State Farm studies dramatic drop in catalytic converter theft claims

Insurance coverage big State Farm says claims over the theft of catalytic converters are down considerably this 12 months after skyrocketing in 2022. 

The corporate launched recent information this week exhibiting there have been round 14,500 claims linked to criminals stealing the expensive auto half off clients’ autos within the first half of 2023, a dramatic drop from the 23,570 swiped throughout the identical interval final 12 months.

State Farm reported a big decline in catalytic converter theft claims for the primary six months of 2023. (John Greim/LightRocket by way of Getty Photographs / Getty Photographs)

The distinction will save State Farm tens of millions of {dollars}. Within the first six months of 2022, the corporate paid $50 million in catalytic converter theft claims, and this 12 months that quantity is right down to $41.7 million.

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It’s the first time catalytic converter claims have fallen at State Farm since 2019, earlier than thefts of the elements started to skyrocket. There have been solely 2,500 claims that 12 months, then 10,000 in 2020; 32,000 in 2021; and 45,000 in 2022.

State Farm recommends customers have their car’s VIN quantity engraved on the catalytic converter. (Mindy Schauer/Digital First Media/Orange County Register by way of Getty Photographs / Getty Photographs)

Catalytic converters are extremely sought out by thieves who’re capable of take away them from beneath a car in a matter of minutes and promote them for lots of of {dollars} as a result of treasured metals they include. 

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State Farm attributes the decline in thefts of the elements to this point this 12 months to a number of components, together with media protection informing customers of the chance and methods to guard themselves, extra laws launched in states with stiffer penalties for these convicted of stealing them, and the declining of metallic costs, making them much less beneficial for thieves.

Catalytic converters are extremely sought out by thieves who’re capable of take away them from beneath a car in a matter of minutes and promote them for lots of of {dollars} as a result of treasured metals they include. (Getty Photographs)

To be able to stop theft, State Farm encourages drivers to park inside a storage or well-lit space, to put in a delicate alarm system of their car, and to have a safety digicam pointed at a car’s standard parking spot.

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The corporate additionally recommends customers engrave their car’s VIN quantity on the catalytic converter.