In 2022, there have been 93 carjacking’s in Toronto. When compared to the same period last year, there were only 21 car jackings and 103 occurrences in all of 2021, according to Toronto Mayor John Tory. Although making a car theft claim does not lead to higher premiums, claims may make it more challenging for an insured to retain their theft coverage, according to one insurance expert.

Torontonians need to be aware of their surroundings no matter where they are in the city.

All-Perils, Specific Perils or Comprehensive insurance coverage is one of the sorts of coverage available to protect automobiles from theft. Pertinent, as automobile thefts in Toronto have increased by 55% since last year.

People who live in places where there are more reported instances of theft and vandalism are going to have their rates higher in those regions than people who live in other areas. Making a claim through a comprehensive coverage policy will not affect your rates. Although not common, an insured may run the danger of having such coverage canceled if he or she files a lot of comprehensive claims in quick succession — whether the automobile was stolen, vandalized, or damaged as a result of inclement weather. At the very least have their deductibles increased. In severe cases if a client has made numerous claims in a short period of time, some insurers may consider them high-risk and withdraw their comprehensive coverage, leaving them only with the required coverage.

Some Insurance companies may give discounted rates if your car is parked inside a garage or a monitored structure — that it’s more secure and safe – rather than on the road, in front of your garage, or in a public parking lot where there’s a chance it could be stolen. Some insurance companies may even provide discounts for specialized secured alarms that track your stolen vehicle.

Premiums for insured cars are determined by a vehicle’s value, as they are for most insurable goods. However, insureds may have lower premiums in a variety of ways, all of which are linked to reducing the risk of theft.