Auto Insurance Rates and Auto Theft: What You Need To Know!
It is commonly thought that high-end luxurious and expensive cars are much more expensive to insure, while cheaper family cars are much more affordable to insure. At face value, this makes sense. More expensive cars are more eye-catching for thieves, usually have more expensive parts and accessories in the case of repairs or damage, are faster and more risky vehicles, and generally are not easy to replace if there is significant damage.
However, you may actually be surprised to know that often there isn’t as much of a price difference between insuring a cheaper car vs. a more expensive car, or a car that has a high risk of being stolen vs. a low risk of being stolen.
In 2006, according to the Insurance Bureau of Canada (http://ibc.ca/), while there was over $540 million dollars in costs for auto theft, that’s actually only about $48 per car insurance premium. So the difference between having the most stolen vehicle versus the least stolen may not be as extravagant or as large of a difference than you may think, even as little as an extra $100 a year.
Gone In 60 Seconds? The Most Stolen and the Least Stolen Vehicles in 2005.
These were the top 5 most stolen vehicles in 2005, according to the IBC.
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
And the 5 least stolen vehicles in 2005, according to the IBC, all of which are tied.
(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
What Does This Mean For You and Your Auto Insurance?
Without going into a lot of insurance mumbo-jumbo, here are the basics that you need to know. In your auto insurance policy, there are different parts that cover different things. Your collision coverage covers any collision incidents. Your comprehensive coverage is the part of your auto insurance policy that covers any fire, flood, vandalism, and theft.
We went to kanetix.ca, and compared the cost of comprehensive coverage of the #1 Most Stolen Car in 2005 (2000 Honda Civic SiR 2-door) and the #1 Least Stolen Car in 2005 (2001 Ford Taurus Wagon). We used the profile of a 30 year old male driver with a clean driving record living in Mississauga, ON.
|
Vehicle |
Comprehensive Coverage Cost |
| 2000 Honda Civic | $141 |
| 2001 Ford Taurus | $36 |
It’s true! There is just a little over $100’s difference in the cost for theft/comprehensive coverage between the most stolen car and the least stolen car. For some, this difference may cause you to re-consider buying that Civic or Integra that you always wanted to buy, but thought was out of your reach because the insurance would be too high. For others, this difference may cause you to keep driving the same low-risk of theft car that you’ve always had, like the Ford Taurus or Pontiac Bonneville.
Save In 60 Seconds!
Whether you’re putting on your jacket to go take a look at the Civic, or breathing a sigh of relief, knowing that you’re saving a tangible $100 a month with your low-risk car – we took our study a step further – so that you could save even more money.
Looking again at the same two cars, the most and the least stolen in 2005, with the same profile, we made quotes from many of the top insurance companies in Canada. We wanted to see the difference between the lowest quote and the highest quote for the same car, offered by different insurance companies. Here were the results:
|
Vehicle |
Lowest Quote | Highest Quote |
| 2000 Honda Civic | $1,355 | $2,677 |
| 2001 Ford Taurus | $959 | $2,172 |
| *quotes obtained from kanetix.ca in November 2006 | ||
As you can see, the lowest quote for the Civic was $1,355, while the highest quote was $2,677. That’s over $1,322 in difference! For the Taurus, there was a similar difference: the lowest quote was $959 and the highest was $2,172, which is $1,213 in difference.
As you can see, while there is only $100 difference between theft insurance for the most stolen and the least stolen car, for the same car, there can be over $1000 in difference. If you’re looking to save money, you absolutely must compare your auto insurance quotes because as you’ve seen, that’s where you can really save.
Don’t get stuck paying ridiculously high auto insurance premiums that are thousands of dollars more than necessary. It’s important to compare quotes and coverage policies from a number of insurance providers. One place you can do this is at www.kanetix.ca/auto-insurance. You can “save in 60 seconds!” You’ll fill out some quick driving history and car information, and in just a few clicks, you’ll get free customized car insurance quotes from many of the top insurance companies in Canada. You’ll be able to compare the quotes, prices, premiums, and the types of coverage.
Give it a try now, visit http://www.kanetix.ca/auto-insurance and make a quote! You may be surprised at how much money you could save!
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