Re-vinning: The Silent Threat Lurking in Car Deals
April 25, 2024
Commercial Lines, Personal Lines
Beyond the immediate implications of auto theft for victims and insurers, there’s a lesser-known threat lurking: re-vinning. Uncover the world of re-vinning, explore warning signs for buyers, and learn important due diligence strategies to protect your clients.
In the face of a continuing auto theft crisis across Canada, safeguarding both personal safety and financial well-being has become a top priority for Canadians. In fact, 84% of Canadians are worried about the surge in auto theft and 69% have expressed concerns for personal safety and family well-being.
But beyond the immediate implications for victims and insurers, there’s a lesser-known threat lurking: re-vinning. Re-vinning involves altering a vehicle’s VIN (Vehicle Identification Number) to create a false identity. The altered vehicle is then sold to unsuspecting buyers.
In this article, we’ll uncover the world of re-vinning, explore warning signs for buyers, and equip you with important due diligence strategies to protect your clients. By raising awareness and taking proactive measures, we can help protect your clients from unknowingly purchasing stolen vehicles.
1. Understanding Re-Vinning:
-
- Why Does It Happen? Most stolen vehicles in Ontario are exported out of Canada, however some are re-vinned for local resale.
- Risk to Buyers: Purchasers may unwittingly acquire a stolen vehicle, leading to legal and insurance complications.
2. Red Flags for Buyers:
-
- Too Good to Be True: Deals that seem exceptionally favorable might involve re-vinned vehicles. Sellers desperate to offload stolen cars accept lower-than-market prices.
- Cash Transactions: Be cautious if cash payments are requested without proper documentation.
- Anonymity: Sellers avoiding full disclosure of their identity or contact information should raise suspicion.
- Unusual Meeting Locations: Meeting in unfamiliar places can be a sign of illicit dealings. Suggest safe locations like designated police buy-and-sell areas.
3. Due Diligence for Buyers:
-
- CarFax Reports: Encourage clients to obtain a CarFax report or a Used Vehicle Information Package. These verify the vehicle’s history and ensure it aligns with the seller’s claims.
Remember, your guidance can prevent clients from unwittingly stepping into legal and financial pitfalls. By educating them about re-vinning and equipping them with practical tips, you contribute to their peace of mind and protect their interests.
Stay vigilant, and keep your clients informed!
What’s the latest?
Four ways your customers can now save on their personal property insurance in Ontario
May 20, 2025
Unlock new quoting opportunities with targeted enhancements to our personal property pricing — designed to deliver more competitive rates and added value across key Ontario markets.
Make the move to DASH: Gore is transitioning to DASH effective June 30
May 20, 2025
Sign up for DASH sponsorship by June 30 to enjoy the new standard in auto insurance reporting. Already sponsored by Gore? Start using DASH today to experience more efficient and streamlined reporting.