Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims (Insurance Journal)

Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims

  Friday, March 11th, 2022 Source: Insurance Journal

State Farm said Thursday that metal thieves in search of platinum, rhodium and palladium are stealing catalytic converters in ever-greater numbers, sending auto-insurance claims soaring across the U.S.

Last year, State Farm paid $62.6 million for 32,265 catalytic converter theft claims nationally -- a 1,173% increase from 2019.

‘It’s the metals in general that are valuable,’ said Amy Harris, a State Farm spokeswoman, in a phone interview. ‘The owner comes out to their car, the car won’t start, and they eventually figure out that the catalytic converter has been removed.’

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