CAA Insurance announces deep concern over auto theft crisis

The CAA Insurance Company released a news statement on Jan. 30 announcing that it is deeply concerned with the auto theft crisis spreading across Canada. The most troubling issue, they say, is that as consumers take more precautions, thieves are finding more aggressive ways to steal vehicles — including home invasion.

“If the rate of vehicle theft does not decrease, it will lead to an increase in auto-related costs that could become unbearable for drivers in Ontario, many of whom are already struggling with affordability,” said Elliott Silverstein, Director of Government Relations at CAA Insurance, in a statement.

CAA Insurance said the ongoing microchip shortage and vehicle availability issue is making the auto theft situation worse. This in turn, they noted, makes vehicle rentals and replacements time-consuming and more expensive for consumers, with wait times for new vehicles stretching sometimes past a 12-month period.  

“The impacts of auto theft are significant,” said Silverstein in a statement. “For the insurance industry, it is the equivalent of addressing a year-round catastrophic incident (like a flood or tornado) with no visible end in sight.”

The news comes after the federal government announced about a week ago that it is planning a national summit on combating auto theft on Feb. 8 in Ottawa, Ont. The summit will include leaders from key sectors so a coordinated response can be adopted towards the ongoing auto theft issue.  

In the meantime, CAA Insurance is recommending a few preventative measures: placing the car fob in a Faraday box/pouch to prevent signal hacking, covering the Vehicle Identification Number (VIN), and storing a GPS tracker, among other things. 

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