During 2020, catalytic converter thefts increased significantly year-on-year and that trend accelerated in 2021, which saw these types of crimes increase 353% compared with the year prior, according to Beenverified.com.
Vehicles generally can't be driven without catalytic converters, which can cost thousands of dollars to replace, The National Insurance Crime Bureau (NICB). The cost of replacing a catalytic converter and repairing any additional damage caused by the theft is generally covered by a comprehensive auto insurance policy.
David Glawe, NICB president and CEO, said in a press release: "We have seen a significant increase during the pandemic. It's an opportunistic crime. As the value of the precious metals contained within the catalytic converters continues to increase, so do the number of thefts of these devices. There is a clear connection between times of crisis, limited resources, and disruption of the supply chain that drives investors towards these precious metals."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
