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Driving an older car may be the way to save hundreds of dollars on annual insurance costs.
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Carjackers are victimizing motorists beyond those that they target, as insurance rates for commonly stolen models have climbed a lot higher, according to a report by ratesdotca.
The insurance quote provider found that those buying a 2024 model of a commonly-stolen vehicle can expect to pay hundreds of dollars more in annual auto insurance premiums than if they purchased the 2018 version of their car, pickup truck or SUV.
In Toronto, for example, the comprehensive premium portion of auto insurance is 408% more for a 2024 Dodge Ram than a 2018 model, according to the report.
“For those considering buying a vehicle that’s commonly stolen, it might be worth it to consider an older model over the latest one,” said ratesdotca insurance expert Daniel Ivans.
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“While auto theft rates are trending downward, they are still happening, and this is reflected in insurance losses and increases in the comprehensive premiums for commonly-stolen vehicles in Ontario.”
The report found that the overall insurance premium for 2024 Lexus RX series was 46% more expensive than a 2018 model, but the comprehensive insurance portion was 119% more expensive.
Additionally, the report found the overall insurance premium for 2024 Range Rover series was 30% more expensive than 2018 model, but the comprehensive insurance portion was 195% more expensive.
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The report also concluded the overall insurance premium for 2024 Mazda CX-5, not a commonly-stolen vehicle, was 11% more than the 2018 model, and the comprehensive portion was 19% higher than the 2018 model.
All insurance premiums were based the amount paid by a 35-year-old man who lives in Toronto, has a clean driving record, has been listed on an insurance policy for 18 years, and has been the customer of the same insurer for two years.
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