Working Theft Rates Into the Funding Equation
It’s no secret that sales of pickup trucks and full-size SUVs are on the rise, having grown 15.1% and 7.9%, respectively, in the front half of 2013. That’s great news for the economy, the SAAR, automakers — and car thieves.
According to the Highway Loss Data Institute, large, late-model SUVs and pickups — like the 2012 Ford F-250 heavy-duty crew-cab 4WD pickup, pictured — has a registered theft rate of 7 units per every 1,000 insured each model year from 2010 to 2012, roughly six times the average theft rate of all vehicles.
The F-250 unseated the Cadillac Escalade, which had been the most-stolen vehicle for three years, and which fell to No. 6 this year.
A stolen car is more than just an inconvenience or loss of property. It affects the owner’s car insurance, and the ensuing claim process can be daunting and timely. Additionally, if there is a loan or a lease on the vehicle, the financier needs to sign off on the title, which then goes to the insurance company.
Antitheft devices, along with anti-lock braking systems and airbags, are three main safety features that often result in discounts from car insurance companies. Meanwhile, lenders consider a slew of options when they decide whether — and at what rate — to fund loans. Should they also take into consideration how theft-prone specific vehicles are?
