Bullseye Adjusting & Associates LLC

Catalytic Converter Thefts Up, Spurring Action From Lawmakers

 Tuesday, January 10, 2023

 The Triple-I Blog

Rising thefts of catalytic converters -- driven, at least in part, by increased black-market prices for the motor vehicle pollution-control component -- have prompted renewed state and federal focus on stopping these crimes.

Converter thefts rose in 2021, with 52,206 reported, up from 1,298 in 2018, according to claims data from the National Insurance Crime Bureau (NICB).

Catalytic converters are part of a vehicle’s exhaust system, reducing toxic gas and pollutants and turning them into safe emissions.

Though the part itself is valuable -- sometimes rising above $1,000 each on the black-market -- the precious metals inside can be more valuable than gold. They include palladium, platinum, and rhodium, the latter of which is valued at $20,000 per ounce.

The NICB has found a strong link between ‘times of crisis, limited resources, and disruption of the supply chain that drives these thefts.’
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