TORONTO, December 17, 2006--The top 10 list of stolen cars is hot off the press, but how much does this impact your insurance premium? As it turns out, not a lot.
It was reported that last year auto theft cost Canadian policyholders more than $540 million dollars. Overall this seems like an alarming amount of money, but according to the Insurance Bureau of Canada (IBC) it breaks down to an average of $48 per car insurance premium. In fact, owning the most stolen vehicle versus the least stolen vehicle may only cost you an extra $100 a year.
The top 10 MOST stolen vehicles in 2005 as released by the IBC are:
- 2000 Honda Civic SiR 2-door
- 1999 Honda Civic SiR 2-door
- 2004 Subaru Impreza WRX/WRX STi 4-door AWD
- 1999 Acura Integra 2-door
- 1994 Honda Civic Si 2-door Hatchback
- 1998 Acura Integra 2-door
- 1993 Dodge Shadow Convertible
- 1996 Honda Civic Si 2-door Hatchback
- 2000 Audi TT Quattro 2-door Coupe
- 1996 Chev/GMC Blazer/Jimmy S Series 2-door 4WD
The top 10 LEAST stolen cars in 2005 as released by the IBC are:
- (tie) 2001 Ford Taurus Wagon
(tie) 2000 Saab 9-5 4-door
(tie) 2002 Volvo S60 4-door AWD
(tie) 2002 Pontiac Bonneville 4-door
(tie) 1998 Lincoln Continental 4-door
(tie) 2001 Pontiac Bonneville 4-door
(tie) 2002 Oldsmobile Silhouette
(tie) 1997 Saturn SW1 Wagon
- 1998 Toyota Avalon XLS 4-door
- (tie) 2000 Lincoln Continental 4-door
(tie) 2005 Saturn Ion 4-door Sedan
(tie) 1996 Buick Le Sabre 4-door
Would you change the car you are driving or planning to buy to save $100? Want to save hundreds of dollars on insurance for the car you currently drive, no matter where it falls on the list? Then read on.
How theft rates affect car insurance premiums
The total auto insurance premium you pay is actually comprised of several parts. The portion that is set to cover the cost of theft is the comprehensive premium, which also offers protection against the costs associated with fire and vandalism. To breakdown and compare the cost of auto theft, Kanetix compared the comprehensive premium for the most and least stolen car.
The comprehensive premiums outlined below are from a quote for a 30-year-old male driver with a clean driving history living in Mississauga, Ontario.
|Vehicle||Comprehensive (Fire, Theft & Vandalism) portion of lowest quoted premium|
|Most stolen: 2000 Honda Civic||$141|
|Least stolen: 2001 Ford Taurus||$36|
Quotes obtained on Kanetix.ca November 2006 and comprehensive premium details provider by featured insurance supplier.
This example illustrates that choosing the car with the lowest theft rate over the vehicle with the highest theft rate could save you a little over $100 in insurance premiums. Although important, this difference seems small when compared to the amount you could save simply by shopping around for your car insurance; whether your car has a high theft rate or not. Since premiums vary significantly from one insurance company to another, having coverage through the right insurer can save you more than simply choosing a vehicle with a low theft rate.
To highlight this point, Kanetix completed an online quote for the same driver for each of the vehicles and received quotes from 13 of Canada's most competitive insurance providers. The highest and lowest quotes were then noted and the differences in premium calculated. The results showed that premiums differed by over $1,000!
|Vehicle||Lowest quote||Highest quote||Premium range|
|Most stolen: 2000 Honda Civic||$1,355||$2,677||$1,322|
|Least stolen: 2001 Ford Taurus||$959||$2,172||$1,213|
Quotes obtained on Kanetix.ca November 2006.
Clearly, shopping around is the best way to find the lowest insurance rate. With such a range in available premiums, selecting the right insurer is far more cost effective than selecting a car with a low theft rate. To save money and take advantage of the current range in premiums consumers should obtain quotes from various insurance suppliers in a comparison format.
Kanetix offers consumers a better and quicker way to shop for auto insurance. Getting quotes through Kanetix is straightforward and the quotes are displayed in an easy-to-read and compare chart format.
Launched in October 1999, Kanetix is Canada's leading national, online insurance marketplace. The Kanetix insurance information and shopping service brings consumers and insurance companies together in a one-stop shopping environment. Each day, thousands of consumers visit the Kanetix website to compare insurance quotes from a variety of Canadian insurance companies. Kanetix visitors can select the insurance quote of their choice and where available, choose to complete the application for coverage online or purchase their policy over the phone.
In addition to the insurance marketplace, Kanetix is a leading provider of online insurance quotation technology and develops online quotation systems and websites for some of Canada's leading insurance providers.
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