National Insurance Crime Bureau Warns Catalytic Converters Are Being Targeted For Theft
Most of us don’t really give the catalytic converter in our automobile much thought until it stops working. In reality, it’s a device that helps to keep the air clean by removing much of the hazardous exhaust coming from our engines.
In order to clean the air this way, a number of precious metals must be used and they are included in the catalytic converter. This includes platinum, palladium, and rhodium. You can see why they would be such a prime target for thieves.
A study in 2021 conducted by the NICB’s operations, intelligence and analytics division showed some rather alarming numbers. On average, there were 1203 monthly thefts of catalytic converters reported in 2020. That is compared to 108 per month reported in 2018 and 282 thefts per month reported in 2019.
Although they aren’t sure, they feel that the theft increases are due to the use of precious metals. The recent prices for rhodium are $17,400 per ounce. Platinum is valued at $1072 per ounce and palladium is valued at $2720 per ounce.
Some other factors that could impact the increase include young men who are out of work and are looking for a quick way to make some money.
David Glawe, the president and CEO of NICB, spoke with FOX Business, saying: “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.”
Some of the vehicles that are targeted more frequently include those that have higher ground clearance and are larger. This allows thieves to get at the catalytic converter within moments.
There are also certain catalytic converters that are more valuable, such as those found on the Prius. At times, up to $250 could be paid per catalytic converter at a recycling facility.
As far as the owners are concerned, they may have to pay up to $3000 to replace a catalytic converter that was stolen. That isn’t including the numbers associated with paying for alternate transportation or perhaps missing work. In addition, replacements aren’t always covered by insurance. If they are covered by insurance, the owner will likely have to pay a deductible.
If you would like to reduce the risk that your catalytic converter is stolen, you can install an antitheft device on it. You can also park your vehicle in an area that is well lit or one that is locked and set your alarm.