As insurance companies are paying out more for stolen cars in 2023 than ever before, Cambridge is about to set a regional record for most vehicle thefts in one year.
According to a report by financial service and planning website HelloSafe, insurance companies in Ontario paid out over $1.2 billion for vehicle thefts last year.
Over 21,000 vehicle theft claims were registered in 2022 by insurance companies in the province, this is a 48 per cent increase over 2021.
With 2022 already setting records for the financial burden of stolen cars, 2023 is looking at passing that mark once again, costing insurance companies even more.
In Waterloo region there have been over 1,231 occurrences of motor vehicle theft, according to data provided by the WRPS crime map.
Cambridge continues to remain at the top of the list with the highest number of stolen vehicles with 414 year-to-date; Kitchener comes in second with 403.
Cambridge is on pace to set a record for most vehicles stolen in the region with the majority coming from areas close to Highway 401.
This trend of rising numbers of theft has been alarming to insurance companies, states the HelloSafe report.
In 2019, the insurance payout for Ontario was $400 million, $542 million in 2021 and more than double that at $1.2 billion in 2022.
"This drastic increase over a span of three years not only highlights the growing severity and frequency of vehicle thefts but also underscores the increasing challenges faced by insurance companies in managing these risks," said HelloSafe.
This large jump in payouts from these companies is projected to have a cascading effect on insurance premiums, resulting in consumers paying more to insure their vehicles.
The most stolen vehicles in Ontario tend to be newer higher-end SUVs and trucks.
The Land Rover/Range Rover led the list with a significant theft ratio of 5.9 per cent, indicating a higher likelihood of being stolen compared to other models.
Jeep models, particularly the Gladiator and Grand Cherokee, also showed high theft ratios of 4.1 per cent and 1.6 per cent respectively.
The provincial government has noticed this trend in crime and is investing $687,000 over three years to help combat and prevent auto thefts in the region.
“We are grateful that the Ontario government recognizes the need to fund and support provincial policing initiatives that target the rising number of auto thefts in our region and throughout the province,” said police chief Mark Crowell in a recent news release.
Police note that thieves are getting more inventive with ways to steal newer, high priced vehicles.
They note that reprogramming thefts are the most common. It happens when suspects approach the vehicle and force entry inside. Once inside the vehicle, an electronic device is used to access the diagnostics to reprogram a blank key fob so the vehicle can be started.
Waterloo regional police warn drivers to not leave vehicles running unattended, protect your key fobs with Faraday pouches and boxes inside your home, and always lock your doors at night.
