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How do claims related to stolen vehicles in Ontario impact drivers and insurance companies?
The Insurance Bureau of Canada (IBC) released a list of the Top 10 costliest cities for auto theft claims. According to newly released data, these types of claims costs have surged by a record-shattering 524% across Ontario since 2018, with auto theft claims costs surpassing $1 billion for the first time in 2023. The increase in auto theft led IBC to identify the top 10 affected cities in Ontario and prompted the National Summit on Combatting Auto Theft.
The data released by the IBC serves as a wake-up call, emphasizing the need for immediate action to address this growing problem and protect drivers from the consequences of auto theft, such as increasing rates for auto insurance in Ontario.
Here is a look at the costs of claims for vehicle theft in the province.
These cities have borne the brunt of the financial burden caused by auto theft, with escalating insurance claims and associated costs. The escalating car insurance claims and associated costs due to auto theft have caused a significant financial burden on certain cities, as published by IBC.
| City | 2023 Auto Theft Claims Cost | Increase from 2018 (%) |
|---|---|---|
| Toronto | $371,815,072 | 561% |
| Brampton | $93,186,518 | 719% |
| Mississauga | $89,980,735 | 533% |
| Vaughan | $62,443,717 | 789% |
| Markham | $43,633,553 | 989% |
| Ottawa | $41,304,357 | 513% |
| Oakville | $30,797,587 | 874% |
| Richmond Hill | $19,978,117 | 170% |
| Hamilton | $19,978,117 | 170% |
| London | $13,823,739 | 215% |
The most expensive auto theft claim costs are typically found in Ontario's largest cities, but a few mid-sized cities have also seen dramatic increases:
| City | 2023 Auto Theft Claims Cost | Increase from 2018 (%) |
|---|---|---|
| Whitby | $12,145,932 | 2,269% |
| Pickering | $10,653,759 | 1,228% |
| Milton | $11,976,316 | 1,010% |
| Markham | $43,633,553 | 989% |
| Oakville | $30,797,597 | 874% |
| Richmond Hill | $25,672,053 | 812% |
| Ajax | $13,159,562 | 807% |
| Vaughan | $62,443,717 | 789% |
| Clarington | $5,810,278 | 744% |
| Brampton | $93,186,518 | 719% |
Use Thinkinsure to shop around, and compare multiple quotes at the same time.
If you’re looking for options to prevent car theft, check out our top blog posts about the best anti-theft devices for cars, and learn more about the Tag car tracking system.
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Digital Content Writer
Kayla-Jane has been a content writer with ThinkInsure since 2020. She creates insurance content for auto, home, and commercial. Kayla-Jane has a diploma in Journalism.
| Categories | Industry NewsAuto |
|---|---|
| Tags | Reports and GuidesNewsAuto Theft and Security |
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