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How to deal with the rising costs of auto insurance due to car theft

– moneysense.ca

Looking for a break on car insurance premiums is often top of mind for drivers. And finding ways to reduce that figure is especially important now, when rampant thefts have led to higher insurance costs.

How to lower the cost of auto insurance and prevent car theft

Experts say installing a tracking device and parking in a garage are among the actions that could help lower insurance costs.

Generally, a whole host of factors determine insurance premiums—driving history, type of vehicle and location, among others, said Matt Hands, vice-president of insurance at rate comparison website Ratehub.ca (Ratehub and MoneySense are both owned by Ratehub Inc). But as car thefts rise, he added, some car owners are likely to see an insurance surcharge.

“When you see the price as a consumer, you might go: ‘Oh, wow, that’s quite expensive’,” he said. “A good broker is going to walk you through why it’s the price and is largely out of their control.”

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