If you own a Cadillac Escalade, you may want to watch where you park it.
According to a report released today by the Insurance Institute of Highway Safety (IIHS), Escalades with model years 2007 through 2009 have the highest theft rate of any vehicle in the country. The average yearly monetary value losses for the Escalade alone are more than seven times the average; almost 25% of all Escalade theft claims are for $40,000 or more.
Other large vehicles also made this year's list of hot wheels, including the Ford F-250 (NasdaqCM: FORD - News) crew cab pickup truck, the Nissan Pathfinder (Other OTC: NSANY.PK - News) Armada and the Hummer H2 4WD. Luxury SUVs in general have the most theft in proportion to their worth--the value of their loss is more than six times as high as the average for all passenger vehicles.
In other words, the family station wagon isn't even a contender for most-stolen.
"Thieves are after chrome, horsepower and Hemis," says Kim Hazelbaker, vice president of the Arlington, Va.-based Highway Data Loss Institute (HLDI), an affiliate of IIHS. Work trucks are particularly attractive--not only because of the vehicles themselves, but because of the tools and cargo they carry.
Behind the Numbers
To determine the vehicles with the highest theft rates in the country, HLDI started by looking at only insured passenger vehicles between one and three years old. Then they calculated which insurance claims were filed for each particular model of vehicle, and the size of the payment for each claim. By comparing the number of claims to the number of cars insured, the process indicates vehicles most likely to be targets of theft, because it takes into account a given model's total exposure to the road.
In other words: While more Toyota (TM - News) Corollas are stolen than Cadillac Escalades, that's because 297,000 Corollas were sold last year, as opposed to just 16,000 Escalades. But the odds of having your car stolen are much higher if you own the Caddy--HLDI calculated 10.8 theft claims per 1,000 insured vehicle years (one vehicle insured for one year, or two of the same vehicle insured for six months each). The average claim frequency for all passenger vehicles is 2.1 claims per 1,000 insured vehicle years, with an average loss payment of $6,883 per claim.
The Most Wanted
Most of the vehicles on our list are SUVs and trucks--the Chevrolet Avalanche 1500 and GMC Yukon among them. But that doesn't mean cars are immune to thievery. The Infiniti G37 coupe, Chevrolet Corvette Z06 and the Dodge Charger with HEMI engine each posted big claim frequencies as well.
Chevy's $74,285 Corvette--a souped-up version of the $48,930 base model--particularly stands out on the list. It has a claim frequency of just 1.7 thefts per 1,000 insured vehicle years, but the average loss value per Z06 claim is almost $42,000. Ouch.
Preventing Theft
There is good news for owners of at-risk car models: The frequency of theft claims for cars and SUVs has declined since 1998, even while average insurance payments per claim have increased. Frequencies have dropped the most for SUVs, from 4.9 claims per 1,000 insured vehicle years in 1998, to 2.4 in 2008, according to the report.
Russ Rader, the spokesman for IIHS, says the best thing drivers can do to prevent their vehicle from being stolen is to remove the keys from the ignition, and lock the doors. Anti-theft and recovery devices like sensitive alarm systems, OnStar and immobilization technology help deter filching as well. But even the latest technology can't outsmart the most determined crooks.
"An immobilizer won't stop a thief from putting an Escalade on a flatbed and hauling it off," Rader says.
Better choose that parking space wisely.
List: The Most-Stolen Cars
To determine the vehicles with the highest theft rates in the country, the Highway Data Loss Institute looked at only insured passenger vehicles between one and three years old. Then they calculated which insurance claims were filed for each particular model of vehicle, and the size of the payment for each claim. By comparing the number of claims to the number of cars insured, the process indicates vehicles most likely to be targets of theft, because it takes into account a given model's total exposure to the road.
The average claim frequency for all passenger vehicles is 2.1 claims per 1,000 insured vehicle years, with an average loss payment of $6,883 per claim. Insured vehicle years are measured as one vehicle insured for one year or two of the same vehicle insured for six months each.
1. Cadillac Escalade
Segment: Large Luxury SUV
Claim Frequency: 10.8 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $11,934
2. Ford F-250 crew 4WD
Segment: Large Pick-u
Claim Frequency: 9.7 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $9,636
3. Infiniti G37 2-door
Segment: Luxury Compact
Claim Frequency: 7.1 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $10,324
4. Dodge Charger HEMI
Segment: Large Sedan
Claim Frequency: 7.1 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $10,118
5. Chevrolet Corvette Z06
Segment: Sports Car
Claim Frequency: 1.7 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $41,229
According to a report released today by the Insurance Institute of Highway Safety (IIHS), Escalades with model years 2007 through 2009 have the highest theft rate of any vehicle in the country. The average yearly monetary value losses for the Escalade alone are more than seven times the average; almost 25% of all Escalade theft claims are for $40,000 or more.
