In the US’s major cities, auto theft increased by 21% between 2021 and 2022. While the number of auto thefts and carjackings has doubled in some cities, it has tripled in places like Memphis and Chicago. Not only this, but according to a report by the Council of Criminal Justice, overall robberies increased by more than 5%, larcenies by more than 8%, and non-residential burglaries by 11% in 2022.

What are the causes of the rise in thefts, particularly of expensive items like GPS units, rims, tires, and catalytic converters? Let’s take a look.

How Has Inflation Led to an Increase in the Prices of Everyday Stuff?

Catalytic conveyor theft is at an all-time high as a result of the commodity’s price explosion from about $108 to over $3,000 between 2018 and 2022. The National Insurance Crime Bureau states that stolen tires and rims can cost anywhere from $150 to $400 without even being tracked down, making them a target for theft.

A number of commodities, including electronic devices, bicycles, and general items, have increased in price as a result of the pandemic outbreak, an increase in inflation, and global mass layoffs.

In the midst of this, it’s crucial to take proper security measures and purchase insurance against each commodity. 

How To Stay Protected Using the Right Insurance?

Here are a few of the most important insurance policies necessary to protect against rising theft cases and financial loss.

Auto Insurance

As seen above, one of the growing concerns on both a personal and professional level is the rise in automotive-linked theft cases. You need insurance that covers theft, vandalism, replacement cost, or any other damage that could result from simply owning a vehicle, whether it be personal auto insurance or commercial auto insurance. The cost of both types of auto insurance varies according to several factors, including location, driver history, and risk factors. 

Property Insurance

According to a Statista report, larceny-theft is one of the most frequent thefts in the US, with over 4.6 million people reporting these types of incidents in 2020. Property insurance, whether commercial building insurance, apartment building insurance, or condo building insurance, must be one of your top priorities if you want to protect yourself from the rising number of thefts and break-ins. The cost of property insurance is determined by a number of variables, including risk factors, geographic location, and the need for any additional coverage.

Life Insurance

Imagine a thief breaking into your house with the sole intent of stealing items, but due to some commotion, someone gets hurt. Statista reports that between 2014 and 2021, murder and manslaughter cases increased from an all-time low of 14,164 to 22,900. In the event that something unfortunate occurs as a result of such thefts, life insurance helps to support your dependents. Life insurance must be taken into consideration while trying to protect yourself from rising theft and vandalism. Starting at the right age is crucial to getting the best and lowest premium rates.

Valuable Property

Among the most frequently taken items are people’s expensive possessions, such as jewelry, firearms, sporting goods, etc. These aren’t usually adequately covered by other insurance policies, and if you don’t insure them carefully, they could make you lose a lot of money. For those who possess such valuables, valuable property insurance is the best insurance coverage. The ideal insurance partner can assist in evaluating priceless possessions and offering guidance on how to best protect them from theft.

Umbrella Insurance

The best insurance to cover the potential problem areas before legal action is taken is called umbrella insurance. When combined with other policies, this insurance provides better protection against minor and major lawsuits. Someone might sue you for their physical and mental suffering, for example, if your dog injures someone else during the commotion of someone breaking in or trying to steal from you. Umbrella insurance can easily cover such situations, and the cost of the policy is determined after a careful examination of your other assets and investment portfolio.

Retail stores and other small businesses can also assess their operations to determine the best insurance coverage or complements needed to protect themselves from theft cases that are on the rise.

Conclusion

The statistics suggest that crime has increased lately, so it is crucial to use all available tools and channels to protect oneself. Insurance policies are a great way to stay alert and secure in the case of such occurrences. Favorably, a customized quote for a mixed policy can be provided by the right insurance partner, who can also assist you in selecting the best policies based on your location and the associated risk factors.

Need a customized quote for personal or commercial purposes? Get in touch with us.