New data shows that common Honda and Toyota models, along with new and luxury car models, were among the most commonly stolen cars in Ontario last year.
Auto theft claims costs reached a whopping $371.8 million in Toronto in 2023, making the city the costliest in Ontario when it comes to the claims cost of replacing stolen vehicles, newly released data shows.Posted: Jun 04, 2024 8:56 PM EDT | Last Updated: 1 hour ago
According to the bureau, auto theft claims costs surpassed $1 billion for the first time in Ontario last year. The bureau said auto theft claims costs have surged by 524 per cent in Ontario and by 561 per cent in Toronto since 2018. Handguns and recovered stolen cars are on display at a Toronto Police Service news conference in Toronto on March 27, 2024.
In Whitby, for example, auto theft claims costs have increased 2269 per cent between 2018 and 2023. Last year, auto theft claims costs were $12.14 million in Whitby, while in 2018, they were $512,751.Elliott Silverstein, director of government relations for CAA Insurance, said on Tuesday that the numbers are not surprising and insurance companies know that auto theft is happening to more consumers across the province.
"The challenge with vehicle theft is that it's happening every day all across the country with no end in sight. It's like a catastrophic event happening every day of the year. And there's only so far that the insurance industry and insurers can go before consumers have to pay more," he said.
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