March 2006 (Medialink) -- Afraid someone might try to steal your identity? How about your car’s identity? A new form of car theft is taking place involving vehicle identification numbers – and it’s costing more than $4 billion a year.

Thieves steal VIN numbers to hide the fact that a car is stolen. They then register the stolen car under the new VIN number to hide its history – and keep it out of law enforcement databases.

In 2004, 225,000 cars were reported with duplicate VINs, costing the insurance industry more than $4 billion. That means higher insurance rates for everyone. To avoid buying a used car with a stolen VIN, check the history of the title. If it’s been registered several times in non-connecting states, that could be a red flag. If you buy a used car that has been stolen, it could be repossessed.