Car thefts are persistently on the rise, leaving both vehicle owners and advocacy groups emphasizing the importance of preventative measures. However, even with increased vigilance, the financial burden on victims can be substantial, as illustrated by the ordeal faced by Joyce Madero-Buquid.
Since January 12, Madero-Buquid has been without her vehicle, which was only recovered weeks later in a shipping container at a Mississauga impound lot managed by Lyons Towing. Despite the vehicle’s recovery, the Canadian Automobile Association (CAA) has incurred around $5,000 in towing and storage fees, costs that unfortunately trickle down to the vehicle owner.
Madero-Buquid expressed her frustrations to Global News’ Sean O’Shea, revealing that even though the Canadian Automobile Association has retrieved her car for repairs, she continues to make payments on her Jeep which she is unable to use. Adding to her financial strain, the CAA informed her that her insurance premiums would increase by approximately $1,300 annually, partly due to the theft. CAA clarified that the primary reasons for the premium hike include her decision not to renew her CAA membership and her choice against using a theft deterrent device, which could have potentially mitigated the costs.
Insurance experts like Matt Hands, vice-president of insurance at RateHub.ca, advise that when a theft occurs, contacting your insurance company and filing a claim promptly is crucial. Nevertheless, the process can be slow, often requiring victims to continue making car payments during the investigation and claims processing.
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Additionally, Tara Laidman from the Co-Operators explained that insurance companies typically wait a few days to determine if a stolen vehicle will be recovered before processing a claim. This waiting period can leave vehicle owners without transportation, possibly leading to additional expenses for rentals, which may only be covered by insurance for a limited duration.
The impact of car theft extends beyond the immediate recovery of the vehicle. Amanda Dean from the Insurance Bureau of Canada notes that factors like living in a high-theft area and prior speeding tickets might further influence insurance premiums.
In summary, while insurance can provide significant assistance during the theft recovery process, it comes with complexities that might increase the financial burden on the victim. Communication with insurance providers before and after theft incidents is vital to navigating these challenges effectively. As the situation surrounding auto thefts evolves, staying informed and prepared remains crucial for all vehicle owners.
Words by: Craig Clowes
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globalnews.ca
