A new report has uncovered that there has been a significant surge in the number of auto claims made for catalytic converter theft in the US within the past couple of years – and it is costing insurers a lot of money.
The catalytic converter is the part of an automobile’s exhaust system that helps reduce the contaminants emitted by the exhaust. These components are typically comprised of rare metals such as platinum, palladium or rhodium, which makes them worth between several hundred to several thousand dollars. This makes them a popular target of thieves, who could go as far as selling the metals on the black market.
Based on auto insurance claims data, between July 2021 and June 2022, catalytic converter theft has grown 109% nationally.
The insurer also ranked the top US states with the greatest number of recorded catalytic converter theft claims from July 2021 to June 2022 – California leads the list with a jaw-dropping 10,577 theft claims, followed by Texas (5,867), Illinois (3,299), Washington (2,390), and Minnesota (1,976). Catalytic converter theft cases are also expected to rise.
In an interview with Arizona news station CBS 5, it was revealed that these converter thefts are spiraling out of control and are costing the entire auto insurance industry millions of dollars.