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Vehicle Thefts In Canada Lead To $1 Billion Of Insurance Claims

The number of vehicle thefts across Canada continues to soar, particularly in Ontario and Quebec, according to Équité Association, an insurance industry group.

The association, which focuses on preventing insurance fraud, says in a new report that the Canadian insurance industry lost more than $1 billion for the first time on vehicle theft claims in 2022.

Vehicle thefts rose 50% in Quebec last year, increased by 48.3% in Ontario, and grew by 34.5% throughout Atlantic Canada.

Stolen cars, trucks and SUVs are often exported overseas, or the Vehicle Identification Number (VIN) is changed so that the motor vehicle can be resold within Canada, said the association.

The recovery rate for stolen vehicles in Canada stands at about 57%, with higher rates in Atlantic Canada and Alberta, according to the association.

The report states that organized crime rings across Canada are focused on stealing new and luxury vehicles to maximize profits overseas.