Do you know how many cars are stolen each year here in the UK? Apparently, in 2018 to 2019 there were in excess of 114,000 motor vehicles stolen. We are sure that our readers will agree that is an awfully large figure but what impact does such data have on your car insurance premiums here in the UK?
Well, it is worth bearing in mind that motor insurance providers base their premiums on a number of factors with one of those being how likely your car is to be stolen. In simple terms, the greater the risk your car has of being stolen here in the UK the higher your motor insurance premium is likely to be.
Insurance companies have data relating to how likely a car is to be stolen based upon statistics collated by their claims departments. For instance, it may be that a BMW is more likely to be stolen that say a MINI. Therefore, if the only statistic that had any bearing upon how much a car insurance provider would charge for cover, the owner of a BMW is likely to pay more for their cover than the owner of a MINI.
Insurance companies providing car insurance will also know in which part of the country a car is more likely to be stolen. Therefore, motorists living in those areas where your car is more likely to be stolen may have to expect to pay more for their cover.
Of course, if your car is broken into whilst being parked outside your home then you will no doubt want to claim on your motor insurance policy. You may also want to review what options may be available to act as a deterrent towards one or more people trying to steal your car. For instance, if you are able to park your car overnight in a locked garage then it is less likely to be stolen whereas if it was parked overnight on the street outside your home then it could attract the attention of a car thief more readily than if you had parked your car overnight on your drive.
You could also consider having a car alarm fitted as well as an engine immobilizer to act as a deterrent to a motor car thief. Fitting such a device may reduce the possibility of your vehicle being stolen.
If you make a claim because your car has been stolen then this is likely to result in your premium increasing at renewal.
Remember, if your car insurance is coming up for renewal, you may wish to get a competitive quote to see if you can get the cover cheaper elsewhere.