Insurance companies are fond of changing premiums to reflect such things as a person's driving record (i.e. the number of tickets and crashes), their age, and the type of vehicle they own. Why, a change in a postal code can raise or lower the annual premium by $1,000.
Insurance companies do this, they say, to match the specific risk you and your vehicle represent.
But in a review of rates by Lee Romanov, the president of The Consumer's Guide to Insurance and www.InsuranceHotline.com, it seems that Canada's insurance companies don't much care about how likely the vehicle is to be stolen.
Romanov's review of quoted insurance rates shows that some of Canada's 10 most-stolen vehicles have premiums that are lower than cars that aren't stolen as often.
In Canada, the top-10 most stolen vehicles are:
Romanov looked at the quotes of 30 top Canadian insurance companies to see what they'd charge a Toronto driver with a clean driving record (no tickets or crashes) who has not yet had their vehicle stolen to insure the three most stolen vehicles and three that aren't stolen that much.
For the Subaru Impreza WRX AWD model, the annual quotes went from $2,195 to $3,235.
For the Ford F350 Super Duty Crewcab 4WD, the annual quotes went from $1,682 to $2,921.
For the Cadillac Escalade 4WD, the annual quotes went from $1,940 to $3,747.
Romanov then got 30 different quotes for three similar vehicles that aren't stolen as much.
For the Mini Cooper S, the annual quotes went from $2,259 to $3,328.
For the Chevrolet Silverado 2500 HD, the annual quotes went from $1,742 to $2,933.
For the Lincoln Navigator, the annual quotes went from $2,187 to $3,387.
The insurance companies are of course free to set the rates to fit the risks they see, but it does make you wonder why a vehicle's likelihood of theft doesn't play a bigger role in the equation.
Insurance companies do this, they say, to match the specific risk you and your vehicle represent.
But in a review of rates by Lee Romanov, the president of The Consumer's Guide to Insurance and www.InsuranceHotline.com, it seems that Canada's insurance companies don't much care about how likely the vehicle is to be stolen.
Romanov's review of quoted insurance rates shows that some of Canada's 10 most-stolen vehicles have premiums that are lower than cars that aren't stolen as often.
In Canada, the top-10 most stolen vehicles are:
- Subaru Impreza WRX 4DR AWD
- Ford F350 Super Duty 4WD
- Cadillac Escalade 4DR 4WD
- Honda Civic Si 2DR Hatchback
- BMW 325Ci/330Ci 2DR
- Hyundai Tiburon 2DR
- Hyundai Accent 2DR
- Hyundai Tiburon GT 2DR
- Ford F250 Super Duty 4WD
- Dodge Dakota 2WD
Romanov looked at the quotes of 30 top Canadian insurance companies to see what they'd charge a Toronto driver with a clean driving record (no tickets or crashes) who has not yet had their vehicle stolen to insure the three most stolen vehicles and three that aren't stolen that much.
For the Subaru Impreza WRX AWD model, the annual quotes went from $2,195 to $3,235.
For the Ford F350 Super Duty Crewcab 4WD, the annual quotes went from $1,682 to $2,921.
For the Cadillac Escalade 4WD, the annual quotes went from $1,940 to $3,747.
Romanov then got 30 different quotes for three similar vehicles that aren't stolen as much.
For the Mini Cooper S, the annual quotes went from $2,259 to $3,328.
For the Chevrolet Silverado 2500 HD, the annual quotes went from $1,742 to $2,933.
For the Lincoln Navigator, the annual quotes went from $2,187 to $3,387.
The insurance companies are of course free to set the rates to fit the risks they see, but it does make you wonder why a vehicle's likelihood of theft doesn't play a bigger role in the equation.