World News

Reducing Your Insurance Premiums on Frequently Stolen Vehicles


Looking for ways to save on car insurance premiums is a priority for many drivers.

With the rise in car thefts leading to higher insurance costs, finding strategies to lower those expenses is crucial.

Experts suggest that installing a tracking device and parking in a secure garage can help reduce insurance premiums.

Various factors such as driving history, vehicle type, and location influence insurance costs, according to Matt Hands, vice-president of insurance at Ratehub.ca.

As car thefts increase, some car owners may face additional charges on their insurance premiums.

Popular stolen vehicles like Honda CR-Vs, Dodge RAM 1500 series, and Ford F150s are more likely to see insurance surcharges, as per Équité Association.

While some insurance companies may refuse coverage for certain high-theft vehicles, others might offer discounts for installing tracking devices.

An aftermarket tracking device can aid in vehicle recovery and act as a theft deterrent, reducing the risk of claims.

Although the cost of a tracking device is around $400, insurance providers might offer discounts of up to 30% to encourage their use.

However, insurance companies’ responses vary, and installing a tracking device may not always lead to reduced premiums, especially for frequently stolen vehicles.

Despite potential savings, taking preventive measures like installing tracking devices is beneficial in the long run for car owners.

Shopping around for competitive insurance rates and following theft prevention tips can help lower insurance costs and protect against theft.

Ultimately, being proactive in preventing theft and choosing less frequently stolen vehicle models can lead to long-term savings on insurance premiums.



Source link

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.