Cassie Sheets has a background in home and garden and real estate content. At Insurify, she translates industry jargon into insights that empower insurance buyers.
John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.
Published November 14, 2023 at 4:00 PM PST | Reading time: 2 minutes
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For the first time since 2019, catalytic converter thefts are declining. Thefts of the auto part, which converts exhaust into less harmful gasses, are down nearly 37% in the first half of 2023, according to new data released by State Farm, the largest U.S. car insurer by market share.
Catalytic converter thefts skyrocketed 326% during the 2020 COVID-19 pandemic, the National Insurance Crime Bureau (NICB) reported. Claims peaked in 2022, when State Farm received 45,000 catalytic converter theft claims.
Why thieves steal catalytic converters
Catalytic converters contain valuable platinum, palladium, and rhodium. Thieves can remove them in minutes with readily available tools. The increase in catalytic converter thefts is related to the rising value of precious metals, supply chain disruptions, and the economic effects of the pandemic.
Thieves can net anywhere from $25 to $300 for a standard catalytic converter or up to $1,400 if the part comes from a hybrid vehicle, CARFAX reported. Replacing a catalytic converter costs between $2,000 and $3,000.
Vehicle thefts also surged during pandemic lockdowns, increasing 128% between 2019 and 2022, according to FBI data. Kia and Hyundai cars were especially vulnerable due to a viral TikTok challenge.
Car thefts are still increasing in 2023, according to NICB. But the trend is reversing for catalytic converters.
Between Jan. 1 and June 30, 2023, State Farm processed 14,500 claims for catalytic converter thefts, down from 23,000 in the first half of 2022. However, claims are only getting more expensive.
Catalytic converter claims cost $1K more than in 2019
The cost of catalytic converter claims increased 53% in the last five years, according to State Farm. In 2019, the insurer paid an average of $1,900 for a catalytic converter claim. Now, these claims cost an average of $2,900.
The higher claims cost is likely the result of rising prices for auto parts and repairs. The Bureau of Labor Statistics Consumer Price Index for motor vehicle parts and equipment increased by 25% between January 2019 and June 2023. Motor vehicle maintenance and repair costs went up by nearly 32% over the same period.
States with the most catalytic converter thefts
California had the most catalytic converter thefts in the first half of 2023, with more than 5,400 claims and $17.8 million paid, according to State Farm. Texas had the second-highest number of thefts, with 1,450 claims — 73% fewer than California. The top two states are also the most populous in the country.
Here’s how the 10 states with the most catalytic converter thefts stack up in 2023:
What's next
While catalytic converter thefts are declining in 2023, drivers shouldn’t let their guard down. Parking in well-lit areas or a garage, installing security cameras and an alarm system, and engraving your VIN on your car’s catalytic converter can reduce the risk of auto part theft.
Drivers can also ensure they have financial protection with the right insurance coverage. Comprehensive car insurance, typically included in a full-coverage policy, reimburses policyholders for theft claims.
Unfortunately, drivers shouldn’t expect the decline in theft to affect their premiums. Car insurance costs have increased across the country in 2023, largely driven by the rising costs of parts, labor, and new vehicles. Auto insurance premiums have risen at least 17% this year, according to Insurify data. Currently, the national average costs are $202 for full-coverage car insurance and $105 for liability-only policies.
Cassie SheetsData Journalist
Cassie Sheets has more than nine years of experience creating compelling content for clients, brands, and local news sites. She started her career at Movoto Real Estate, where she transformed dry data into interesting insights for potential homebuyers. She’s since covered a wide range of topics, from pop culture news to home and garden trends.
Before joining Insurify, Cassie wrote engaging landing pages and blog posts for medical practices at MyAdvice. Now, she uses her knack for diving into the latest data and pulling out key details to empower insurance buyers.
Cassie holds a BFA in Creative Writing from Columbia College Chicago. In her free time, you can find her exploring the city with her dog, trying not to fall over in yoga classes, and petting cats at the shelter.
John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.
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