While the risk of vehicle theft currently comprises a small part of insurance premiums, alarming rises in the number of claims made for increasingly expensive vehicles inevitably mean insurers will have to start charging more, the Insurance Council of Australia (ICA) has warned.
Adjusted for inflation, claims across the country in 2015 were valued at approximately $218 million (US$138 million). By 2024, this figure had risen to $428 million, a 96 percent increase.
