Auto theft claim costs are up in regions across Atlantic Canada, according to the Insurance Bureau of Canada (IBC). Its latest update and data point to alarming spikes in the price residents are paying.
According to IBC’s news release, theft claims in New Brunswick — specifically in Moncton — surged 270% between 2018 and 2023. Fredericton saw an even greater increase, at 231%, over the same period. “These hot spots, along with the dozens of others across the country, contributed to the record-shattering $1.5 billion in auto theft claims last year,” said IBC.
In a statement Amanda Dean, the company’s Vice-President for Ontario and Atlantic regions, said the auto theft issue has not only affected central Canada. The problem is sprawled across the country.
“This crisis is having a material impact on auto insurance premiums in the hardest-hit regions — Ontario, Québec and Alberta,” said Dean. “Without swift action to combat theft in Atlantic Canada, claims costs will increase which in turn will impact the cost of insurance.”
IBC listed the Top Seven Costliest Cities for Auto Theft Claims in Atlantic Canada, 2023. These include Halifax Regional Municipality (N.S.), Moncton (N.B.), Fredericton (N.B.), Cape Breton Municipality (N.S.), St. John’s (Nfld.), Saint John (N.B.), and Charlottetown (P.E.I.)
Dean said the auto theft crisis will only worsen in Atlantic Canada if provincial and municipal governments do not advocate for solutions that include things like investments in Atlantic ports.
“We urge all orders of government — including the provinces and municipalities — to work with the federal government without delay to implement the recommendations in Public Safety Canada’s National Action Plan on Combatting Auto Theft. This must include an update to Canada’s badly outdated vehicle safety standards, and measures that make it more difficult to transport and export stolen cars,” she said in a statement.
