Rising Insurance Payouts for Vehicle Theft and What It Means for Owners
The total payments for stolen vehicles are not just growing in number; the average payout is rising as well. Last year the typical theft payment stood at 2 million rubles, and this year it has climbed to 3 million. That is an increase of nearly half.
Experts from AlfaStrakhovanie point to a quick escalation in prices for cars and spare parts as the main driver behind higher theft payouts. Their assessment is based on analyzing search queries from owners with comprehensive insurance policies. [citation: AlfaStrakhovanie press release]
In Russia, Hyundai takes the top spot in the list of the ten most frequently stolen cars in 2022. For the second consecutive year, Korean brands lead in theft frequency. The Santa Fe model is particularly attractive to thieves, accounting for about 14 percent of thefts. Other high-risk Hyundai and Kia models follow closely in the rankings, reflecting a broader pattern in the market.
- Crete at 5 percent
- Stockade at 5 percent
- Sonata at 4 percent
- Tucson at 4 percent
- Solaris at 3 percent
Additionally, Kia Sorento and Kia Sportage appear in the top ten with percentages around 5 and 4 respectively. In the same year, the Mitsubishi Outlander at 6 percent, Lexus RX at 4 percent, and Toyota Camry at 4 percent remain commonly stolen. A few years ago the Japanese car industry held the leading position in theft rankings.
What is changing
Insurers do not see surprises in these numbers. Korean SUVs are popular not only among private owners in Russia but also with hijackers, and the Hyundai Santa Fe continues to rank as one of the most desirable crossovers on the market.
The real surprise is found in the year to year trend. Instead of a predicted decline in thefts, the data shows a gradual turn toward higher theft rates.
As of October 2022, AlfaStrakhovanie reported a quarter rise in thefts compared with earlier months. The mid range segment shows the strongest theft activity. While the price increase for spare parts can push costs up further, experts warn this does not guarantee a better situation for theft prevention.
The most stolen car models in Russia in 2022 are listed below, based on the same data set.
| Fashion model | % of thefts |
| Hyundai Santa Fe | 14% |
| Mitsubishi Outlander | 6% |
| Hyundai Crete | 5% |
| Hyundai Palisade | 5% |
| Kia Sorento | 5% |
| Hyundai Sonata | 4% |
| Hyundai Tucson | 4% |
| Kia Sportage | 4% |
| Lexus RX | 4% |
| Toyota Camry | 4% |
End of list. The statistics reflect the situation during 2022 and are used by insurers to guide risk assessment and policy design. [citation: AlfaStrakhovanie data]