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Some insight into the rate increases we’re seeing in Ontario auto insurance premiums and the anti-theft requirements for high-risk vehicles. “2022 marked the first time that the country's insurance companies paid out over $1 billion in claims for stolen vehicles, with the GTA being responsible for around $500 million of that total. Theft claim costs in Ontario alone were about $700 million in 2022, which is a 329 per cent increase from 2018 when claim costs were around $160 million.” If you need assistance with examining your risks, we’re here to help. Let’s talk #autoinsurance #privateclient #nfp #personalinsurance #riskmanagement #assetprotection #autotheft

Recently I received a letter from my car insurance company advising me that my bill was going up. Not because I had an accident or claim, just because costs have increased for them and they needed to "re-evaluate" all policy holders. I am pretty sure part of this increased costs is related to auto thefts, so I have little sympathy for the person who is seeing the $1,500 surcharge being added to their bill because we are all being affected by this. I shouldn't have to pay for the added risk you have chosen to take as a driver by owning a car in demand by the thieves, but I will have accept the increased costs related to the theft risk for the car I drive. Be angry with our government at their lack of action on this issue. As for your insurance costs, you have options: (1) install the anti-theft device; (2) trade-in your vehicle for something less desirable; (3) shop around for a different insurer; (4) suck it up and pay the bill. #carinsurance #carthefts #costs

Car theft remains a problem across the country. Thinking about buying an aftermarket anti-theft device to better protect your vehicle? We take a look at the best options to help prevent theft and potentially lower your auto insurance premiums. #Insurance #AutoInsurance #CarInsurance #InsuranceBrokers #InsuranceIndustry #AutoTheft #CarTheft #Canada

As auto theft rates continue to rise in Ontario, it's essential to understand the impact it can have on car insurance rates.

Filing multiple car theft claims can lead to higher premiums and changes in your policy. If you've made more than three claims in three years, you might be considered high-risk. To avoid this, use anti-theft devices and consider the necessity of each claim. Discuss your options with an insurance broker to better understand your coverage.

Recent data from the Insurance Bureau of Canada reveal just how bad of a crisis vehicle theft has become across the country. In 2023, the claims cost to replace stolen vehicles surpassed a record-breaking $1.5 billion – that's a 254% increase when compared to 2018! Learn more about how stolen vehicle trends can impact your insurance premium on our blog!

Stay one step ahead this #FraudPreventionMonth by steering clear of staged car accidents. Here are a few things you can do to avoid being involved in a staged accident, some of the telltale signs of staged collisions, and how you can protect yourself if you’ve already been hit. #FPM2024 #InsuranceFraud #kNOwFraud #BeScamSmart Economical Insurance

Stay one step ahead this #FraudPreventionMonth by steering clear of staged car accidents. Here are a few things you can do to avoid being involved in a staged accident, some of the telltale signs of staged collisions, and how you can protect yourself if you’ve already been hit. #FPM2024 #InsuranceFraud #kNOwFraud #BeScamSmart Economical Insurance

If you own a Kia or Hyundai, you may have noticed a significant increase in your insurance rates. Sadly, these two brands are among the most likely to be stolen, leading many insurance companies to not even offer quotes for certain models. As a result, many clients are left with very limited options. In today's market, having flexibility to move companies has never been more important. Stay informed and protected with Nightlight Insurance, your trusted independent agency. #nightlightinsurance #smartmoney #independentagency Read more: https://lnkd.in/gb_aE9K4

Young drivers face increasing challenges when it comes to car insurance costs. The insurance industry warns that some may resort to fraudulent practices to cut expenses. Find out more about this concerning trend: https://okt.to/cHrgv4