State Farm Insurance has already seen a staggering rise in claims for replacing catalytic converters this year as theft of the expensive part surges further.
says the COVID-19 pandemic-era surge in thefts of catalytic converters is only getting worse, pointing to startling data showing how much the skyrocketing crime has cost the company already this year.that in the first half of 2022 it has already paid out $50 million for 23,570 catalytic converter theft claims nationally. That means the number of thefts of the pricey auto part across the country is already on track to surpass the company's payout of $62.
Deputy Jaime Moran from the Los Angeles Sheriffs Department engraves the catalytic converter of a vehicle with a traceable number on July 14, 2021, in City of Industry, California. In the state of Illinois alone, State Farm has already paid more catalytic converter theft claims so far in 2022 than in the entire year of 2021.
The company's numbers show a meteoric rise in the theft of the car part that is highly sought out by thieves who are able to remove them from underneath a vehicle in a matter of minutes and sell them for hundreds of dollars due to the precious metals they contain.Thieves can make $300 to $1,500 for selling converters for scrap, the Department of Justice said last week.
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