto theft, that’s actually only about $48 per car insurance premium. So the difference between having the most stolen vehicle versus the least stolen may not be as extravagant or as large of a difference than you may think, even as little as an extra $100 a year.

Gone In 60 Seconds? The Most Stolen and the Least Stolen Vehicles in 2005.

These were the top 5 most stolen vehicles in 2005, according to the IBC.
2000 Honda Civic SiR 2-door
1999 Honda Civic SiR 2-door
2004 Subaru Impreza WRX/WRX STi 4-door AWD
1999 Acura Integra 2-door
1994 Honda Civic Si 2-door Hatchback

And the 5 least stolen vehicles in 2005, according to the IBC, all of which are tied.
(tie) 2001 Ford Taurus Wagon
(tie) 2000 Saab 9-5 4-door
(tie) 2002 Volvo S60 4-door AWD
(tie) 2002 Pontiac Bonneville 4-door
(tie) 1998 Lincoln Continental 4-door

What Does This Mean For You and Your Auto Insurance?

Without going into a lot of insurance mumbo-jumbo, here are the basics that you need to know. In your auto insurance policy, there are different parts that cover different things. Your collision coverage covers any collision incidents. Your comprehensive coverage is the part of your auto insurance policy that covers any fire, flood, vandalism, and theft.

We went to kanetix.ca, and compared the cost of comprehensive coverage of the #1 Most Stolen Car in 2005 (2000 Honda Civic SiR 2-door) and the #1 Least Stolen Car in 2005 (2001 Ford Taurus Wagon). We used the profile of a 30 year old male driver with a clean driving record living in Mississauga, ON.