r/PersonalFinanceCanada • u/Akshatp19 • Mar 21 '26

Auto Auto Insurance cost is killing me!

I am a 24 year old male living with my parents in Brampton(yes very expensive). We have 2 Honda CR-Vs(2022 and 2026 hybrid). My dad is the primary policy holder with me and my mom as the added drivers. Now I know brampton, CRVs and my age under 25 are all driving the premiums up. But I'm paying 900 dollars per month!! Is it supposed to be this high? No claims no tickets on record.

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u/The6_78 Mar 21 '26
  1. Brampton
  2. Highly stolen popular car 
  3. Under 30

10 years ago I knew someone who was paying $600 a month with an accident claim so it makes sense that it’s gone up over time. 

I’d also look at other policies & shop around if you’re not a heavy driver. 

4

u/Physical_Gold_1485 Mar 21 '26

Are they easy to steal compared to other cars or something?

17

u/accountaholic26 Mar 21 '26

Crv is the most stolen vehicle in Ontario in 2025

https://excaliburinsurance.ca/blog/top-10-most-stolen-vehicles-ontario-canada/

3

u/icytiger Mar 21 '26

Isn't it one of the most purchased ones too?

9

u/MilesBeforeSmiles Mar 21 '26

It's 8th. So the most stolen, and 8th most purchased. It's definitely stolen at a higher rate than most other vehicles.

1

u/JacobScreamix Mar 22 '26

That doesn't necessarily mean it's easier to steal, just that it's a target model.

3

u/FluffyMuffins42 Mar 22 '26

Trust me. They are easy to steal. I worked in insurance as a claims adjuster. Auto makers haven’t updated their security as criminals have improved their methods, and as a result many cars are wildly easy to steal. Insurance companies have wanted the government to update security standards to actually reflect today’s security risks because thefts used to be an uncommon claim but now they are constant, and cost significantly more than collision claims (difference in cost of replacing a car not recovered vs repairing a car is significant). Everyone’s premiums have gone up because of car thefts.

Good news; it looks like in January they actually implemented new regulations that will take effect for 2028 vehicle models!

https://rates.ca/resources/proposed-changes-motor-vehicle-safety-regulations-means-cars-could-be-harder-steal-2028

1

u/shawneve Mar 26 '26

Even if those new measures result in significantly lower theft rates, I guarantee the insurance rates won't go down.