Stolen and hijacked vehicles cost economy R8.5 bn annually

stolen vehciles


Reports of vehicles that are stolen and hijacked in the country might seem few and far between but, annually, the economy loses R8.5 bn, Hugo van Zyl, CEO of the South African Insurance Crime Bureau (SAICB) said in Johanesburg.

“Cloned vehicle and cross-border syndicates are a growing concern, thanks to our porous borders and the fact that crime prevention stakeholders aren’t yet pooling resources effectively,” said Van Zyl.

Through a network of syndicates, the majority of the vehicles are destined for a lucrative market in neighbouring countries. Of the R8.5bn worth of vehicles stolen, R4.9bn’s worth are taken across the border, R3.1bn stay in SA as cloned vehicles and R514m end up in chop shops across SA.

The insurance industry is footing a huge bill in claims for the stolen vehicles. For instance, only last year, approximately 39 000 vehicles re-appeared into the system, costing a fortune for the insurance industry to pay out claims.

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