Most Commonly Stolen Cars: If You Own One It Could Affect Your Finances

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In the automotive world, certain car models are more prone to theft, a reality that car owners must consider. This trend not only affects vehicle security but can also have substantial financial implications, including the potential for increased insurance premiums. Keep reading to learn more.

10 Most Commonly Stolen Cars

Car theft has evolved over the years, with thieves now more sophisticated in their approach. The list of the most stolen cars can be surprising, as it includes older models alongside newer ones. Here are the top 10 most stolen vehicles nationally in 2022, according to the National Insurance Crime Bureau:

1. Chevrolet Pickup (Full Size) — The most stolen vehicle, with over 49,000 thefts, predominantly the 2004 model.
2. Ford Pickup (Full Size) — Close behind with 48,175 thefts, particularly the 2006 model.
3. Honda Civic — Has 27,113 thefts, mainly the 2000 model.
4. Honda Accord — With 27,089 thefts, the 1997 model year was most targeted.
5. Hyundai Sonata — Experiencing over 21,000 thefts, especially the 2013 model.
6. Hyundai Elantra — With 19,602 thefts, the 2017 model was particularly vulnerable.
7. Kia Optima — 18,221 thefts, with the 2015 model being the most common target.
8. Toyota Camry — This popular model saw over 17,000 thefts in 2022, particularly the 2021 model.
9. GMC Pickup (Full Size) — With 16,622 thefts, the 2005 model was often stolen.
10. Honda CR-V — 13,832 thefts, with the 2001 model year being the most stolen.

Financial Implications of Owning a Frequently Stolen Car

Owning a car that is commonly stolen can have several financial implications, primarily affecting insurance premiums.

Increased Insurance Premiums

Insurance companies assess risk based on various factors, including the likelihood of a vehicle being stolen. Owning a model that is frequently targeted by thieves can result in higher insurance rates. Insurers might deem these cars as high-risk, leading to increased premiums to offset the potential cost of theft claims.

The Cost of Comprehensive Coverage

Comprehensive car insurance, which covers theft, becomes more critical for owners of these vehicles. However, the necessity of this coverage also means an additional expense. Without it, owners might find themselves financially vulnerable if their car is stolen.

Depreciation and Resale Value

Cars known for being theft targets can suffer from higher depreciation rates. This perception can lower their resale value, affecting the owner’s financial return if they decide to sell the vehicle.

Potential Costs in the Event of Theft

If a car is stolen, the owner may face various out-of-pocket expenses, even if they have comprehensive insurance. These costs can include car rental fees, increased premiums after the claim and the potential loss of personal belongings inside the vehicle.

Preventive Measures and Safety Tips

While the risk of theft is higher for these models, there are preventive measures owners can take:

• Enhanced security systems: Installing additional security features like an immobilizer or a tracking system can deter thieves.
• Safe parking practices: Parking in well-lit, secure areas can reduce the risk of theft.
• Regular maintenance and updates: Keeping the car in good condition and updating any security features can make it less of a target.

Final Take

Owning one of the most commonly stolen cars can bring financial implications that extend beyond the initial purchase price. Increased insurance premiums, the necessity of comprehensive coverage, potential depreciation and costs associated with theft all contribute to the financial impact. Awareness and proactive measures are key in mitigating these risks. As car theft continues to be a concern, understanding these dynamics can help car owners make informed decisions and protect their financial interests.

Information is accurate as of Dec. 1, 2023. 

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

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