NICB: 1 in 10 Corvettes Stolen Between 1981 and 2011

In its second classic-car feature, the National Insurance Crime Bureau (NICB) is highlighting the Chevrolet Corvette, a car that has seen more than 10 percent of its total production stolen in the past three decades. The 1984 model was the most-stolen Chevrolet variant, the NICB found, and California far outpaced others as the state where the car was stolen most often.

California a Hot Spot for Thefts of Corvettes, Cars Overall

An analysis of production and theft numbers between 1981 and 2011 showed that more than 1 in every 10 Corvettes were stolen during that time period, with 90,427 Corvettes reported stolen among 862,918 that were produced in the U.S.

Corvettes stolen during that time period were concentrated in 10 states, where 70 percent of all Corvette thefts occurred, according to the NICB. California led other states by far with 14,002 thefts; Florida and Texas followed with 8,731 and 8,198, respectively.

The year 1984 showed both the highest production and theft rates for Corvettes. During that year, 8,554 of the vehicles were stolen out of 51,547 that were built, according to the analysis.

The report was prepared as a part of NICB’s Hot Wheels Classics series, which profiles vintage cars and their theft rates. The Ford Mustang was profiled in January.

The latest full-fledged car theft report from the NICB, based on 2010 numbers, found that the total number of stolen vehicles in the U.S. has decreased over recent years. That report identified metro areas were thefts occurred the most, and 8 of the top 10 cities were in California. The Golden State had the highest number of auto thefts in 2009, according to the NICB.

Auto Theft Rates Carry Insurance Implications

Comprehensive coverage, which is optional, is the only kind of coverage compensating policyholders in instances of theft. Insurers usually lower comprehensive coverage prices when they pay fewer claims related to that type of coverage and when the car being insured has a lower-than-average theft rate.

Drops in a state’s car thefts don’t have an instant impact on costs because insurers mostly refer to local and internal claims statistics to calculate premiums, but long-term decreases in statewide theft rates could eventually be passed onto consumers in the form of lower comprehensive coverage costs.

For example, over time a driver might have an easier time getting cheap car insurance in Michigan to protect against theft, since the amount of cars stolen in the state dropped by more than 9 percent between 2009 and 2010, the fourth consecutive year with lower theft numbers, according to the Michigan Auto Theft Prevention Authority (ATPA).

Michigan motorists saved almost $51 per insured car because of fewer thefts in the state, where average comprehensive premiums fell 4.3 percent, according to the ATPA. Still, Michigan was ranked as having the sixth-highest number of total vehicle thefts in the U.S. in 2010, and the NCIB reported that Michigan had the fifth-highest statewide number of Corvette thefts.

About Charles Nguyen
Charles Nguyen is an enterprising journalist who reported for Patch.com and the Desert Dispatch and was the editor in chief of the Guardian (the twice-weekly newspaper at the University of California, San Diego) before coming to Online Auto Insurance News.

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