Vehicle theft: AMF adjusts and policyholders benefit

After a meteoric rise of 57.9% between 2021 and last year, vehicle theft in Quebec is on the decline so far in 2024. Claims dropped by 41% in the first half of the year, a sign that the new government measures are beginning to bear fruit.

That said, the number of thefts is still more than double that of 2019, and motor insurers have adjusted. The Autorité des marchés financiers (AMF) is doing the same today, with good news for policyholders.

The AMF is updating several car insurance forms. Here are a few examples:

• F.P.Q. No 1 – The amount offered to motorists to rent a vehicle in the event of total theft of their vehicle has been increased to a maximum of $3,000 per claim, to take inflation into account.
• F.A.Q. No 43 – A new, more advantageous type of compensation has been introduced for motorists. Instead of having to replace the vehicle in the event of a total loss, they can opt for a lump-sum payment.
• F.A.Q. No 45 – The Autorité encourages insurers who require the installation of an anti-theft or tracking device to offer, for example, a discount on the premium or to assume the cost of installing such a device.

We are concerned about auto theft because we are one of the partners who can have a positive impact,” said Patrick Déry, Superintendent of Financial Institutions at the AMF. By updating certain automobile insurance forms, we aim to mitigate the impact of auto theft on Quebecers.”

infoNIV database

In conjunction with the Groupement des assureurs automobiles (GAA), the AMF is also announcing the roll-out of the infoNIV database, which will require insurers - as of January 1, 2025 - to add the vehicle identification number (VIN) of all insured vehicles. This database will enable police forces to return recovered vehicles more quickly to the insurers who have become their owners following the settlement of the claim.

“With the rollout of infoNIV, we're taking another step forward in the fight against auto theft, an issue that remains a concern across the country,” said Johanne Lamanque, GAA Executive Director. We will be able to significantly accelerate the return of stolen vehicles to their insurers and, ultimately, to their owners.”