Other large vehicles also made this year's list of hot wheels, including the Ford F-250 (NasdaqCM: FORD - News) crew cab pickup truck, the Nissan Pathfinder (Other OTC: NSANY.PK - News) Armada and the Hummer H2 4WD. Luxury SUVs in general have the most theft in proportion to their worth--the value of their loss is more than six times as high as the average for all passenger vehicles.
In other words, the family station wagon isn't even a contender for most-stolen.
"Thieves are after chrome, horsepower and Hemis," says Kim Hazelbaker, vice president of the Arlington, Va.-based Highway Data Loss Institute (HLDI), an affiliate of IIHS. Work trucks are particularly attractive--not only because of the vehicles themselves, but because of the tools and cargo they carry.
Behind the Numbers
To determine the vehicles with the highest theft rates in the country, HLDI started by looking at only insured passenger vehicles between one and three years old. Then they calculated which insurance claims were filed for each particular model of vehicle, and the size of the payment for each claim. By comparing the number of claims to the number of cars insured, the process indicates vehicles most likely to be targets of theft, because it takes into account a given model's total exposure to the road.
In other words: While more Toyota (TM - News) Corollas are stolen than Cadillac Escalades, that's because 297,000 Corollas were sold last year, as opposed to just 16,000 Escalades. But the odds of having your car stolen are much higher if you own the Caddy--HLDI calculated 10.8 theft claims per 1,000 insured vehicle years (one vehicle insured for one year, or two of the same vehicle insured for six months each). The average claim frequency for all passenger vehicles is 2.1 claims per 1,000 insured vehicle years, with an average loss payment of $6,883 per claim.
The Most Wanted
Most of the vehicles on our list are SUVs and trucks--the Chevrolet Avalanche 1500 and GMC Yukon among them. But that doesn't mean cars are immune to thievery. The Infiniti G37 coupe, Chevrolet Corvette Z06 and the Dodge Charger with HEMI engine each posted big claim frequencies as well.
Chevy's $74,285 Corvette--a souped-up version of the $48,930 base model--particularly stands out on the list. It has a claim frequency of just 1.7 thefts per 1,000 insured vehicle years, but the average loss value per Z06 claim is almost $42,000. Ouch.
Preventing Theft
There is good news for owners of at-risk car models: The frequency of theft claims for cars and SUVs has declined since 1998, even while average insurance payments per claim have increased. Frequencies have dropped the most for SUVs, from 4.9 claims per 1,000 insured vehicle years in 1998, to 2.4 in 2008, according to the report.
Russ Rader, the spokesman for IIHS, says the best thing drivers can do to prevent their vehicle from being stolen is to remove the keys from the ignition, and lock the doors. Anti-theft and recovery devices like sensitive alarm systems, OnStar and immobilization technology help deter filching as well. But even the latest technology can't outsmart the most determined crooks.
"An immobilizer won't stop a thief from putting an Escalade on a flatbed and hauling it off," Rader says.
Better choose that parking space wisely.
List: The Most-Stolen Cars
To determine the vehicles with the highest theft rates in the country, the Highway Data Loss Institute looked at only insured passenger vehicles between one and three years old. Then they calculated which insurance claims were filed for each particular model of vehicle, and the size of the payment for each claim. By comparing the number of claims to the number of cars insured, the process indicates vehicles most likely to be targets of theft, because it takes into account a given model's total exposure to the road.
The average claim frequency for all passenger vehicles is 2.1 claims per 1,000 insured vehicle years, with an average loss payment of $6,883 per claim. Insured vehicle years are measured as one vehicle insured for one year or two of the same vehicle insured for six months each.
1. Cadillac Escalade
Segment: Large Luxury SUV
Claim Frequency: 10.8 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $11,934
2. Ford F-250 crew 4WDSegment: Large Pick-u
Claim Frequency: 9.7 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $9,636
3. Infiniti G37 2-doorSegment: Luxury Compact
Claim Frequency: 7.1 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $10,324
4. Dodge Charger HEMISegment: Large Sedan
Claim Frequency: 7.1 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $10,118
5. Chevrolet Corvette Z06
Segment: Sports Car
Claim Frequency: 1.7 per 1,000 insured vehicle years
Average Loss Payment Per Claim: $41,229
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