Toronto, Ontario — In a recently released report, MyChoice has revealed a possible correlation between carjacking rates across Ontario and record-high insurance premiums.
The company specifically looked at the carjacking rates across Ontario cities with a population size of over 100,000, and then compared this data to the monthly insurance premiums across these same cities.
According to the study, Brampton, with a population of 603,346, recorded one of the highest carjacking rates at approximately 5.25 incidents per 1,000 residents and it also led with the most expensive car insurance premiums at nearly $2,922 per month.
Following this, Etobicoke and Scarborough came in second and third, respectively, with theft rates of 4.96 and 3.84 and corresponding insurance rates of approximately $2,030 and $2,710 per month.
However, despite these correlations, Markham and Richmond Hill—despite being among the most expensive for car insurance with premiums of around $2,447 and $2,248, respectively—are both below the Ontario average for carjacking incidents.
For MyChoice, “this discrepancy suggests that while theft rates significantly influence insurance prices, they are not the sole determinant, and other factors such as collision rates, population density and road conditions impact the rates in these areas.”
Moreover, in the report, Aren Mirzaian, CEO of MyChoice commented that “as carjackings escalate, so does the urgency for comprehensive insurance coverage.”
The company ended the report by suggesting that to mitigate risks and bolster protection, drivers should opt for comprehensive or all-perils insurance policies.
To read the full report and to view MyChoice’s raw data, click here.
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