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):
- California, with over 2,000 claims compared to 5,400 claims in 2023.
- Illinois, with 540 claims compared to nearly 1,300 claims in 2023.
- New York, with nearly 200 claims compared to over 500 claims in 2023.
- Texas, with nearly 140 claims compared to 1,450 claims in 2023.
- Florida, with nearly 115 claims compared to 330 claims in 2023.
- Pennsylvania, with over 85 claims compared to over 480 claims in 2023.
- Ohio, with 77 claims compared to over 420 claims in 2023.
- New Jersey, with over 75 claims compared to 208 claims in 2023.
- Minnesota, with 68 claims compared to 400 claims in 2023.
- 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