The Association of British Insurers latest figures reveal that its members paid out £108million in stolen vehicle claims in quarter one of 2019 – a 22% increase on the same period last year.
However, the stolen vehicle recovery system, Tracker, is urging insurers to offer car owners greater incentives to fit additional security devices, including tracking units, in a bid to overcome rising claims and the keyless car theft epidemic.
Figures from the Home Office record a 50% rise in vehicle thefts over the last five years, which it says is in part being driven by keyless car crime.
With less than 46% of all stolen vehicles without some form of fitted tracking device never recovered, as reported by the National Statistics Office, it should be of little surprise that the ABI reveals that £1.2 million is paid out to policyholders every day for theft claims.
However, Tracker data reveals that 88% of stolen vehicles, which were stolen without using the owner’s keys, were successfully recovered by Tracker in 2018.
Clive Wain, Head of Police Liaison at Tracker, explains: “If more cars were fitted with SVR devices, we’d see a reduction in the volume and cost of insurance claims, because more vehicles would be recovered.
“If consumers were offered greater incentives to fit additional security measures, such as financial savings on their premiums, not only would claims fall, but the cost of insurance premiums could fall for everyone. It’s a win-win all round.”