The premium that you pay for your vehicle is determined by many factors. Every driver knows that the make and model of their vehicle is likely to affect their premium, but many drivers don’t know that the likelihood for theft is also a factor.
Getting your vehicle stolen is not something that any driver wants to think about when they are purchasing a vehicle, but making sure your vehicle is protected is a way to keep your insurance premium from going up, especially if you own or are intending to purchase a vehicle that is often the target of theft.
Here’s what you need to know:
Basic Coverage Doesn’t Cover Theft
When looking into an insurance policy for your vehicle, it’s important to ascertain the likelihood of your vehicle being stolen. Some models are much more likely to be stolen than others.
If your vehicle is one of the top 10 most stolen vehicles in Canada, you’ll want full coverage in the event of theft. If you’re driving one of these vehicles, it’s likely that you’re already paying a higher premium because auto insurance companies factor this into pricing. However, this does not necessarily mean that you are covered in the event of theft, even if your premium is higher.
Find out what exactly is covered in your policy, and what type of damage you are covered for.
Invest In An Anti Theft System
An anti-theft system is a smart addition to any vehicle, but especially important if you drive a luxury vehicle, or a vehicle that is often stolen. Anti-theft systems can be as simple as a steering wheel lock, or as sophisticated as a vehicle that can detect changes in air pressure, movement, and even sensors on the outside of your vehicle that alert you to an attempted theft.
If you’re looking to purchase a vehicle, finding out what anti-theft measures are already built in can save you from having to put in those features yourself later on. For some vehicles, installing anti-theft systems after purchase is impossible, so you’ll want to check before you leave the lot.
Anti-theft systems will also lower your insurance premium costs, even if you drive a frequently stolen car. Make sure you let your agent know what mechanisms you have purchased so that your insurance quote reflects those measures.
Theft Happens More Than You Think
According to Statistics Canada, auto theft is one of the most frequently reported criminal incidents, and it’s on the rise. In 2017, there were 2,098,776 incidents of theft, vs 2,204,812 incidents in 2013. If you live in a major city, the incidences of theft are even higher than that, especially if you park your car on the street.
Unfortunately, no matter which way you slice it, having your car stolen is inevitably going to raise your insurance costs. When your shopping for insurance quotes and you know that your car is on the hot list for theft, ask your agent how much your premium would increase in the case of a stolen vehicle. Compare that price to others on the market. You can use websites like ComparaSave to make finding the best price for your vehicle quick and easy, so you can hit the road with confidence in your policy.
