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According to the National Insurance Crime Bureau’s (NICB) annual “Hot Wheels” report, 1.2 million motor vehicles were stolen in 2006, meaning a vehicle is stolen every 26.4 seconds.

While those figures indicate a 3.5 percent drop from last year’s numbers — and the third annual decrease in a row — it still adds up to some big losses for insurance companies. The NICB’s report stated that if each vehicle loss is estimated at $6,649, vehicle-value amounts could be as high as $8 billion alone in 2006.

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