Since 2019, vehicle thefts in Quebec have more than doubled, creating significant challenges for both drivers and insurers. In response, the The Autorité des marchés financiers (AMF) has implemented several measures to mitigate the impact on consumers.
Key initiatives include:
- Increased Rental Allowance: The maximum reimbursement for vehicle rentals following a total theft has been raised from $1,200 to $3,000 per claim and per insured vehicle, with no daily limit. This adjustment reflects inflation and rising rental costs.
- Launch of the InfoNIV Database: In collaboration with the Groupement des assureurs automobiles (GAA), the AMF introduced InfoNIV, a database that facilitates communication between law enforcement and insurers when stolen vehicles are recovered. This initiative aims to expedite the return of vehicles to their rightful owners.
- Persuade Adding Anti-Theft Devices: The AMF recommends that insurers encourage policyholders to install anti-theft or tracking devices by offering premium discounts or covering installation costs, thereby reducing the risk of theft.
These measures demonstrate the AMF’s commitment to enhancing consumer protection and stabilizing the auto insurance market amidst the surge in vehicle thefts.
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