Melbourne is grappling with a car theft crisis that has reached alarming levels. Ten thousand cars are now being stolen per year in Australia's second largest city, making it one of the worst-affected areas in the country.
Across Australia, car theft costs approximately half a billion dollars per year. Insurance premiums are being driven up by inflation, rising repair costs and the sheer volume of thefts that insurers must cover.
Criminals are now using sophisticated technology that can mimic electronic car keys to steal more expensive vehicles. This technology allows them to clone the key signal and drive away with the car without needing the original key.
There are also many opportunistic crimes still occurring where thieves gain access to keys and take vehicles the old-fashioned way. The combination of high-tech and low-tech methods has made the problem difficult to contain.
Insurance industry representatives say a steering wheel lock remains the smartest way to protect a vehicle. Despite being considered an outdated device from the nineteen eighties and nineties, it remains a complete deterrent that is very hard to break.
Electric vehicles are more expensive to repair when stolen or damaged, and problems with shipping parts from overseas due to the Middle East crisis are also adding to insurance costs. All of these factors are flowing through the system to consumers.
Industry representatives have called on Victorian authorities to work together on a lasting solution for Melbourne, noting that other states have been more successful in getting on top of the problem. The crisis is expected to be a significant issue ahead of the next state election.