Having car insurance is important, but having the wrong insurance could leave you on the hook for a big bill if your vehicle is stolen.

While auto theft has dropped across Canada , including in Ontario, theft rates remain “unreasonably high” according to Équité Association , a national authority on insurance crime and fraud prevention.

A new study by ratehub.ca , a mortgage and insurance comparison website, notes drivers with basic liability insurance could be out tens of thousands of dollars if their car is stolen.

Financial impacts of auto theft

The study notes the financial impact of having your car stolen can be serious.

“While (auto theft) trends are shifting closer to pre-crisis levels, the financial impact of having your car stolen can still be devastating, especially fo

See Full Page