Car theft is becoming a major financial issue for Albertans. According to new data from the Insurance Bureau of Canada (IBC), the cost of auto theft in Alberta surged in 2024 and has climbed dramatically over the past three years.
Auto theft claims in the province totaled $110.3 million in 2024, a sharp rise from $67.0 million in 2021, an increase of 65%.
“The auto theft crisis persists in Alberta at a time when the province’s auto insurance system is already under tremendous strain,” Aaron Sutherland, IBC’s vice-president for the Pacific and Western regions, said in a statement.
“Tariffs, inflation, growing legal costs, and rising vehicle repair and replacement expenses are pushing the system to its limits. The provincial government made an important move last fall with its auto insurance reforms, but further action is urgently needed — especially to address theft.”
The most affected cities
Calgary and Edmonton are the epicentres of Alberta’s auto theft crisis. From 2021 to 2024, insurance claims related to vehicle theft increased by 81% in Calgary and 79% in Edmonton, making them the hardest-hit cities in the province.
Other communities have also seen steep increases:
- Grande Prairie: up 59%
- Fort McMurray: up 53%
- Medicine Hat: up 36%
And it’s not just a short-term trend. Since 2014, the total cost of auto theft in Alberta has risen by 161%, highlighting the sustained growth of this problem over the last decade.
Financial strain on insurers and drivers
The financial impact goes well beyond the stolen vehicles themselves. In 2024, Alberta auto insurers paid out $1.17 in claims and expenses for every $1 they collected in premiums. That means insurers are operating at a loss, an imbalance that often translates into higher premiums and stricter policy terms for consumers.
Auto theft may seem like a criminal issue, but it’s increasingly a personal finance one as well, costing all Albertans more at a time when many can least afford it. As the province looks to strengthen its insurance system, cracking down on vehicle theft will be a key part of keeping premiums in check.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Related Posts
