News & Features

Vehicle Thefts Costing Insurers 1.54 Billion Each Year

Posted in General News on Monday, June 26th, 2023

The UK’s oldest car insurance loss adjuster, Claims Management & Adjusting (CMA) has estimated that vehicle thefts are now costing UK insurers £1.54 billion per year, with a decline reported in the stolen car recovery rate. CMA Managing Director, Philip Swift, a former police detective, said: “Vehicle theft costs to UK insurers increased again last year, up by £100m to £1.54bn. With the number of thefts and vehicle values static, this rise is due to a further 5% decline in stolen car recovery rates. The sad fact is, if your car is stolen, you are unlikely to ever see it again. A Freedom of Information Act request to Kent police recently revealed an astonishingly low 6% recovery rate. According to our analysis, the nationwide picture is better, with around 23% of stolen vehicles currently recovered. However, it is a continuation of the steady downward trend we have seen since 2006, when over three quarters of stolen cars were successfully recovered.” 
 

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