During the final quarter of 2023, wheel and tire theft claims were up 6% year-on-year and nearly 11% compared with March 2023, according to WheelNet, a division of Premiere Services. In addition, severity was up nearly double-digits in lost cost per claim, WheelNet reported. Chris Sestito, chief operations officer at Premiere Services, explains that while there is a wide variety of auto coverages and terms, in general, most auto insurance policies cover the wheels and tires up to a specified amount over the policy-defined deductible. "At a more granular level, many policies treat OEM (original equipment manufacturer) wheels differently than aftermarket wheels, with policies covering replacement costs for OEM wheels versus a set value for aftermarket wheels. Again, policies vary greatly," Sestito tells PropertyCasualty360.com. He says wheel and tire theft claims typically range from $175-$17,000, with some reaching as high as $40,000. An average claim handled by Premium Services to cover four wheels and tires, replaced on-site, costs $2,800. "Averages also vary based on geography, with Southern California and the Northeast being the highest and the Southwest and upper Midwest being the lowest, again, on average," he says. OEM tires account for more than 90% of the wheel and tire theft claims Premiere Services handles. Sestito says OEM are stolen more frequently because they are produced in higher numbers than aftermarket rims, are easier to match into pairs and sets, and have become increasingly more expensive in recent years. "While there are certainly some high-end aftermarket wheels that far exceed the average OEM wheel price, there are many more aftermarket wheels that are less costly than OEM wheels," Sestito explains. The above slideshow reviews the cities and counties that saw the highest number of wheel and tire theft claims during the final quarter of 2023, according to data from WheelNet. Related: |

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