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Car insurance rates going up in Canada due to theft crisis

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There is a growing auto theft crisis in Canada prompting some insurers to add a heavy surcharge to the most commonly stolen vehicles.

Rates.ca, an insurance price aggregate site, reports that insurance premiums for car models most often stolen have increased between 25 to 50 per cent over the last two years.

“To our knowledge, some insurers are applying this ‘high auto theft risk surcharge’ only in certain high-risk regions and/or to certain high-risk vehicles,” the Insurance Bureau of Canada told Global News Wednesday, the day after the Rates.ca report was released.

Anne Gaviola explains how you can avoid paying more than you need to and what is driving this trend.

For more info, please go to https://globalnews.ca/news/9929392/auto-insurance-rates-theft/

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Category
U.S. & Canada
Tags
global news, Auto theft, Insurance rates
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