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Auto Thefts Down, But Theft Losses on the Rise

24 November 1998

Auto Thefts Down, But Theft Losses on the Rise; Thefts of Luxury Cars and SUVs for Export Drives up Losses in California

    LOS ANGELES--Nov. 23, 1998--Though the number of cars being stolen is on the decline nationwide, the average auto theft loss continues to grow due to the value of the vehicles being stolen, a new study has found.
    Released Monday by the Highway Loss Data Institute, the study also shows how theft numbers continue to rise dramatically in California port cities due to the popularity of stolen luxury cars and sport utility vehicles in foreign markets.
    In its analysis of insurance claims and loss trends in metropolitan statistical areas across the United States, the HLDI found that, while the frequency of theft is generally down, auto theft losses continue to climb due to newer and more valuable vehicles' popularity among thieves.
    "Anti-theft devices are doing a good job locking out amateur thieves but the pros are still at work -- and they've discovered a lucrative business exporting stolen vehicles to foreign markets," said Candysse Miller, regional director of the Western Insurance Information Service.
    Burglary losses are also on the rise because the items that have become the target for thieves -- especially air bags -- are expensive to replace.
    WIIS, a non-lobbying insurance information organization, has details of the study available, including statistical breakdowns of theft loss trends throughout California. For more information or to schedule an interview, please contact WIIS at 800/397-1679.