In the event that your car is stolen, you must take steps to recover it. The first step is to report the theft as soon as possible to the police. After reporting the theft, you should contact your insurance company to file a claim.
Auto Insurance Can Help Reduce the Risk of Theft
Auto insurance is a great way to protect your vehicle against theft. Most policies pay up to the actual cash value of your vehicle, which means you’ll be able to claim the value of the car minus your deductible. In Toronto, Ontario, more than 8,000 vehicles were reported stolen during 2022. Install an anti-theft alarm system and get anti-theft markings for your vehicle, which can reduce the risk of theft and qualify you for discounts on your auto insurance.
The insurance cost depends on the type of car you drive, its value, and your driving history. Sports cars, exotic cars, and cars with high theft rates are more expensive to insure than average cars. Compare insurance rates before you buy a new car and decide whether the cost of coverage is affordable. Insurers also consider your credit history when determining your rates. Those with poor credit will pay more than those with good credit.
Some insurance companies offer discounts to drivers with security devices like alarms, GPS tracking, and steering wheel locks. The savings may be smaller than expected, but it is still worth looking into. Adding these security features to your car can reduce the risk of theft by up to 10%. Most insurance companies offer discounts on these safety features.
Reporting a Stolen Vehicle
Reporting a stolen vehicle is a vital part of the insurance process for a vehicle owner in Canada. This is because vehicles are a common target for thieves. Statistics show that Canada is near the top of the list for stolen vehicles. The best way to report a stolen vehicle is to call the police immediately and share all of the relevant information.
Motor vehicle theft affects many Canadians and costs the country more than $1 billion annually. It can also result in injuries and deaths to innocent bystanders if stolen vehicles get involved in reckless driving or police chases. According to Statistics Canada, approximately forty people are killed, and 65 are injured yearly in motor vehicle theft-related crimes. So, reporting a stolen vehicle to the police is an important part of protecting your car and your family and the public.
The number of stolen vehicles in Canada has decreased substantially in the past 25 years. According to Statista, there were 217.77 reported stolen vehicles per 100,000 residents in 2021, which is far less than the numbers closer to 500 stolen vehicles per 100,000 residents during the early 2000’s. Several factors contribute to the decreased number of reported stolen vehicles and parts. Many vehicles are equipped with keyless fobs, making it easier for thieves to steal them without setting off the alarms. In addition, they can often ship the vehicles abroad quickly, making it easier to trace them.
Despite the decline since the early 2000’s in car theft, it remains costly in Canada, causing an estimated $1 billion in damage to Canadian car owners yearly. The insurance industry pays about $542 million for repairs, while the police, healthcare, court systems, and correctional services cover the rest. Fortunately, the theft rate is decreasing, thanks to the increasing sophistication of anti-theft devices.
Filing a Claim
If your vehicle has been stolen or is damaged, you should contact your insurance company to file a claim as soon as possible. The insurance company will assign an adjuster to investigate and provide the necessary information to proceed with the claim. If you have any out-of-pocket expenses, keeping receipts for them as evidence is best. However, some claims may take longer to process than others. You should also report the theft of your vehicle to the police and obtain a police file number.
Deterring Theft
Vehicles are one of the most popular targets for thieves. Ways to prevent theft include, don’t leave spare keys in your car or the ignition. Moreover, never leave your car running if it’s parked inside a garage. Ensure the windows are closed, and locks are secured to prevent theft and vandalism. These thefts are often right from people’s homes as they warm up their vehicles in the morning. Installing remote start is a great alternative.