Catalytic Converter Thefts Plunge 74%, Drop Back Down Near Low of First Spike in 2019

from State Farm

State Farm auto claims data shows a 74% drop in catalytic converter theft claims for the first half of 2024 (compared to the same period in 2023).

This is good news in a story that first gained traction when State Farm claims data indicated a significant increase in catalytic converter thefts over the last several years.

This most recent data shows:

• Catalytic converter thefts dropped 74% to around 3,800 claims from over 14,800 at the same time last year (the first half of the year, January 1 to June 30). This is the second significant drop in theft claims, according to State Farm data.
• This new claim low of 3,800 is nearing the initial low of thefts in 2019, when theft claims were at around 2,500 at the start of the spike of thefts.
• The new data is significant when compared to the peak in 2022, when theft claims hit around 45,000.

Additional claims data from the first half of the year 2024:

• Over 3,800 claims, totaling approximately $11.2 million, were paid to customers to repair cars and replace the stolen parts.
• The average claim paid to customers in the first half of 2024 is nearly $2,900.

For comparison:

• 2019: 2,500 claims, $4.7M, $1,900 average claim.
• 2020: 10k claims, $20.9M, $2,100 average claim.
• 2021: 32k claims, $73.7M, $2,300 average claim.
• 2022: 45k claims, $115.4M, $2,500 average claim.
• 2023: 21.2K claims, $62.5M, $2,900 average claim.
• 2024: 3,800+ claims, $11.2M, $2,900 average claim (Jan. 1 to June 30, 2024).

Top 10 states (the first half of 2024):

1. California, with over 2,000 claims compared to 5,400 claims in 2023.
2. Illinois, with 540 claims compared to nearly 1,300 claims in 2023.
3. New York, with nearly 200 claims compared to over 500 claims in 2023.
4. Texas, with nearly 140 claims compared to 1,450 claims in 2023.
5. Florida, with nearly 115 claims compared to 330 claims in 2023.
6. Pennsylvania, with over 85 claims compared to over 480 claims in 2023.
7. Ohio, with 77 claims compared to over 420 claims in 2023.
8. New Jersey, with over 75 claims compared to 208 claims in 2023.
9. Minnesota, with 68 claims compared to 400 claims in 2023.
10. Colorado, with 58 claims compared to nearly 670 claims in 2023.

As the auto insurance leader in the U.S., State Farm has an interest in helping build safer, stronger, and better-educated communities. As a reminder, we encourage drivers to continue following these tips to prevent theft:

• Park inside a garage or in well-lit areas.
• Install a sensitive alarm system.
• Have a security camera pointing at your car in its usual parking spot.
• Engrave your VIN on your car’s catalytic converter.
• To protect yourself, speak with your State Farm agent to make sure that your auto insurance policy covers the theft of your entire vehicle or of its parts through comprehensive coverage.
• Safety is paramount. If you encounter a potential theft, do not approach or engage a potential thief. Contact authorities immediately.

The post Catalytic Converter Thefts Plunge 74%, Drop Back Down Near Low of First Spike in 2019 appeared first on BCTV.

Source: bctv