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Vehicle Theft
Approximately 170,000 vehicles are stolen each year in Canada, with Toronto and Montreal being major source locations. According to the Insurance Bureau of Canada, the current rate of recovery of stolen vehicles is approximately 70% nationally. A significant number of un-recovered vehicles (especially newer luxury models) are typically smuggled by criminal groups to foreign markets concealed in containers and moved through the marine ports of Vancouver, Montreal and Halifax .
The Insurance Bureau of Canada estimates that the costs associated with vehicle theft exceed one billion dollars annually, resulting in theft coverage premiums averaging $43 per insured vehicle. |
Other vehicle theft schemes of note include stripping vehicles of parts for re-sale and exporting leased vehicles after declaring them stolen.
