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Lower theft rate can mean better auto insurance rates

Posted On Mon, September 14, 2009

Vehicle theft is a major factor behind higher auto insurance rates, which is why recent FBI statistics should come as good news to consumers.

This week, the FBI released its annual Crime in the United States report, which found that auto theft rates decreased by 12.7 percent in 2008. This is actually part of a trend that has seen fewer vehicle thefts over the past several years, in part because of the more advanced security systems that are featured on newer cars.

Despite the improving situation, drivers can't let their guard down. The FBI report also noted that stolen vehicles represented $5.6 billion in property losses last year, even though $3.2 billion of that total was eventually recovered.

The decline in auto theft comes at a time when insurance crimes in general have been on the upswing as a result of the recession and the inability of some people to keep up with vehicle payments or to make ends meet otherwise.

Consumers have already benefited in recent years from lower auto insurance rates brought on by falling theft rates, and this latest report is likely to only add to that trend.

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