Auto theft insurance claims for replacing stolen vehicles skyrocketed to a record-breaking $1.5 billion in 2023, according to data released by the Insurance Bureau of Canada.
According to the data, the insurance claims were up 19 per cent in 2023 from 2022, an increase of nearly $250 million and breaking 2022’s record. It is the second year in a row thatclaims have been over $1 billion, whereas between 2018 and 2021, they averaged $556 million annually, according to the Insurance Bureau of Canada .“These numbers indicate that the auto theft crisis persists, disrupting the lives of Canadians and causing them concern and trauma.
“I’m cautiously optimistic that we’re starting to see some positive effects from the measures that have been put in place,” he said. “There are some early indications 2024 is definitely looking better than 2023.”However, Toronto Police Chief Myron Demkiw said in March that a car is stolen every 40 minutes in the city and the numbers are rising.
IBC Stolen Vehicle Canada Consumer
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