Home Insurance State Farm says catalytic converter theft claims are plummeting

State Farm says catalytic converter theft claims are plummeting

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State Farm says catalytic converter theft claims are plummeting

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State Farm says catalytic converter theft claims are plummeting | Insurance coverage Enterprise America















The variety of claims has steadily elevated over latest years – however what about now?

State Farm says catalytic converter theft claims are plummeting


Motor & Fleet

By
Mika Pangilinan

State Farm has reported a decline in catalytic converter theft claims within the first half of 2023.

In response to the corporate’s newest knowledge, there have been roughly 14,500 claims associated to catalytic converter thefts throughout this era, marking a major drop from the 23,570 claims made in the identical interval final yr.

Within the first six months of 2022, State Farm mentioned it paid $50 million in catalytic converter theft claims. This yr, nonetheless, the quantity has decreased to $41.7 million.

This discount in catalytic converter theft claims marks the primary decline for State Farm since 2019, when solely 2,500 claims had been reported.

The variety of claims has steadily elevated over the previous years, reaching a peak of 45,000 in 2022.

Catalytic converters are prime targets for thieves because of the valuable metals they comprise, a report by Fox Enterprise famous. These criminals can take away them from beneath a car in a matter of minutes, with the stolen converters fetching a whole bunch of {dollars} on the black market.

Drop in thefts attributable to various factors

State Farm attributed this yr’s drop in thefts to elevated media protection, which it mentioned helped educate customers about methods to guard their autos.

The insurance coverage large additionally pointed to how a number of states have launched stricter laws with harsh penalties for these convicted of catalytic converter theft.

Moreover, the declining costs of valuable metals inside the converters have made them much less interesting to criminals.

To forestall catalytic converter theft, State Farm provided a number of suggestions to car homeowners, together with parking inside a storage or well-lit space, putting in a delicate alarm system, and positioning a safety digicam towards their car’s ordinary parking spot.

It additionally instructed engraving the car’s VIN (Car Identification Quantity) on the catalytic converter as a further deterrent.

What are your ideas on this story? Be at liberty to remark beneath.

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