1315489 SIP myths you must know!

Rising sales of passenger vehicles is often cited as a certain marker for rising affluence in the country and is worn as a badge of honour and accomplishment by our policymakers, but did you know that vehicle theft is galloping at a far faster rate than consumers are buying them. A report titled ‘Theft & the City 2024’ by Acko Digital Insurance has stated that vehicle theft in the country has jumped by a whopping 240% in calendar year 2023 compared to CY 2022.

The city where thieves have been most successful is the national capital which has reported the maximum number of thefts.

“A vehicle is stolen every 14 minutes in the capital,” the report mentioned. Last year, every day as many as 104 car thefts were reported in New Delhi.

The country’s commercial capital came a poor fifth on this chart, recording only one car theft last year to Delhi’s 11.

Mumbai police data revealed that 3,058 vehicles were stolen from the city in 2022. The number declined to 2,671 last year. The police cracked 55% of the theft cases registered in the two years and traced 4,259 stolen vehicles.

Animesh Das, CEO of ACKO General Insurance told the Hindustan Times, “Mumbai has always been a safe city where crimes have halved owing to the police maintaining strict discipline and residents adhering to rules. Unlike Delhi, which has adjoining states that make it easy to transport vehicles and sell spare parts in the resale market, Mumbai has geographical advantages that doesn’t allow this to happen.”

In Chennai, vehicle thieves appear to have become more active in 2023. The share of vehicle thefts in Chennai rose by more than 100% — rising to 10.5% from 5% in 2022. Their Bengaluru counterparts have shown slower improvement – the vehicles they have stolen constituted 10.2% of the national crimes in 2023 over 9% reported in 2022.

“The post-Covid increase in mobility has led to a rise in theft, primarily due to heightened parking issues. Recognising this trend, insurance companies have improved underwriting processes to address the evolving risks. These enhancements enable more accurate risk assessment and coverage customisation, resulting in a smoother claims process for policyholders,” said Das according to a report in the Business Standard.

Among the list of vehicles that attract theft the most, Maruti is clearly the leader since 47% of all stolen cars are from this brand. The report also observed that vehicles with the highest demand, and, therefore, long delivery times are most susceptible in this regard. Maruti’s old warhorse Wagon R and Swift are most frequently stolen ones in Delhi NCR. The models to follow on the preference index of thieves are Hyundai Creta, Hyundai Grand i10, and Maruti Swift Dzire.

Last year bike more two wheelers were stolen compared to cars. Hero Splendor, Honda Activa, Royal Enfield Classic 350, Honda Dio and Hero Passion were the most stolen vehicles in the country. Hero Splendor was the most stolen bike last year.
“The surge in vehicle ownership brings with it a rise in vehicle theft cases. Our second edition of the vehicle theft report brings insights and perspective into the issue after delving deep into 2,000 claims received in 2023. By understanding the underlying factors, our aim is to empower individuals with knowledge and promote heightened awareness on the importance of opting for the right insurance policy to safeguard themselves from unexpected situations,” said Das.

Mentioning the new ways that thieves employ to gain access to vehicles with advanced safety features such as keyless entry, the report said thieves often scan barcodes (embedded on windshields) and share them offshore to unlock cars and even gain remote access.