The first six months of 2023 saw catalytic converter thefts decline more than 30%, according to State Farm, which had 14,500 claims for catalytic converter thefts during the period. In comparison, the first half of 2022 saw more than 23,000 such claims.
This is the first drop in catalytic converter thefts since 2019, a year in which State Farm saw just 2,500 claims for these events.
The average claim cost following a catalytic converter theft was $2,900 during the first half of 2023, State Farm reported. This is 16% higher than the average cost for the same period in 2022 and more than 52% higher than 2019's average costs. This is likely reflective of the higher price for the materials that catalytic converters are made from, along with other supply chain and inflationary pressures driving these costs up.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
