In the evolving landscape of vehicle security, Ontario has witnessed a significant shift with the adoption of TAG tracking systems. These innovative devices are changing how we protect our vehicles and interact with insurance policies.
Understanding TAG Systems
TAG tracking systems represent a leap forward in theft prevention. These compact, wireless devices are easily installed in vehicles, offering a discreet yet powerful deterrent against theft. By leveraging advanced tracking technology, TAG systems provide peace of mind to vehicle owners and insurers alike.
Installation and Compatibility
Installing a TAG system is a straightforward and non-intrusive process, ensuring no impact on your vehicle's warranty or lease/financing agreements. Notably, certain insurers are currently offering to subsidize the installation cost of these systems. However, there are indications that this financial support may cease sometime in 2024. It's a time-sensitive opportunity, making it prudent for vehicle owners to take advantage of this offer sooner rather than later to enhance their vehicle's security without incurring additional costs.
The Decline of Coverage Offers
As the market evolves, the window for these insurance incentives is gradually closing. Within the next six months, many insurers are expected to roll back their offers covering the installation costs of TAG systems. This urgency underscores the importance of acting now to safeguard your vehicle and capitalize on these financial benefits.
Insurance Premium Surcharges
Insurance providers often assess the theft rates associated with specific makes and models, considering factors like the vehicle's popularity among thieves, the effectiveness of its security features, and overall vulnerability to theft. If a car is deemed more prone to theft based on these criteria, many insurance companies have started to implement a $500 surcharge on the auto policy for that particular vehicle. This surcharge is intended to offset the increased risk of a theft-related claim and reflects the insurance industry's commitment to pricing policies in accordance with the potential risks associated with the insured assets.
An abbreviated list of some newer model vehicles which may include a $500 surcharge in insurance premium in Ontario due their High Theft occurrence:
Dodge Ram 1500
Land Rover, Range Rover
Jeep Grand Cherokee
The introduction of TAG tracking systems into the Ontario market signifies a proactive step towards combating vehicle theft and reducing insurance premiums. As these incentives become less common, now is the ideal time to enhance your vehicle's security. At Sutherland Insurance, we're committed to helping you navigate these changes and make the most of the opportunities they present. For more information and assistance, feel free to reach out to us.
View all posts