Drivers of 10 of the most commonly stolen vehicles paying 37% more than average in insurance costs: Study

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The increase in car thefts even hurts motorists who aren’t targeted by carjackers.

Owners of 10 of the most commonly stolen vehicles in 2024 are paying a lot more for insurance — about  37% above the average comprehensive premium cost, according to auto insurance quoter Ratesdot.ca.

The company came to this conclusion by generating insurance quotes for a 35-year-old male driver living in Toronto with no prior convictions for 10 vehicle models it says are most often targeted in thefts.

The Insurance Bureau of Canada said data collected in 2023 showed that insurance companies forked over a record-breaking $1.5 billion to replace stolen vehicles in Canada, marking the second consecutive year auto theft claims have topped $1 billion.

In Ontario alone, auto theft claims costs increased by 524% for insurance companies, between 2018 and 2023.

To recoup their losses, insurance companies have bumped up the cost of premiums.

Those who drive commonly stolen vehicles are being hit harder, with some insurers adding surcharges to those vehicle owners.

“High rates of auto theft are continuing to push premium prices higher as insurers try to balance out unprecedented claims costs,” says Ratesdotca insurance expert Daniel Ivans.

“For drivers of commonly stolen vehicles, it’s even more important to shop around for auto insurance, as prices could vary widely from insurer to insurer, depending on claims costs and how they are calculating risk.”

As of October 2023, the average total auto insurance premium prices in Ontario were up approximately 7% year-over-year at $1,796, according to data from the Financial Services Regulatory Authority of Ontario (FSRAO).

GTA drivers, who face an increasing number of carjackings, saw average premium prices also up 7% year-over-year at $2,391.

According to Ratesdotca, the 10 most commonly stolen vehicles are: the 2019 Honda CR-V; the 2023 Ford Lexus RX350h; the 2023 Ford F150 Lariat Supercrew; the 2018 Honda Civic LX; the 2023 Toyota Highlander XLE; the 2017 Dodge/Ram Ram 1500 Crew; the 2018 GM Sierra 1500 Crew; the 2018 Honda Accord Sport; the 2016 Jeep Cherokee Trailhawk and the 2023 Toyota RAV4 XLE.