Canada’s auto theft crisis: What it means for your ride and your insurance

Five years ago, auto insurance companies in Ontario, Quebec, Alberta and the Atlantic provinces paid out $400 million in theft claims. In 2022, that figure ballooned to $1.2 billion, the worst on record. Amanda Dean, interim vice president of Ontario region for the Insurance Bureau of Canada, says the situation isn’t likely to improve for 2023. 

“As theft rates increase, and along with it claims costs, insurers are certainly worried about what the future could hold,” she says. For drivers, even those with no history of theft or damage, auto insurance is likely to get more expensive so long as theft rates remain high. Fortunately, experts say there are some things drivers can do to minimize their chances of losing their ride.