So far this year losses from car thefts have reached RD$100 million, a 10% increase over last year, and this has insurance companies very worried because of the very low recovery rate. Between January and March of this year, 170 vehicles have been reported stolen, and with values averaging RD$700,000 because the thieves have good taste, the total loss is close to the hundred million peso mark.
Over half of the stolen vehicles are SUVs, according to Miguel Villaman, the vice president of the Dominican Chamber of Insurers and Underwriters (CODOAR). The SUVs are only 8% of the total fleet of insured vehicles. And the recovery rate is barely 8% according to the report in Hoy.
Villaman added that there have been improvements in the recovery system because now there are not so many problems with the Police impeding the recovery process. However, now fewer vehicles are being recovered.
Villaman called for the return of the one-license plate for vehicles. Under this system the vehicle has just one license plate number for the entire life of the vehicle, much like England. Under current rules, a vehicle can change license places over time, and this facilitates thieves just painting the cars and changing the plates for re-sale.