How much does it cost to insure Ontario’s most stolen vehicles? 

Équité Association, a national, independent organization aimed at reducing and preventing insurance fraud and crime, has released its annual list of the most stolen vehicles in Ontario and Canada.

Auto theft has skyrocketed across Canada over the past few years. In 2022, insurers paid over $1 billion in claims for stolen cars nationally. At the time, it was the largest amount the insurance industry had ever seen for vehicle theft. In 2023, Ontario alone surpassed $1 billion in auto theft claims – a 524% increase from 2018.

The surge in auto theft is impacting insurance rates for all drivers, and people who own vehicles on the most stolen list will likely be faced with higher premiums for their coverage – in some instances, up to 277% more than the provincial average.

Burying your head in the sand is going to cost you money, said Mitch Insurance CEO, Adam Mitchell. People often tend to ignore their insurance but not paying attention to what’s happening and shopping the entire marketplace for your coverage – especially if your vehicle appears on the most stolen list – could mean paying significantly more in the years ahead.

Here’s how much it costs to insure Ontario’s most stolen vehicles.

Équité Association’s Top 10 Most Stolen Vehicles ranking comes out every fall and highlights the most stolen vehicles from the previous year. Separate lists are released for the most stolen vehicles by number of thefts and by frequency.

Four vehicles appear on both of Ontario’s lists. Range Rovers, for instance, are ranked fifth in number of thefts but are first in theft frequency with one in 14 being stolen in the province.

If your car’s on the most stolen list, your insurer will likely classify it as a high risk for theft, said Mitchell. Every insurance company also has their own unique list of high-theft vehicles based on their claims data. Even if your car doesn’t appear on Équité Association’s ranking, your insurance carrier might still flag it as a high-theft risk.

We ran insurance quotes for all the vehicles on Ontario’s most stolen list by number of thefts using the same hypothetical driver profile (Table 1).  

Some insurers place a high-theft surcharge on the most stolen cars. This varies by insurance company and can range from $500 – $1,500. The surcharge can often be removed if the vehicle has an approved anti-theft device or recovery system installed. Where applicable, the high-theft surcharge was included in the rates below.  

The rates were than compared against the average auto insurance premium in Ontario. According to the Financial Services Regulatory Authority of Ontario (FSRA), the province’s average premium was $1,927 as of June 2024.

Looking at the rates above for our hypothetical driver, all of the vehicles on Ontario’s most stolen list have higher insurance price tags than the provincial average.  

In some instances, the increase is a few hundred dollars. For example, a 2019 Honda Civic would cost our driver an extra $495 or 26% more than the provincial average. But for other vehicles coverage could potentially cost thousands of dollars more. 

We also ran insurance quotes for the most frequently stolen vehicles using the same hypothetical driver profile* and once again compared them against FSRA’s most recent average premium for Ontario. Where applicable, the high-theft surcharge was included in the rates below.

When it comes to the most frequently stolen vehicles, all the cars would cost more than the provincial average for our hypothetical driver to insure.  

The smallest premium increase is for the 2023 Jeep Gladiator, which would cost our driver $896 more than the provincial average. However, the price tag for insuring the 2022 Land Rover Range Rover Series would be $5,346 more than the provincial average.  

To take things one step further, we ran quotes with five of our most popular insurers using the same hypothetical driver profile* to see how insurance prices for Ontario’s most stolen sedan, SUV and truck compared against similar vehicles that aren’t classified as high-theft risks. Where applicable, the high-theft surcharge was included in the rates below.

The smallest difference between the average prices for the sedans was $64, but the SUVs was $3,088 and the trucks was $1,243. Oftentimes, when compared to similar vehicles that aren’t considered high-theft risks, Ontario’s most stolen vehicles could cost hundreds – or even thousands – more annually to insure.

Even if you personally haven’t had a vehicle stolen, auto theft affects everyone – and drivers are seeing higher car insurance rates because of it.  

When you pay for your auto insurance, your premiums go towards a shared pool of funds used to cover future claims. If more claims are made or payouts become larger, then the pool needs to grow. To facilitate this, insurance companies raise premiums for everyone, not just those who have been impacted.

This year has seen numerous measures being taken to combat Canada’s auto theft crisis at the federal, provincial and municipal levels. These actions seem to be working with auto theft dropping 17% nationally and 14% in Ontario in the first half of 2024.  

And while it’s good news that auto theft is finally beginning to decrease, insurance rates will take time to respond. 

“Insurance pricing is based on past events and trends rather than future predictions,” said Mitchell. “A lot of cars were stolen causing a sharp increase in theft claims. Insurers had to create new pricing models in response and then get approval from the provincial regulator to adjust rates. It’s a lengthy process and because of this, a good month or quarter doesn’t instantly tip the scales.”

There are many factors that influence how much your auto coverage costs and insurance companies will all have different rates depending on your car, driving record, where you live, your age, gender and more.

One of our biggest recommendations here at Mitch is to always shop the entire marketplace to ensure you’re getting the coverage that’s right for you at the best possible price. This is especially important if you drive a high-theft vehicle and can lead to significant savings on your policy.

The best way to do this is with an insurance broker. They can search and compare coverages from different carriers, provide you with multiple quotes and offer recommendations on which policy makes the most sense for you.

“Choosing a broker with a large network of insurance companies is going to give you more options when it comes to your coverage,” said Mitchell. “If a brokerage only works with a few carriers, you’re limited to those offerings. Brokerages that have access to a wider range of insurers are going to have better odds of finding you more affordable coverage – regardless of what you drive.”

Mitch works with all of Canada’s top insurance providers and our team of brokers is always happy to provide insurance quotes and expert advice to help you make the best decision about your coverage.

Considering buying a new vehicle and want to know how much insurance costs will be before purchasing it? We can get you quotes for the cars you’re considering so you can avoid insurance sticker shock after the fact. Give us a call at 1-800-731-2228 today.