Toyota Aqua Owners in New Zealand Face Skyrocketing Insurance Rates Due to High Theft Rates

Toyota Aqua owners in New Zealand are struggling to cope with soaring insurance premiums, with rates reaching up to $3,000 per year. The sharp increase is attributed to the Toyota Aqua being the most stolen car in the country.

According to data from Cove Insurance, AA Insurance, and AMI Insurance, the Toyota Aqua has topped the list of most stolen cars in New Zealand for two consecutive years. This has led to insurance companies adjusting their premiums to account for the high risk associated with insuring these vehicles.

The high theft rate is mainly attributed to the Toyota Aqua's lack of modern security features, making it an easy target for thieves. Larry Fallowfield, a spokesperson for the Motor Trade Association, noted that the Toyota Aqua has also become the most registered used car in New Zealand over the past couple of years.

Insurance companies have responded by requiring additional security measures for Toyota Aqua owners. Cove Insurance, for instance, mandates the installation of an immobiliser to reduce the risk of theft. "That level of risk doesn't work for anyone - the customer having the car stolen, us as Cove, or our other customers paying higher premiums to cover it," said a representative from Cove Insurance.

Why this matters: The high theft rate of Toyota Aquas in New Zealand has broader implications for the business and insurance market. This could lead to increased costs for car owners and potentially influence the development of more secure vehicles.

Other insurers, such as AA Insurance, encourage customers to install security features but note that this may not necessarily reduce premiums. "Definitely, that is one of many factors that will be built into considering what premiums we charge," said Beau Paparoa, head of motor claims at AA Insurance.

Real-life examples highlight the financial burden on Toyota Aqua owners. Kian Jazayeri, a 22-year-old software engineer, pays around $250 per month for comprehensive and theft insurance. Tracy and her husband from Nelson experienced a significant increase in their insurance premium for their second Toyota Aqua, which was a push-start car.

Favio Nazareno and his girlfriend saw their insurance premium rise by nearly 25% within a year, from $946 to $1,180. Despite having no accidents and both being over 30 years old with full driver licenses, their premiums still increased.

To mitigate these high costs, Toyota Aqua owners are encouraged to install modern security features like immobilisers. This can help in negotiating lower premiums with insurance providers. As Fallowfield mentioned, "Insurance companies are saying - if you fit in an immobiliser, then obviously there's a change to what your premiums look like."

To recap, the high theft rate of Toyota Aquas in New Zealand has led to significant increases in insurance premiums. While installing security features can help reduce these costs, the financial burden remains a challenge for many owners.

Key Takeaways

• Toyota Aqua is NZ's most stolen car, driving up insurance premiums.
• Insurance rates reach up to $3,000/year due to high theft risk.
• Lack of modern security features makes Toyota Aqua an easy target.
• Installing immobilisers can help reduce insurance premiums.
• High theft rate affects not only owners but also the insurance market.