But with the most frequently stolen vehicles, even a tag may not necessarily reduce insurance premiums, experts warn.

Every insurance company works differently, said McGuinty. “There’s no set standard response from the insurance industry in terms of, if you install an aftermarket tracking device, you will receive X premium discount,” he said. “That’s just not how it’s operating.”

It could, however, deter potential thieves—which can affect insurance premiums in the future since drivers who have had a vehicle stolen in the past may pay more over time.

Hands explained that taking preventive measures, even if an insurance company isn’t offering discounts or reimbursements, still benefits car owners. “The longer you can stay claims-free with your record, the better your insurance pricing should be,” Hands said. Shopping around for better deals on insurance is also a crucial cost-saving step. 

Can you be denied insurance because of the model?

Steve Henderson, a managing partner at Youngs Insurance Brokers Inc., says he has been noticing some insurance companies taking a step back by refusing to insure cars high up on the list of most stolen vehicles. When working with a client, he said he tries his best to get suitable deals and share any piece of advice coming down the chain from insurance companies.

“We check our array of companies, we find out who’s the best,” Henderson said. “We try and use our companies to the advantage of the consumers.”

How to prevent your car from being stolen

Some tips to deter car thefts, and likely offer relief on insurance premiums, include parking inside the garage, locking the steering wheel with a device when parked outdoors; and storing car keys in a Faraday pouch, an aluminum-lined bag that blocks fob signals. Hands said people thinking of buying a new vehicle should look at the most-stolen vehicle models and check if their potential purchase is a part of the list.

“If you’re looking for a vehicle as utility, picking a vehicle that’s not on this list might be something you might want to do, because it’ll help you save money in the long run,” Hands said.

Lisa Hannam

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