Vehicle theft is a pervasive issue that continues to cast a shadow over our daily lives.
The shocking reality is that a vehicle is stolen every 6 minutes in Canada, and the numbers in Ontario are even more alarming – a vehicle theft occurs every 48 minutes, showing a disturbing 14% increase in the past year alone. It’s a worrisome trend that we all need to address.
In response to the rampant vehicle theft crisis, the insurance industry is embracing innovation and technology as key tools for tackling this issue head-on.
The TAG anti-theft product has emerged as a game-changer, offering a comprehensive solution to the longstanding problem of stolen vehicles. TAG stands for “Theft Avoidance and GPS,” and it combines cutting-edge technology with real-time tracking to ensure the safety and security of vehicles.
How TAG Works
TAG operates on a multi-layered approach to prevent theft and aid recovery. This compact device is discreetly installed within the vehicle, making it virtually undetectable to potential thieves. Once activated, TAG utilizes GPS technology to constantly monitor the vehicle’s location and status.
If an unauthorized attempt to move the vehicle is detected, contact the Tag Tracking Central immediately: You must contact the Tag Tracking Central immediately to advise them of the theft. The Tag Tracking Team will be dispatched within moments following your phone call. This rapid response mechanism significantly increases the chances of recovering the vehicle before any significant damage is done.
Installation is a quick process at any Speedy Glass location. You leave with the device installed, and a small TAG etching on the drivers’ and front passengers’ window indicating to would be thieves that they should move on and find a different vehicle to steal.
Insurance Industry’s Embrace of TAG
Recognizing the potential of TAG to curb vehicle theft rates, insurance companies have taken proactive measures to encourage its adoption among policyholders. Some insurers are offering discounts to individuals who install TAG in their vehicles and some are subsidizing the cost of the installation. These incentives not only promote vehicle security but also translate into reduced insurance premiums, creating a win-win situation for all parties involved.
Additionally, insurance providers are targeting the most commonly stolen vehicle models by mandating TAG installation. For policyholders with high-risk vehicles, this requirement offers an effective means of safeguarding their investment and ensuring they remain eligible for coverage. In cases where TAG installation is refused, most insurers are implementing a $500 theft surcharge. This approach aims to motivate vehicle owners to prioritize security, thereby contributing to the collective effort against vehicle theft.
The team at Orr Insurance understands that more insurers will continue to roll out their TAG initiatives over the coming months.
A Safer Future Ahead
The synergy between technology, insurance, and proactive measures is paving the way for reduced thefts. As TAG continues to gain traction, they can anticipate a significant reduction in stolen vehicle incidents, ultimately leading to fewer people suffering the negative impacts of having a vehicle stolen.
At Orr Insurance & Investment, brokers are being proactive by contacting clients that may be mandated to install a device or suffer a surcharge. If you already have a TAG system or are interested in learning more about how this news may impact your own policy, please contact your broker today!
This article was provided by Kim Heroux, Personal Lines Team Lead.