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For owners of prestige, exotic, and classic vehicles, the thought of a vehicle being stolen is more than inconvenient, it’s a significant concern. Brokers play a key role in helping their clients understand risks and take steps to protect their prized possessions. Here’s an overview of the current Australian landscape and some practical guidance for consideration.
The Australian picture (2024 / 2025)
- In 2024, there were 65,603 recorded victims of motor vehicle theft in Australia, representing an 8 % increase over 2023. (abs.gov.au)
- About 0.7 % of Australian households experienced motor vehicle theft in 2023‑24, approximately 72,000 households.
- The total value of vehicle theft insurance claims reached $428 million in 2024, highlighting the financial significance of this risk. (7news.com.au)
- In New South Wales alone, there were 14,516 motor vehicle theft incidents in the 12 months to March 2024 - up 12.9 % year-on-year.
Recovery Rates
- Recovery rates vary by state and vehicle type, and while many stolen vehicles are eventually recovered, there is no guarantee of recovery.
- The likelihood of recovery can depend on factors such as vehicle type, security measures in place, and the speed of reporting to authorities.
Practical Guidance for Clients
While no measure can eliminate the risk of theft entirely, brokers can advise clients on steps to reduce risk and support recovery efforts:
- Tracking & telematics: GPS or telematics systems can help locate vehicles if they are stolen
- Secure storage: Garaging vehicles in monitored or gated areas can reduce exposure
- Key security: Safeguard keys against theft or signal interception
- Prompt reporting: Quickly notifying authorities and insurers supports potential recovery
- Insurance coverage: Ensure policies are suitable for the vehicle type and value, covering theft and related risks.
Prestige Vehicle Considerations
For clients with high-value or rare vehicles, theft risk is amplified:
- Restored classics or exotic cars are often targeted for parts or resale
- Recovery, if it occurs, may not mean the vehicle is returned in original condition
- Comprehensive coverage and security planning are essential to managing these risks effectively.
Takeaway for Brokers
Encourage clients to be proactive. Implementing robust security measures, maintaining awareness, and reviewing coverage can help manage risk and provide peace of mind. While no approach guarantees recovery, these steps can support efforts to protect vehicles and minimise potential loss.
The 360 Prestige Motor team is here to assist in providing the right protection for your clients collections and individual vehicles. Contact our underwriting enthusiasts to chat through any opportunity prestigemotor@360uw.com.au.
This insurance is underwritten by Aioi Nissay Dowa Insurance Company Australia Pty Ltd (ABN 11 132 524 282; AFSL 443540) (‘Adica’) and is distributed by 360 Prestige Motor Pty Ltd (ABN 45 666 683 978) (‘360 Prestige Motor’). 360 Prestige Motor is an Authorised Representative (AR No. 1302637) of 360 Underwriting Solutions Pty Ltd (ABN 18 120 261 270; AFSL 319181) (‘360 Underwriting’) who is authorised to distribute this product under a binding authority from Adica. 360 Prestige Motor & 360 Underwriting only provide general advice and do not consider your objectives, financial situation or needs. To decide if this product is right for you please read the relevant Product Disclosure Statement. A copy of the Target Market Determination can be found at www.360uw.com.au. *Reference to any features and benefits set out in this document are subject to additional terms and conditions, limits, sub-limits and exclusions. Portions of this content were produced with AI assistance (ChatGPT). Final content was reviewed and edited by our team.
Written with AI assistance and crafted by 360 Prestige Motor. Intended for a light, entertaining read, not formal advice.
