Jbm Auto Share Price :1 Cost Of Insurance Thefts Keep Rising
Auto theft is a crisis in Canada, according to the CAA.
Auto theft claims topped $1.2-billion in 2022, according to experts in the insurance sector, and that amount is predicted to rise.
Canadians won’t have to wait long to notice the effects, according to the national agency.
The cost of replacing a stolen car is getting more expensive, according to Elliot Silverstein, Director of Government Relations at CAA Insurance.
Due to the fact that you must purchase a new car at a higher cost and pay interest at a higher rate, Silverstein stated, “you may be seeing a significant impact on your budget.” People may not always consider those hidden expenses because
They believe that I will be compensated for the car’s worth, but I only get paid for the car’s value on the day it was stolen
“Auto theft has substantial effects,” Silverstein continued. “For the insurance industry, it is akin to dealing with a catastrophic event that occurs year-round, such as a tornado or flood, and has no end in sight.”
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In order to prevent auto theft, CAA insurance believes that all parties involved—including the government, insurance companies, and automakers—have a responsibility to work together to find solutions.
According to the CAA, you can use these suggestions to help reduce thefts.
- Use a wheel lock, brake pedal lock, or steering-wheel lock, like “The Club,” to secure your parked car. Safeguard your parked car.
- To protect your car key fob from signal hacking, store it in a Faraday box or pouch.
- Think about getting an after-market immobilizer installed by a pro.
- If you have a garage, park your car inside and lock both your home and car doors.
- It is advised that if you have multiple cars, you park the less valuable one closer to the road.
- To record any activity in your driveway, install motion sensors and a camera.
- To make the vehicle identification number (VIN) invisible on the dashboard, cover it.
- Keep a GPS tracker (such as an Air Tag) on hand in case your car is stolen.
- Make sure everything is out of sight, and never leave valuables inside your car.
- Refrain from ever leaving your running car unattended.
Car owners are urged by the CAA to report any suspicious activity to the police and to avoid confronting thieves.
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