There have been many efforts to bring attention to auto theft – from government funding to law enforcement, increased public awareness and many others. After record high cases, it seems that we’re finally starting to see thefts decrease. A Global News article reports that car theft has started to decline in the first six months of 2024 compared to last year. While this is definitely a good sign, there is still a lot of work to be done.
More provincial government dollars
The Ontario government committed $49 million over three years to fight auto theft. In July 2024, the province announced the purchase of five police helicopters (instead of leasing as first announced) to assist in tracking stolen cars and criminals without engaging in a high-speed car chase that endangers public safety.
Federal action plan
Following a national summit held in February 2024, the federal government announced measures such as changes to the Criminal Code to strengthen penalties for anyone who participates in auto theft. Funding was also announced for the Canada Border Services Agency to detect and search shipping containers used to transport stolen vehicles, and to Public Safety Canada for police forces across the country.
What about carmakers?
There have been discussions between government and auto manufacturers on making cars harder to steal in the first place. Critics have pointed out that carmakers need to do more to protect their vehicles from theft devices.
Staying vigilant against auto theft
Insurance companies
Insurance companies have been proactively encouraging customers with high-theft risk vehicles to install anti-theft devices, as well as providing extra savings to do so. They have also been increasing the number of recognized anti-theft devices eligible for these extra savings.
Vehicle owners
Car owners have been getting more and more aware about protecting their vehicles. There have been many inventive and practical ways, from the simple signal blocking key pouches and steering wheel locks, to GPS trackers, electronic anti-theft devices, and even driveway bollards.
What does this mean for insurance?
Premiums have increased significantly in 2024, with auto theft claims playing a significant role in the reasons for the high rates we are seeing. Since insurance is based on the concept of pooling the funds of many to pay for the losses of the few, it would be difficult to escape from increasing premiums.
Until auto theft and many other factors such as inflation come down to more manageable levels would we see more stable insurance rates.
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