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Some insurance companies are raising rates if your car is at higher risk of being stolen

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The insurance industry lost one billion dollars to auto theft last year, with $700 million in losses in Ontario alone.

With no signs of theft slowing down, some insurance companies are adding surcharges if you drive a vehicle at risk of being stolen.

"In some cases, we are seeing as much as $500 if your vehicle is on their list of being most stolen," said Daniel Ivans, an insurance expert with RatesDotca. Patel had a video security system with an audio feature that alerted the thieves they were being recorded and to leave his home. Still, it didn't seem to phase them as they stole his car, even though Patel said they had to cut through his steering wheel to remove a steering wheel lock.

"We have a family, and we need a car. There is a vehicle shortage, prices are high, and interest rates are high, so everything right now is a mess," said Patel.

 

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