ConsumerInfo on Auto Insurance
IBC brochure lists Canada’s top stolen vehicles
TORONTO, Nov. 5, 2002 – For the third straight year, the Hyundai Tiburon (2-door) has the distinction of holding onto the top spot of the Insurance Bureau of Canada’s (IBC) list of the country’s top ten stolen vehicles.
“After meeting with senior executives at Hyundai, the company now manufactures the 2003 Tiburon (2-door and SE 2-door models) with an IBC approved theft deterrent system as standard equipment, says Henning Norup, Vice President of Information, Research and Analysis at IBC. “In the coming years, there should be a noticeable downward trend in theft frequency for the Tiburon.”
The latest issue of How Cars Measure Up (an annual publication) compares the insurance claim records of the most popular models of cars, passenger vans, SUVs and pickup trucks across the country. This year’s edition represents results for 2000 and 2001 models, in cases where at least one thousand of each of the models was insured.
“This information can be extremely useful to consumers before they actually buy a car,” Norup says. “The brochure is designed to help consumers understand how theft, collision and other claims costs affect their insurance premiums.”
The statistics contained in the brochure are based wholly on actual insurance claims data collected from nearly all automobile insurance companies in Canada. These companies write almost 100% of all automobile insurance in Canada.
The brochure also highlights the BMW X5, (4-door all-wheel drive) which tops the list of the ten vehicles with the highest theft claim cost per vehicle.
“Theft of vehicles (and their components) costs Canadian policyholders some $600 million annually in insurance premiums,” Norup says. “Policyholders pay for the cost of theft through the comprehensive portion of their premiums. Although the comprehensive portion of insurance policies also covers losses other than theft, (such as hail and vandalism) half of the amount paid by insurers for comprehensive claims submitted for new vehicles is attributed to theft.”
IBC, along with vehicle manufacturers, after-market manufacturers, and other interested stakeholders, developed a Canadian standard for automobile theft-deterrent systems that was approved by the Standards Council of Canada in 1998. Many insurance companies provide premium discounts on automobile policies to customers whose vehicles are equipped with an approved, factory-installed anti-theft device, and also, when an IBC approved theft deterrent device is installed in the vehicle.
The Insurance Bureau of Canada is the voice of the companies that insure the cars, homes and businesses of Canadians. IBC is highly regarded as a provider of automobile insurance rating information and a creator of automobile theft-deterrent standards. For more information or to download a copy of the brochure, visit our Web site at www.ibc.ca. Copies of How Cars Measure Up are also available by calling 416-445-5912 or 1-800-761-6703.
Backgrounder
How Cars Measure Up – Top 10 Lists 2000-2001 Vehicle Models
Top 10 – Most frequently stolen vehicles (2000 – 2001 models)
- Hyundai Tiburon (two door)
- Acura Integra (two door)
- Honda Civic Si (two door)
- Hyundai Accent (two door)
- Volkswagen Golf GTI (two door)
- Honda Civic (two door)
- Honda Prelude (two door)
- Dodge Dakota (four-wheel drive)
- Dodge Dakota (two-wheel drive)
- Dodge Ram 1500 (four-wheel drive)
Top 10 – Highest theft claim cost per vehicle (2000 – 2001 models)
- BMW X5 (four door, all-wheel drive)
- Acura Integra (two door)
- Hyundai Tiburon (two door)
- Honda Civic Si (two door)
- Dodge Durango (four door, four-wheel drive)
- Dodge Ram 2500 (four-wheel drive)
- Dodge Ram 3500 (four-wheel drive)
- Mercedes-Benz ML320 (four door, four-wheel drive)
- Lexus RX300 (four door, four-wheel drive)
- Dodge Ram 1500 (four-wheel drive)
- GMC Yukon XL 1500 (four-door, four wheel drive)
