Toronto, Ontario — For the first time, the Insurance Bureau of Canada (IBC) has released a list of the top ten costliest cities in Ontario for auto theft claims, and further, reveals a 524 percent cost increase across Ontario since 2018.
According to the newly released data, auto theft claims costs have also surpassed $1 billion for the first time in 2023.
As per IBC’s study, when looking at the costliest cities in Ontario for auto theft claims, Toronto came in first place with an increase of 561 percent between 2018 to 2023. Brampton came in second place with an increase of 719 percent; while Mississauga came in third with an increase in claims of 533 percent.
Moreover, when looking at the top ten cities by increase in auto theft claims and claims costs from 2018 to 2023, Whitby came in first at an increase of 2,269 percent, while Pickering came in second at an increase of 1,228 percent and Miton in third at 1,010 percent.
“Ontario is seeing an alarming increase in auto theft claims and auto theft claims costs,” said Amanda Dean, vice president, Ontario and Atlantic, IBC. “As IBC’s numbers reveal, the Greater Toronto Area has been hit particularly hard by the auto theft crisis. These claims costs speak to the growing severity of the auto theft crisis in Ontario–a crisis that is having a material impact on auto insurance premiums, to say nothing of the concern and trauma it is causing Ontarians.”
To see the full report and the top ten cities in each category, click here.
The post Climbing Costs: Insurance Bureau of Canada reveals Ontario’s top ten costliest cities for auto theft claims; reports record-shattering 524 percent cost increase in last five years appeared first on Collision Repair Magazine.
