Vehicle thefts in Canada continue to rise, leaving many owners facing unexpected expenses and challenges, even after their vehicles are recovered. Joyce Madero-Buquid’s experience highlights the financial strain that can accompany a stolen vehicle, from towing and storage fees to increased insurance premiums. Despite her Jeep being recovered, she continues to bear the costs of a vehicle she temporarily lost, including ongoing car payments and a significant hike in her insurance rates.
The Canadian Automobile Association (CAA) attributes the increase in Madero-Buquid’s insurance premiums to the lapse in her CAA membership and the absence of a theft deterrent device on her vehicle. These factors, combined with the theft, contributed to the rise in costs.
Insurance experts stress the importance of comprehensive coverage in such scenarios, but remind vehicle owners that they may still be responsible for ongoing car payments until the insurance claim is settled. The process involves a waiting period to allow for the possibility of vehicle recovery, during which owners might need to rely on rental cars, public transit, or ride-sharing services, potentially incurring additional costs.
Furthermore, a history of claims, residing in a high-theft area, and other risk factors like speeding tickets can influence insurance premiums. Vehicle owners are encouraged to maintain open communication with their insurance providers to understand their coverage and prepare for any eventualities, including vehicle theft.