With my daughter quickly reaching the point when she’ll be learning to drive, my husband and I have conceded that we’ll likely have to get her a car at some point. Getting around town isn’t easy where we live, as it’s suburban and fairly spread out. My daughter also plays soccer, and just between us, I’m looking forward to the day when I no longer have to be her chauffeur for sports.
So, we’ve already started to do some research on buying another car. Since she’ll be a new driver with no previous history, we expect her insurance rates to be relatively high. I was a little surprised to learn just how important the choice of vehicle will be in keeping her premiums as low as possible, since certain makes and models are more expensive to insure than others.
Why Are Some Cars More Expensive to Insure?
Car insurance companies are all about managing risk, and the reason some cars are more expensive to insure than others is that certain makes and models pose an increased chance of triggering financial losses for the insurance provider. This can happen for various reasons; for example, fast vehicles with high-end performance capabilities are more likely to be involved in accidents. However, the most common reason is theft — makes and models with the highest theft rates are also more expensive to insure.
When I first learned this, I figured that luxury vehicles and sports cars were most likely to be stolen, but statistics have once again proved me wrong. The most commonly stolen vehicles tend to be top-selling makes and models for a very simple reason: there are more of them on the road, making them easier to access and harder to trace.
If you’re looking at a second vehicle, I’d advise you to research theft statistics before you buy to prevent sticker shock when it comes time to insure it. With that in mind, here’s a few of the most commonly stolen vehicles in Canada, according to aggregated statistics from the past three years:
- Ford F250 and F350 pickup trucks
- Honda Civic
- Cadillac Escalade
- Acura RSX Type S
- Dodge/Plymouth Neon
- BMW X6
To me, the Civic, Neon and F-Series trucks stand out in particular since they’re not the first things that typically come to mind when I think of stolen vehicles. But there they are a testament to why it’s important to research before buying.
Add Anti-Theft Devices to Subtract from Premiums
I also learned that insurance companies in Alberta and Ontario often offer discounts on rates to customers who install anti-theft devices. Factoring in those discounts over the typical vehicle ownership period, my calculations found that investing in an anti-theft device can actually generate a positive ROI. Sign me up!
Insurers tend to prefer these types of anti-theft devices:
- Steering wheel lock mechanisms
- Ignition cut-off systems that stop a car from being started without the key
- GPS-assisted systems that broadcast location data to law enforcement if the car is reported stolen
One other ingenious trick I came across advised drivers hide the registration and title in an unusual location in the vehicle. This way, thieves will not be able to produce these documents if they steal the car but are subsequently stopped by the police.
Reduce Theft of Valuables
I’m already indoctrinating my daughter on the importance of following these important steps to reduce instances of valuables being stolen from parked cars:
- Always lock the vehicle when leaving it
- Never leave a running vehicle unattended, even for a brief period of time
- Avoid leaving valuables in parked vehicles if possible
- Park in well-lit areas
- Avoid overnight parking on the street if possible
- Lock any valuables in the trunk; never leave them visible if they’re going to remain in the car
Car Insurance Options in Alberta and Ontario: Great Rates from a Progressive Provider
If you’re in the market for a new insurance provider, or if you’re shopping around for better rates, I can’t recommend InsureMy highly enough. They’re progressive, using the latest technological tools to offer valuable discounts to deserving drivers. They provide courteous service and great claims support, along with some of the best rates you’ll find anywhere in Alberta or Ontario. Give them a call if you need commercial or personal auto insurance!