Canadians continue to file auto theft claims in large numbers, according to a national insurance advocacy group.
According to figures released Thursday by the Insurance Bureau of Canada (IBC), auto theft rates nationwide continue to rise above historical levels.
Despite a 19 per cent drop in auto theft claims filed during the first half of 2024, the rate of claims rose 138 per cent over the past decade. Furthermore, the value of these claims has jumped by 442 per cent.
In the first half of this year, 17,647 auto theft claims were submitted to Canadian insurance companies, down from 21,907 in the first six months of 2023. This is still a far cry from 2014 when only 7,406 claims were filed.
IBC Vice-President of Strategy Liam McGuinty said that recent crackdowns on auto theft are working, but the work is far from finished.
"Concerted actions by law enforcement, insurers, governments, and drivers to combat theft are showing results, but more remains to be done," said McGuinty. "Canada's auto theft rates have soared in the last ten years, placing pressure on drivers' insurance premiums, compromising public safety, and causing Canadians concern and trauma. While theft frequency dropped slightly in the first six months of 2024, the problem remains significantly above historical trends."
The value of claims so far this year is over $544.7-million.
In Ontario, theft claims went down 16 per cent in the first half of 2024, and 41 per cent in Quebec. However, Nova Scotia saw the highest rise, by 27 per cent.
The IBC said newer, high-end luxury vehicles are a big target for crooks, partly due to their demand in illegal markets overseas. Stolen vehicles are often shipped out of the country and sold by criminal syndicates. The proceeds are used to fund illegal activity.
"The auto theft crisis continues to negatively impact Canadians' pocketbooks and sense of safety," said McGuinty. "The property and casualty insurance industry remains committed to working alongside all orders of government and stakeholders to continue to address the national auto theft crisis."