Why Hellcats Are Some Of The Most Stolen Cars In The US
Car ownership takes a lot of responsibility. Not only do you have to be vigilant while behind the wheel in case irresponsible drivers cause an accident, but you also have to be aware that your car could, unfortunately, be stolen. Even if you follow the recommended tips to prevent your car from being stolen, it's always a possibility — especially if you drive a 2020, 2021, or 2022 Dodge Charger SRT Hellcat. Per the Highway Loss Data Institute, the Hellcat had a theft claim frequency that came in at over 60 times higher than the average car. Granted, these are seriously nice cars, but why are certain other car types stolen so much more frequently than others?
One of the major reasons is due to its power reserves. Its supercharged, 6.2-liter V8 engine packs a serious punch, with the Hellcat boasting 717 horsepower, while the Hellcat Redeye impresses at 797 hp. This puts a major target on them as cars for thieves to take and drive around as their own. The components behind their impressive performance are lucrative to sell on underground markets, too. On the whole, they can be a major moneymaker, with an MSRP of almost $100,000 on some models.
Knowing that these specific Hellcat model years have 60 times higher theft claims than most other models is pretty rough as it is. However, digging a bit further into the numbers reveals just how much worse the stats are for these cars.
The stats behind Hellcat theft are astounding, and not in a good way
When compiling its findings on whole vehicle theft and the associated losses, the Highway Loss Data Institute revealed that a lot of 2020, 2021, and 2022 model year vehicles had it bad. The Dodge Challenger, Kia Sportage 4dr, and others faced high claim frequency — the two aforementioned vehicles having relative claim frequencies of 766 and 479, respectively — in their own right. As mentioned, though, the Dodge Charger SRT Hellcat had it exponentially worse than others. The aforementioned model years had a relative insurance claim frequency of 6,128, which, for reference, is not-so-closely followed by the Dodge Charger Hemi with 2,197.
Adding insult to injury, the Dodge Charger SRT Hellcat took another spot in the record books in a different negative category. Of the theft claims that were made, the Hellcat topped the chart in terms of relative overall losses. Its relative losses came in at 12,073, which again leaves the next closest ride, the Dodge Charger Hemi, in the dust at its 2,523 amount. Meanwhile, the severity of Hellcat insurance claims — the average loss payment per whole vehicle theft – was only almost the worst of the bunch. They came in at 197, falling behind the Land Rover Range Rover Sport 4dr 4WD at 211 and the Land Rover Range Rover 4dr 4WD at 256.
To make matters even worse, if you have a Hellcat that hasn't been stolen, you still end up paying the price for theft. Insurance companies don't look kindly on expensive, high-performance, frequently stolen vehicles.
High theft rates don't do any good for Hellcat insurance costs
As frustrating as it can be, insurance is a necessity for the modern driver. Ideally, the system is in place to make accidents and the repairs that stem from them a bit less stressful. Unfortunately, car insurance can get quite expensive, with the yearly averages across major companies like Progressive and Allstate ranging from just over $1,000 to well over $3,000, per U.S. News and World Report. A lot of factors influence insurance premiums, from the type of car to one's driving record to the likelihood that the car could be stolen. Thus, Dodge Charger SRT Hellcats aren't cheap to insure.
At a base level, a Hellcat isn't a very insurance-friendly car. It's a muscle car, which is typically more expensive to insure thanks to its high price tag, engine size, speed, and the higher costs associated with repairs. All of this, coupled with higher-than-average theft rates, results in seriously inflated premiums. According to Forbes, average annual costs range anywhere from just below $3,000 to just over $8,000. Whether you go with the best or worst of the major car insurance companies out there, you'll end up paying out the nose for Hellcat insurance.
Is the Dodge Charger SRT Hellcat a remarkable vehicle, providing impressive speed and power underneath a tough exterior? Of course, but there are some drawbacks to owning one. If you manage to avoid having it stolen, there are still exorbitant insurance costs to be concerned about.