Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims
Friday, March 11th, 2022 AutoState 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.’
External References & Further Reading
https://www.insurancejournal.com/news/national/2022/03/11/657853.htm
