Toronto, Ontario -- The rising cost of vehicle repairs aren't the only market force pushing up insurance costs in Eastern Canada, a new report has found.
Last year, auto theft claims the Atlantic provinces exceeded $31 million, the Insurance Bureau of Canada found. Over the past decade, the region has seen a 275 per cent increase in theft claims, up from $8.4 million in 2014.
The IBC added that this increase in auto theft is causing a financial strain for drivers.
New Brunswick had the highest claims costs in Atlantic Canada in 2024, with 788 claims totaling more than $16 million. That represents a 228 per cent increase over 2014.
The three cities with the highest increases over the past decade were also all in New Brunswick. Saint John saw thefts rise 520 percent. Theft in Moncton (pictured) was up 746 percent. Fredericton saw an astounding 1,672 percent increase.
“All orders of government should continue to take action on the auto theft crisis in Atlantic Canada and across the country,” said Amanda Dean, vice-president, Ontario and Atlantic for the IBC. “However, it is most critical to tackle the crisis in New Brunswick to ensure it doesn’t become one of the country’s primary hot spots for vehicle thefts.”
“Auto theft is not a victimless crime,” Dean added. “A stolen car is just the tip of the iceberg. The proceeds from stolen vehicles fund organized crime, and the amount of this illicit funding is staggeringly high -- and growing. The time to act is now.”
IBC is calling for the implementation of provincial auto theft teams, updated vehicle safety standards, improved border enforcement, and stronger coordination between provincial and federal efforts.
