How expensive is it to insure one of Canada's top 10 most stolen vehicles?

How expensive is it to insure one of Canada's top 10 most stolen vehicles?

Theft risk is one of many factors insurance providers consider when they set your premium. Find out how Canada's top 10 most-stolen vehicles stack up when it comes to the cost of insurance.

Every year, the Insurance Bureau of Canada (IBC) releases a list of Canada’s Top 10 Most Stolen Vehicles.

To compile the list, the IBC collects actual theft claims data from almost every car insurance company in the country.

Data like this can help drivers make an informed choice when shopping for a vehicle, and can also shed light on why you might find you’re paying more for car insurance if you buy one of these vehicles.

How theft risk can impact your car insurance premium

Theft risk is one of many factors insurance providers consider when they set your premium, among driving history, age, gender, location, and more. Insurance claims for theft can be quite costly. According to the IBC, a car is stolen every six minutes in Canada, on average. For insurance companies paying out theft claims, that translates to a big price tag. 

According to the IBC*, there were 20,767 theft claims in 2020 in provinces where auto insurance is privately run, which excludes British Columbia, Saskatchewan, and Manitoba. (Quebec is also excluded from the data.)

This number represents only theft claims that were made on private passenger vehicles (i.e. not commercial). Still, that translated to a whopping $346,754,000 in claims payouts.

No insurance provider wants to pay to replace an entire vehicle. So if it sees a lot of theft claims with a particular model, it may decide to charge more to insure it to offset the costs associated with those claims. 

What it costs to insure one of Canada’s top 10 stolen cars

We sought to find out how much more expensive it is to insure one of Canada’s most commonly stolen vehicles. Using LowestRates.ca auto insurance quoter data, we pinpointed the average quoted premium for each model on IBC’s list and compared it against the national average.

Because we ask LowestRates.ca users to enter more specific models than what the IBC lists for some brands — e.g., the IBC lists the most expensive model as the "2018 HONDA CR-V 4DR AWD, but LowestRates.ca has eight variants of this model in our database — we’ve opted to use the 4DR AWD model with the most quotes on our site.

One cool thing the data revealed: you’re not guaranteed to pay more for one of Canada’s top 10 stolen vehicles. Five of the 10 most stolen cars are actually less expensive than the national average — one by 15%, in fact.

Here’s IBC’s ranked list of Canada’s most stolen cars, and how much more or less expensive each model is to insure than the national average.

1. 2018 HONDA CR-V 4DR AWD: 12.9% more expensive

This is the first time the Honda CR-V has made IBC’s top 10 stolen vehicles list, according to available archived data. And to mark its debut, it’s taken the number-one spot as the most stolen vehicle of 2020.

Out of the 10 vehicles on this list, it’s also the most expensive to insure when compared to the national average. The model with the most quotes on LowestRates.ca that we used for this comparison was the EX, which is one step up from the base model.

2. 2017 LEXUS RX350/RX450h 4DR AWD: 5.0% more expensive

It makes sense to see this luxury car on the most stolen list, as it has been one of the top stolen vehicles since 2017. Higher-end vehicles are prime targets for thieves, who can reprogram vehicles with push starts by relaying the signal from a person’s key fob. Despite being the second-most stolen vehicle of 2020, it’s only 5% more expensive than the national average.

3. 2017 HONDA CR-V 4DR AWD: 10.8% more expensive

This is the second CR-V to make the list this year, but this time it’s a slightly older model. Again, the EX model was the one with the most quotes on LowestRates.ca, so that’s what we’ve used for the comparison. This model is nearly 11% more expensive to insure than the national average. 

4. 2018 LEXUS RX350/RX350L/RX450h/RX450hL 4DR AWD: 1.8% less expensive

Here’s another Lexus, though a newer model. This five-seat crossover is actually slightly less expensive than the national average, so while it clocks in at number four on the list, it may not eat up your car insurance budget.

5. 2018 FORD F-150 4WD: 15.1% less expensive

Ford trucks consistently make IBC’s annual top 10 stolen vehicles list, though it’s the Ford F-250 and -350 that dominated it from 2014 to 2019. So it’s curious to see only one Ford truck on the 2020 list — and to see that it’s actually the least expensive vehicle on this list to insure when compared to the national average. This is based on the F-150 4WD model with the most quotes on LowestRates.ca, which was the XLT Supercrew.

6. 2019 HONDA CR-V 4DR AWD: 6.6% more expensive

And that makes three! For this 2019 Honda CR-V, we’ve again found that the EX model is the trim level with the most quotes on LowestRates.ca, so that’s what we’re basing the insurance data on. In keeping with the other CR-Vs on this list, insurance is probably going to be a little extra for this one.

7. 2018 TOYOTA HIGHLANDER 4DR 4WD: 6.3% less expensive 

This premium SUV didn’t make the most stolen list in 2019, but it came in at number seven last year — and is still being targeted by thieves this year. According to the Waterloo Regional police, Toyota vehicles are among the most commonly targeted when it comes to theft. That doesn’t necessarily mean you’ll pay more for insurance, though. LowestRates.ca data show the Highlander actually coming in at 6.3% less costly to insure than the national average.

8. 2017 TOYOTA HIGHLANDER 4DR 4WD: 0.6% more expensive

The 2017 version of the four-door all-wheel drive Highlander costs more to insure than the 2018 model. But when compared to the national average, the difference is negligible — it’s 0.6% more expensive.

9. 2019 LEXUS RX350/RX350L/RX450h/RX450hL 4DR AWD: 2.7% less expensive

The newer version of the Lexus RX comes in at number nine, and is less expensive to insure than its 2018 predecessor. LowestRates.ca data pegs it at nearly 3% less expensive to insure than Canada’s average.

10. 2017 DODGE/RAM RAM 1500 4WD: 14.8% less expensive

The only other pickup truck to grace this year’s list, the 2017 Dodge Ram (for which we’re using the SLT Crew CAB model, as it got the most quotes on our site) is nearly the same percent less expensive as the 2018 Ford F-150.

How to save on car insurance with a most stolen vehicle

As our data show, six out of the 10 vehicles on this list cost more to insure than the national average. That’s something to keep in mind when shopping around for a vehicle. 

That said, theft risk isn’t the only factor that will go into determining your premium. While you might see certain vehicles on this list being more or less expensive to insure than the national average, just keep in mind that these figures aren’t set in stone. Your mileage, your age, your driving history, your postal code, etc. all factor into what you’re going to pay for insurance. Theft risk is only one piece of that puzzle.

If you decide to purchase one of these vehicles, make every effort to deter thieves and keep this list in mind when shopping for car insurance. Make sure you take the time to compare car insurance rates — especially when you might already be staring down a higher premium. 

*Source: IBC analysis based on GISA exhibits AUTO7001-ON-2020, AUTO7001-AB-2020, AUTO7001-ATL-2020.

About the author

Lisa Coxon

Lisa is an Editor and Writer for LowestRates.ca. Her work has appeared in Reader’s Digest, Toronto Life, Canadian Living and TVO. As a child, she diligently hoarded the $50 bills that fell out of her Christmas cards. Adult Lisa is working hard to resurrect those stockpiling tendencies. Reach her at lisa@lowestrates.ca. 

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